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2022-05-14 22:55:21 By : Mr. Tom niu

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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

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Replacing the roof is probably the house renovation project that homeowners most dread. And with good reason: It’s one of the most expensive, typically ranging between $5,601 and $11,729,  according to HomeAdvisor, the online contractor resource and search service. The average U.S.homeowner spends about $8,600 on a new roof.

But the reality is, roof replacement is often not a discretionary project but a vital one, commanding top priority. Ignoring the need for a new roof will not only cause additional damage to your home but will decrease your home’s value.

Though replacing a roof is not a small expense — and not the sort of project you should skimp on — there are ways to make it more affordable.

While $8,600 is the national average, roof replacement costs can soar has high as $45,000. A “reroofing” project — as the pros call it — typically involves removing the roof’s existing shingles, making spot repairs to the underlying deck or structure (if necessary), and installing new shingles.

How often you’ll need to replace your roof and how much you spend depends on a variety of factors, ranging from the geographic location of your house to the type of shingles you select. Basically though, the price tag for replacing a roof breaks down into two parts: 40 percent materials and 60 percent labor.

The most common elements among the materials that will cost you in replacing a roof:

You often need skilled professionals to replace an entire roof. Their work involves:

Factors such as the pitch (the angle) of your roof, features like chimneys and skylights, and the roof size all affect the time and effort — and so the cost — of the replacement.

There are some telltale signs that roof replacement time is imminent:

If you suspect problems — or even if you don’t — it’s often a good idea to pay for a professional roof inspection. Hiring a roof inspector costs $125 to $325, according to HomeAdvisor, but it can help you pinpoint problems and determine whether an entire roof replacement, versus some roof repairs, is necessary.

Maybe you haven’t noticed any signs of damage — yet. Even so, most roofs have a natural lifespan. The recommended replacement time of your roof largely depends on the material it’s made of.

RoofAdvisor.com estimates the typical life of the most common roofs as:

When it comes to roof replacement, shingle selection is critical — it’s usually the single biggest material cost. Shingle cost is quoted on a per-square basis or often a roofing-square basis (100 square feet is considered a roofing square).

There are many material types you can choose, ranging from rubber to galvanized steel, along with asphalt, slate, or copper. Asphalt tends to be the contemporary go-to roofing option: It offers many benefits in that it’s cost-effective (prices average around $2,500 for a roof of 17 squares — coverage for a 2,200 sq.-ft. house, the average U.S. home size), easy to install and can last for a generation.

Composition shingles, made of a fiberglass or cellulose base, coated with asphalt and topped with mineral granules, run less, but they wear out faster. At the other end of the scale is a metal like copper: durable but among the most expensive options available, with prices start from $25,000 for 17 squares.

Considering which materials you use can help you receive the best combo of savings and durability when calculating your replacement roof cost.

If you’re able to plan your roof replacement in advance, wait until the roofer’ slower season. The busiest season for roofers is summer and fall, so consider scheduling your replacement for early/late winter or early/late spring.

Depending on your homeowners insurance policy and the reason for the re-do, your roof replacement cost may be covered by insurance. It’s a good idea to speak with a roofer first — even commission an inspection — to determine the extent and cause of the roof damage and their opinion on whether or not it may be a valid insurance claim. Then, speak with your insurance agent and initiate the claim if possible.

Seek comparable quotes from at least three reputable roofers. Watch for things like unusually low bids. If two bidders quote $10,000 and one bidder quotes $5,000, this should raise a red flag. It may indicate that the roofer is low-balling to get the job and then will do sub-par work. Watch out for bidders who list among their terms “payment required in advance.”

Ask for recommendations from local friends or neighbors who have had recent roof replacements and ask for referrals. Ask potential roofers for customer referrals and pictures of their comparable work. Always require proof of bonding, licensing and insurance and then validate those claims through your local government before any work commences or any payment is issued.

Personal loans are a good option for large projects like roof replacements. Loan terms are pretty flexible on personal loans and allow you to select a very short term or a longer one if necessary. Personal loans provide you with a lump sum payment and typically have fixed interest rates. This type of “unsecured” loan means you won’t have to put up collateral, like your home. There also may be origination or closing fees associated with this loan from your bank or lending institution.

A home equity loan uses the equity in your home to borrow from while using the home as collateral. This is also referred to as a second mortgage and is often used for large expenditures, like replacing a roof. Payments and terms on a home equity loan are similar to that of any standard loan with a fixed interest rate, but the interest may be tax-deductible.

A home equity line of credit, or HELOC, allows you to borrow against the equity in your home while using the home as collateral. The biggest difference is the line of credit is open, or revolving, and is usually accompanied by a variable interest rate. You can borrow against it and pay it back, but the line of credit will remain open so that you can borrow against it again.

A home equity line of credit can be a nice solution for a large project like replacing a roof. However, since the full cost of a roof replacement is usually specified in advance, a personal loan or home equity loan with a fixed interest rate might be a more prudent option.

Doing a roof replacement is an expensive financial endeavor, and it doesn’t offer the greatest ROI: It recoups around 56% (for metal) to nearly 61% (for asphalt) of its cost, according to Remodeling’s 2021 Cost vs Value Report.

However, it also has many long-term benefits. Installed properly, a new roof can last for decades. And, while it does require a large, four-to-five-figure outlay, ongoing repairs and patch-ups to a damaged or weakening roof can easily mount much higher over the years — not to mention the expense of problems that might ensue from holes and leaks.

Most of all, a roof replacement gives you peace of mind that your home is ready to withstand the elements, and able to maintain its value. Replacing your roof when the time comes is a crucial aspect of homeownership.

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.

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