If you’re looking to increase the value of your home or simply invest in energy-efficient updates, focusing on your roof is a great way to start. From saving on installation and labor costs short term to reducing your utility bills and increasing the value of your home on a long term basis, you can save yourself a lot of money by replacing or making improvements to your roof. At the same time, knowing how to find short term savings and long term savings when it relates to renovating your roof is crucial to making the undertaking a financial success.
Why Renovate Your Roof?
Not only can a new or updated roof help you save money on utility bills, staying ahead of home renovations can prevent an emergency situation down the line. Remodeling Magazine’s 2018 Cost vs. Value Report also indicates that homeowners can recover 68.4% of the cost of a new roof when reselling their home.
Even though the benefits for renovating your roof might be clear, it’s smart to find ways to keep costs low both short term and long term when it comes to your roof. Here’s what you should be thinking about when it comes to saving money on roof renovations.
Short Term Savings
When you’re planning the execution of your roof installation, there is potential to save on labor and materials—not to mention added benefits by taking advantage of off-season deals.
Installation and labor
Some home improvement projects can be completed without outside help. As roofing is usually a difficult and highly specialized trade, this might not be an option for you. However, you can always save on installation and labor by asking different roofing companies in your area for pricing estimates and comparing them to select the best deal. Make sure you review how to negotiate with roofing contractors before you start interviewing potential companies.
Don’t be afraid to ask for testimonials and references, as past clients will be able to tell you if the company typically stretches timelines and tacks on labor expenses.
One way to save money short term is by selecting a material on the cheaper side. While it’s usually smart to stay away from the bottom level material, you can get your new roof for a lower initial cost by opting for an mid-range material.
Be aware that a cheaper material usually means a shorter roof lifespan, and a lower return if you decide to resell.
Depending on the contractor you choose to work with, you might be able to get off season discounts. The busiest time for roofers tends to be the late summer and fall, as the weather permits prime working conditions. If you can catch roofers on the colder months of the year in which they’re short on projects, they might offer you a discount.
Ask different contractors for seasonal discounts before deciding on one and evaluate roofing quotes using the same rubric.
If you’re in need of a new roof but unable to finance the expense, a government rebate can help. The U.S. Department of Agriculture offers grants and rebates for roofing, as well as for weatherization assistance and home preservation in select areas.
Long Term Savings
Whether you’re planning to cut down on your electricity bills or sell your home quickly for a maximum profit, updating your roof can save you money long term.
When you’re renovating your roof, you’ll want to think about what materials are going to save you money in the long run. Energy-efficient cool roofs are more reflective than a standard roof, meaning less heat absorption by up to 50 degrees. According to Energy Star, energy-efficient roofs can reduce your need for peak air conditioning demand by 10% to 15%. By investing in an energy-efficient roof, you’ll be able to decrease your utility bill and reduce the average temperature of indoor spaces that aren’t reached by your central AC, including garages and covered patios.
Additionally, cool roofs can extend the overall life of your roof by decreasing the temperature of its surface.
When the time comes to sell your house, investing in a new roof could help increase your home’s value. Even though a new roof isn’t as flashy as other renovations, it is practical and can improve the curb appeal. Since your home is likely your biggest financial asset it’s prudent to find ways to increase the value, even if they aren’t the most glamorous. A new roof can go a long way in this regard.
Balancing Short and Long Term Savings
Just like any home renovation project, there are going to be tradeoffs between long and short term savings. For example, while roofing materials might cost more upfront, they’ll likely save you when it comes to utility bills in the future. Knowing what option is best for you likely depends on how long you intend to own the home for and what the marketplace is like in your area. For instance, it’s a buyer’s market, you might need to be more aggressive with your upgrades.