Replacing Your Home's Roof? Cost-Basis Considerations For The Investment
Posted on: 7 January 2022
Replacing your home's roof is a serious decision and one that shouldn't be made lightly. If you suspect that your home is in need of roofing replacement, you may be overwhelmed by the expense of the project. However, it's often beneficial if you consider your roofing replacement as a financial investment in your home instead of just as a repair expense. This can help you to understand, appreciate, and respect its value in the role that it serves for your home. Here's a look at some of the things you should think about as you're preparing for your home's new roof installation.
The Total Cost Varies
One of the first things that you should understand when you're considering a roofing replacement is that the total cost of the job will vary depending on a number of factors. Not only will your costs be different from one company to another based on labor rates, supplier costs, and other similar expenses, but that's not all.
You'll also find that the cost of your roofing replacement will vary based on the size of your roof, how much of the roof you're having replaced, and how extensive the damage is. If the underlayment is damaged and needs to be replaced, or if there's any structural damage affecting the subroofing, those issues will increase your replacement cost.
Your quote will also vary depending on whether or not you're having all of the old roofing material removed or if you're having the new roof installed directly over it. Your roofing contractor can talk you through all of the factors that are affecting the cost of your specific quote.
Remember The Lifespan Of The Roof
When assessing the cost of a roofing replacement, many homeowners focus too specifically on the bottom line of the quote without considering the lifespan of the roof. Remember that, when you're spending money on a roof replacement, you're investing in something that's going to last for decades. That means that, when you're weighing out the costs, you should think about that cost spread over the lifespan of the roof.
For example, if you invest $30,000 on a roof that's rated for a 40-year lifespan, that works out to an average expense of $750 per year, or just over $60 per month for the life of the roof. That gives you a bit of a different perspective on the expense.
Consider The Return On The Investment
Once you know how much your roofing replacement is actually going to cost and you've gained some perspective on that cost over the life of your roof, the next thing you need to think about is the return on investment that you'll get from your new roof. Remember that any significant improvement on your home, like a new roof, is going to help improve the value of your home and will garner you some returns.
For example, if you're thinking about selling your home in the next five to ten years, installing a new roof now will allow you to increase your asking price because the new buyers won't have to worry about that expense for many years after their purchase.
You'll also find that your home's curb appeal is improved, which is important for many homeowners. If you live somewhere with an HOA, this curb appeal improvement may save you from struggles with the HOA based on property appearance.
In many cases, you'll also find that your home's climate control costs are reduced, saving you money for many years on heating and cooling because of the improved insulating benefits of your new roof.
Talk with a local roofing contractor today for more information about your home's roofing replacement needs.
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