Budgeting for a New Roof
Roofs are an unsung hero of our properties, providing a number of essential benefits. These include protecting the interior from exterior elements, improving energy efficiency, boosting home value, protecting air quality, enhancing curb appeal, and more.
If you are planning to install a new roof, whether on a new build or as a replacement to an existing roof, there are many important factors to consider. Chief among these is the price. In this blog post, your expert team at KY-KO Roofing will highlight what you need to know about budgeting for a new roof.
We will also look at the common reasons a homeowner needs to replace their roof, what factors dictate the price, and the role of insurance. Let’s get started with this guide to roofing prices.
- It is in need of major repairs.
- It is at the end of its lifespan.
- You would like to update the look of your home.
- You are adding to your home’s square footage and you would like addition’s roof to match.
- The property is going to be put up for sale and a new roof could attract buyers.
Reasons to replace your roof:
Why Would You Need to Replace Your Roof?
While roofs are undoubtedly durable and long-lasting, they won’t last forever. Let’s take a look at some of the common reasons a homeowner would need to replace their roof.
Old, Leaky, or Damaged Roof
The expected lifespan of a roof depends on the materials used (as well as other factors). An asphalt roof lasts for between 15 to 30 years on average. On the other hand, a premium slate roof can last upwards of 200 years. If your roof is leaking or has other signs of damage, full replacement may be the best long-term option.
Updated Curb Appeal
As highlighted in the introduction, roof plays a role in the curb appeal and the overall aesthetics of a property. If you are looking to give your home’s exterior a new look, then replacing the roof is a positive step.
Addition to Your Home
An ideal time to replace your roof is when you are adding a home extension. This way, your entire roof will be similar and have a similar expected lifespan.
When determining your budget for a new roof, it’s worth considering the type of property you are working on. Let’s take a closer look at this here.
If you are planning to re-roof your primary residence, then it’s worth looking at the long-term picture. As your family home, it may be worth investing in a long-lasting roofing material that won’t require frequent repairs or maintenance. Your aesthetic preference also plays a role when it comes to your primary residence.
If you are flipping a house, it could be worth replacing the roof. This is because a new roof adds to the overall property value and offers a good return on investment. It is also one of the factors a buyer will consider before purchasing the home. If the roof is near the end of its lifespan a new roof could make the difference between selling the home quickly or having the listing on the market for many months.
Rental or Business Property
A new roof is an attractive feature to prospective tenants, whether they are residential tenants or business tenants. The reality is that prospective tenants may be put off a property if the roof has clearly seen better days.
What Dictates the Price?
When it comes to the cost of a new roof, there are several factors that play a role including how many square feet your roof is. Let’s highlight some of the others here.
Depending on the type of property you have, you may be working with a flat or pitched roof. A pitched roof offers classic curb appeal, a longer lifespan, requires less maintenance, and typically has a higher lifetime value. On the other hand, a flat roof offers a modern aesthetic, a lower upfront cost, and offers a more cohesive space.
Above, we highlighted how the specific material used will play a role in its lifespan. It’s also an important determinant of the cost. Some common materials to choose from include shingle, foam, tile, slate, TPO, PVC, modified bitumen, and more.
Asphalt shingle is a popular, budget-friendly option, whereas options such as slate tile are more premium in terms of cost.
The specific nature of the roof you are replacing will also play a role in determining the cost. For example, dormers, hips, valleys, and other features that add to the complexity of the work will typically increase the overall cost of the project.
In General, What Does It Cost?
As you can imagine, it is difficult to give a cost that fits every scenario. However, we can say that the average cost of a roof replacement in the United States is $8,000. Most people spend between $5,500 and $11,000 on a roof. For an accurate price estimate, speak to our expert team at KY-KO Roofing.
Insurance and Roofers
Your homeowner’s insurance may cover the cost of a roof replacement project if the damage is an act of nature or a sudden accidental event. Insurance generally won’t pay to replace a roof that is deteriorating due to neglect or wear and tear.
Free Roofing Check-Up
With KY-KO Roofing, you can get a free roofing check-up to determine the condition of your roof and whether or not a roof replacement is required. We work with both residential and commercial roofing, and our team handles all types and sizes of roofs. We have more than 25 years of experience and are one of the most trusted roofers in the Phoenix area. Rest assured that we are fully licensed, bonded, and insured. In addition, every roofing project we do is backed by our Owner’s Pride Guarantee.
Budgeting for a New Roof
As the above information highlights, there are many different factors that determine the cost of a new roof on a property. On average, homeowners pay around $8,000.
If you are planning to install a new roof on your property, start with a free checkup from KY-KO Roofing.