Cost of a New Roof? Insider Advice for Today’s Difficult Market
If you are making plans to buy a new roof for your home this year or build a new home, you will likely find the construction industry in disarray and navigating many changes. The cost of a new roof is rising, and the delays are frustrating.
My goal with this article is to provide you some insider information that helps you achieve a successful outcome in your roofing quest.
The roofing industry is navigating these challenges:
- Product shortages at distributors
- Lack of color and product variety
- Raw material shortages affecting manufacturers of virtually all types of roofing
- Higher freight costs and shipping difficulties (which have a significant impact on roofing materials, especially heavy tile and asphalt shingle products)
- The difficulty for suppliers who get raw materials and finished goods from overseas
- Skilled labor shortages and the resulting higher labor costs
It doesn’t take much to figure out that the above things all add up to higher prices for consumers, as well as delays in getting your work done.
So, you may ask yourself, should I just put things off another year or two? While this is not an option if you’re building a new home, you are likely wondering whether your current roof can make it a bit longer if you are re-roofing. Or will you end up with leaks, rot, and interior damages by putting off the inevitable?
Here’s my experienced insight on the cost of a new roof:
The changes taking place now are a permanent escalation of roofing prices. I do not believe there will be any “going back” or returning to lower prices. Why? Because these changes are driven by evolving cost structures and a labor market that properly values those who work outside with safety risks.
I believe that we can expect costs to continue to escalate through 2022 before we see a leveling off and a new normal sometime in 2023.
So, what does this mean long term?
While there will always be a range of prices on roofing projects driven by the materials and the required labor, there really won’t be “cheap options” in the future. The bar has been permanently raised.
Though this situation motivates making a decision sooner rather than later, I encourage you first to take some time establishing your new roof criteria. Determining what you want to be sure you accomplish with this next roof will guide you to a decision that serves you well for the long term.
6 Questions to Help Determine Your Next Roof Criteria
In determining your criteria for purchasing a new roof, considering the following will be helpful:
- How long do you plan to stay in your home?
- What roofing decision will prevent you from facing this decision again when costs will be even higher?
- Can a new roof reduce your energy costs?
- What other things can you do to lower your home operating costs, including avoiding a roof that will require maintenance down the road?
- What decision will add value to your home?
- What overall “dream” do you have for your home’s exterior, and how can the roof complement that?
Fact is, this may not be the easiest year to buy a new roof, but it likely won’t be “easier” for quite some time, and I do not expect prices to be lower any time.
The best you may be able to do is make sure that you make the right decision for your situation and your home, and think about roofing as a long-term investment rather than a temporary “fix.”
Feel free to contact me any time if you’re facing a decision and seeking valuable input.
Todd Miller has spent his entire career in the metal building products manufacturing industry. He is president of Isaiah Industries, an organization recognized as one of the world’s leading metal roofing manufacturers. Todd is currently Vice President of the MRA (Metal Roofing Association) and a Past Chair of MCA (Metal Construction Association). Through his website, he strives to raise the bar on standards and practices to provide property owners with the best possible products for successful roofing projects.
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