A roof replacement is a major investment in your home. Lucky homeowners had the roof replaced on their home right before the previous owner listed the house. The roof could also be the result of a home inspection where the roof was in less than stellar shape. A damaged roof can even be expensive to repair but costs depend on the company and the damage that occurred. Below will inform you on what it might cost to replace your roof.
What If You Do Not Replace Your Roof?
If you have paid your mortgage, you do have the option of not insuring your home. Flooding or wind damage will have to be paid out of pocket rather than by an insurance company. Insurance rates are reasonable in most areas that are not in flood zones or areas with tornadoes, hurricanes, or wildfires.
Your homeowners insurance company could drop you. This is not an option if you have a mortgage as you have to carry this insurance. Lenders require this as a disaster could lead to a person losing their home leaving the lender with little recourse to recoup their loan money.
Factors That Impact Cost
The average cost of a roof in the United States is $12,000 to $15,000. The prices could be even more at this time of inflation. The shipping issues with timber can impact the prices of all types of home renovations and make them unaffordable. The pandemic drove up prices for so many items and in combination with inflation, finding affordable options can be tough.
The size of the home is going to impact the cost immensely. A two-story home is going to be more expensive to put a roof on. The difficulty of putting the roof on also will come into play in terms of the labor needed to successfully put in a quality roof. Getting a few estimates from recommendations you received when asking for a quality roofing company is imperative.
Materials used will be covered below and have benefits for each. You might want a roof that will last for decades without issue. This can cost a bit more than a traditional roof but you are paying for the durability.
The Difference In Materials
Picking the material that you use for your roof could incorporate a number of factors. Budget is usually the largest factor when it comes to home renovations/improvements.
Asphalt shingle is going to be the best option if you are on a tight budget. This will be the most affordable option for roofing which is why it is so popular. A simple roof is going to cost $4 to $4.50 per square foot for a one-story home. A two-story home will cost $6 to $7 if relatively flat.
Metal roofing offers two options. There is a screw-down option where you get metal panels that are screwed down to the roof. The other option is a standing seam where panels interlock together. The most expensive metal roofs are going to cost $15 per square foot for a complex roof.
Cedar shake roof is going to be costly as cedar is very expensive. This is a premium roofing material and is for those homeowners that want quality as well as style. A complex roof can cost up to $20 per square foot while a simple roof will cost around $15 per square foot.
Slate roofing material is another incredibly stylish premium option. This is going to be the material to pick if wanting a durable roof that will last for a long time. The drawback is that the pricing can vary wildly from $15 to $30 per square foot with labor, materials, and installation.
Home Insurance Might Require Replacement Of The Roof
Your homeowners insurance rates could skyrocket with an old roof. In states like Florida, the roof cannot be over 10 years old for certain insurance companies. Issues with older roofs are common in areas that might have severe weather. A hurricane can lead to damage to the roof from debris or winds simply being too high. A leak in the roof causing rot or water damage can cost thousands. Even though consumers are pushing back, they would rather pay extra to insure their homes. The home is a massive investment that can be decimated by a natural disaster without insurance.
The roof can be something you only have to deal with once if you pick the right material for your roof. The style of your roof will also matter when it comes time to list your home. Take your options and consider them closely. You want to make sure you get the most return on your investment when you sell your home.
