Sticker Shock Alert! How Much Will Your New Roof REALLY Cost You?

Experts say it’s essential to consider your total cost of ownership to save money on a new roof for your home

Key Points:

• When it comes saving money on a new roof, it’s important to consider all short- and long-term costs involved.

• Compare factors like average lifespan, installation costs, maintenance requirements, potential energy savings and insurance discounts to make the best investment.

  
  

Let’s face it, replacing the roof on your home is expensive. It is definitely not something you want to do or pay for very often. So, while it’s tempting to go for the lowest bid using the cheapest materials and labor costs, that could cost you a lot more down the road, according to today’s leading home improvement experts and roofing pros.

A good quality metal roof can more than pay for the initial cost of installation over the long run. Photo courtesy of MRA member Wheeling-Nippon Steel

Cutting corners on materials and labor is shockingly expensive when you consider how much more you’ll be paying over the long run. For example, in comparing the cost of re-roofing with asphalt shingles vs. metal, a metal roof may cost twice as much initially, but it’s an investment that will pay off over time, especially if you plan to stay in your home longer than 15 years. Of course, quality installation also factors in heavily when it comes to longevity and performance.

Therefore, to make a strategic financial investment, experts say it’s important to weigh your options and compare these factors when re-roofing your home:

Typical lifespan

• Asphalt shingles: 15 – 25 years (even less if you live in a climate that experiences severe winds, intense heat, hail, snow or ice)

• Metal roofing: 40 – 70+ years (even in extreme conditions)

Initial installation cost:

• Asphalt shingles: $4-$8 per square foot

• Metal roofing: $11-$19 per square foot

Maintenance:

• Asphalt shingles: Require annual treatment and/or cleaning as they are prone to cracking and moss, which can mean added repair costs as well

• Metal roofing: Minimal, easy maintenance – gentle cleaning on occassion

Energy savings:

• Asphalt shingles: Minimal to moderate

• Metal: High (up to 40% cooling reduction)

Insurance discounts (depending on carrier and state incentives where available)

• Asphalt shingles: 5-15% (earned for a new roof only)

• Metal: 20-35% (durability credits for superior protection especially in hurricane, hail, tornado and wildfire prone areas)

Keep in mind while resale value benefits can vary widely depending on several factors and fluctuating market conditions, a metal roof also may boost a home's resale value by 1% to 6%. On average, homeowners recoup 85% to 95% of the installation cost when selling, compared to roughly 60% for asphalt, according to AI results. 

The best way to save money when replacing your home’s roof? Calculate your true costs by analyzing not just your initial purchase price, but the total cost of ownership based on a variety of performance factors over the estimated lifespan of your new roof.