Investing in property maintenance is the best way to protect your investment as a homeowner. Something like a new roof can boost your property value and comes with an ROI of at least 60%, while an old or damaged roof can make it much harder to sell your home at a reasonable price.
Still, it’s no secret that residential roof replacement isn’t cheap. How much can you expect to spend when you’re replacing a roof?
There’s no one-size-fits-all answer to the cost of roof replacement, but there are a few ways to come up with an estimate for your roof replacement cost.
Read on to learn more about how much you can expect to pay when investing in residential roof replacement.
What Is the Average Price Range of Residential Roof Replacement?
Across the country, most homeowners are paying between $8,000 and $11,000 to replace their home roofing system. Yet, some homeowners are paying far less or far more than what this price range suggests.
How can you get a better sense of what you’re going to pay for your new roof?
What Factors Can Impact Roof Replacement Cost?
First, let’s talk about some of the factors that can impact your roof replacement cost.
One factor is your location. The cost of any contracting service tends to reflect the cost of living in any given area. In other words, you can expect to pay a lot more to replace a roof in a metropolitan area with high property values than in a rural area.
Another factor is, of course, the size of your roof. Naturally, it will cost more to replace a larger roof, although the price increase is often set on a scale. In other words, it might cost about 1/3rd more to replace a 2,000 square foot roof than it does to replace a 1,000 square foot roof, not twice as much.
Finally, the material you use will place the biggest role in how much you pay. Asphalt shingles are one of the most popular roofing materials and one of the most affordable. Wood shake, tile, and stone or slate shingles cost far more to install, with metal roofing falling in the midrange.
How to Get a True Estimate for Your Home Roofing System
What is the best way to get a sense of how much you’ll pay for residential roof replacement? Contact a reputable roofing company in your region and tell them about your project, including the size of your roof and the materials used. They can give you an estimate that reflects every factor we’ve mentioned above.
Invest in Your Roof to Protect Your Property Value
It can seem counterintuitive to invest more money in order to protect your money. Yet, this is exactly how property ownership goes. We hope that our guide has given you a sense of what to expect from the cost of residential roof replacement so that you can protect your property value.
Looking to learn more about how your home and finances intersect? Take a look around for ideas and guides that will help you invest in home improvement and protect your financial future.
