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Preparing for the Cost of a New Roof

May 14, 2019 · 5 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

Preparing for the Cost of a New Roof

Snow, wind, sleet, rain, and more—a sturdy roof will help protect you from it all. But eventually, roofs wear out and need to be replaced or fixed. You may notice a small (or big) leak. It could be 15, 20, or even 25 years, but at some point, your roof will likely need to be repaired or replaced.

It doesn’t matter if the reason is a particularly nerve-racking storm, or deferred maintenance (as in “you-know-I-should-really-get-that-roof-fixed-soon”). It may even have a little something to do with how lucky you are.

Maybe it’s not leaking at the moment, and you just feel it’s time for a newer roof. Either way, if you are considering your roof replacement cost or paying for roof repairs, there are a number of things to keep in mind.

How Much Does a New Roof Cost?

When looking at new roof installation costs, there are a number of factors that will impact the overall price—including with what part of the country you live in and what time of year. Deciding to have the work done in the off-season could potentially save you extra money . If possible, try to avoid having repairs done in the late summer and fall, when roofers are typically at their busiest.

The size and style of the roof may contribute to the overall cost. The height and pitch of your roof are also important factors because there are additional safety and labor costs to consider.

Finally, the complexity of the roof design can drive the price higher as well. Does it have gables? Is it a mansard roof? Is it especially steep? The more complex your roof design is, the more labor and materials will be required.

The average cost to replace a roof is approximately from $4,900 to $14,100 , but can vary a great deal depending on where you live. It will also depend on the roofer you choose, the type of roof you have, and the type and quality of the materials. When creating an estimate , roofers sometimes define costs per roofing square.

One roofing square is equal to a 10-by-10-foot (100 square feet) area. So a 1,700-square-foot roof would be 17 squares. A 1,700-square-foot residential roof using standard asphalt shingles typically ranges from $6,000 to $8,500 including tear off of the old roof.

This is why it is doubly important to get several estimates from reputable contractors. When doing so, be sure to pay close attention to the quality of the materials specified in the estimate. It’s even better if you can get a recommendation from someone you know.

And while the price is important, it also matters how professional the work is. Will they complete the project in a timeframe they have proposed and will they take care with cleaning up? And most important, is the quality of the work up to standard? This is a big investment and you want to get it right.

Getting a New Roof

If you are replacing your roof as a part of general maintenance, you may have a little more time to prepare for the costs associated with the repairs. It allows you to be more methodical about pricing the project out and selecting a roofer. And having a bit of a runway will allow you to start saving and develop a workable budget for the project.

While replacing a roof is an expensive home improvement project, keeping your roof up to par could end up paying off. Not doing so could result in leaks that can drip down the inside of the walls. If the leaks continue, you could eventually be required to cut out drywall or even replace flooring. These repairs could end up costing you thousands extra in repairs.

Another reason for a roof replacement? Bringing the house up to date. Maybe you’re renovating the home for your own benefit, or are hoping to improve the value of your home for future sale. If you’re replacing your roof as a part of renovations, you’ll also likely have time to save money for the project and work within your budget. And if you plan on selling your house after the roof replacement, having a new roof can be a major selling point.

Paying for Roof Repairs

If your roof is damaged, then you are faced with an entirely different challenge other than figuring the roof replacement cost. It could be from a particularly nasty storm causing damage from water, high winds, or hail. Maybe it was a fallen tree.

In some situations, such as a natural disaster caused by an earthquake or hurricanes, you may even be eligible for help from the Federal Emergency Management Agency (FEMA). Whatever the cause, it could be helpful to take photographs sooner rather than later to document the damage.

Your homeowners’ policy or home warranty may include coverage that could possibly help defray some of the costs, depending on the cause of the damage and the age of the roof. If it’s determined that the damage is from normal wear and tear, then it will likely be considered regular maintenance and may not be covered.

Also, if your roof is older than 10 years, you may only be eligible for part of the cost determined to be a depreciated value of the roof . Whatever the circumstance, it could be worthwhile to call your insurance company and find out if you’re covered and to what extent.

And importantly, you’ll want to find a licensed roofing contractor who you can rely on. Multiple estimates can help you make an informed decision and ensure that you’re getting the most value for your investment.

Ways to Help Pay for Home Repairs

Whether you are replacing your entire roof or you are paying for roof repairs made to a damaged portion, you may want to consider financing all or part of the work. One option worth considering—a personal loan.

A personal loan allows you to borrow the money you need quickly, with little hassle and minimal fees. With a personal loan, you’ll usually get a lower interest rate than credit cards and the loan is unsecured in most cases, so there is no additional lien against your property.

Another financing option homeowners turn to for home improvements is a home equity loan or a home equity line of credit (HELOC). The application for a HELOC is akin to that of a mortgage and how much you’re able to borrow depends on several factors, including the value of your home. You may also have to arrange and pay for a home appraisal.

On the other hand, the application process for a personal loan is usually fairly straightforward. Lenders will review your financial situation, including your credit score and earning power, to determine how much they are willing to loan you and at what interest rate. Some personal loans, including SoFi loans, boast no origination fees.

When you take out a personal loan with SoFi you’ll fill out an easy online application that takes just minutes. You can get an idea on approximate costs for updating your roof using SoFi’s Home Improvement Cost Calculator.

Consider a SoFi home improvement loan to take care of your roofing replacement or repair needs! Check your rate today!


External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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