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Posted by Jason Bush No Comments on Is Now a Good Time to Replace Your Roof? Metal Roofing

Is Now a Good Time to Replace Your Roof?

Everyone who buys groceries, gas or other commodities knows that inflation has made the costs of these goods soar over the past few years. The same can be said about the roofing industry. The cost of a new roof has been significantly higher since the pandemic and the subsequent supply chain crisis, which started in 2021 and left lasting effects until 2023.

Expert forecasters project that inflation may finally decline in 2024. So, is now the right time to replace an old roof, or should you wait it out for lower prices? We are diving into the key considerations for roofing costs and how you can make an informed decision.

Average Cost of a New Roof in 2024

average cost for a new roof in 2024

According to the national average, you can expect to pay about $10,000 for a new roof. However, the exact price of your roofing project will depend on a few different factors, including:

  • Project scope: The size of your roof and any architectural complexities will directly influence the project timeline and costs.
  • Season: Roofing prices can ebb and flow with the seasons and the contractor’s availability, which can impact the rate you pay.
  • Location: Your geological location can also affect how much you’ll spend on your roofing project, as different regions have unique costs of living and labor rates. Some municipalities also require owners to secure roofing permits with additional fees.
  • Materials: The type of roof and material you choose will also contribute to your expenses. Inflation rates will affect shipping and sourcing costs.

Along with these factors, you should also consider the cost per year for the type of roofing you select. For example, investing in a premium metal roofing system can be financially advantageous in the long term compared to other options, like installing asphalt shingles. Shingles will require replacement about every 12.5 years, contributing to higher annual expenses.

Ultimately, understanding the factors that contribute to roofing costs can help you make the smartest financial decision.

The Consumer Dilemma

If you are a home or business owner with an aging or failing roof, there are several choices you can make:

  • Do nothing: Doing nothing is always a choice, but rarely the best one. Failing to address a failing roof will likely result in interior leaks, deck damage and much higher costs once the roof is finally replaced.
  • Repair and wait: After seeing fluctuating roofing material prices, it may be tempting to delay a costly roof replacement until prices come down. However, similar to the “do nothing” option, you risk roof leaks and damage while spending money on temporary repairs. While this strategy might pay off, you are still investing money in a roof that will have to be replaced, which offers little return on investment.
  • Replace the roof: Despite uncertain material prices, you can go ahead and replace the roof. This eliminates the worries of interior leaks, deck damage and other issues but requires a significant investment.

Will Roofing Prices Go Down in 2024?

If you’re contemplating the waiting game, then you likely want to know how roofing prices may change throughout 2024 and beyond. According to economic experts, inflation is expected to fall from 3.2% to 2.4% in 2024 and eventually drop to 2.2% in 2025. So, will roofing prices go down? In an ideal world, yes! However, the roofing industry will likely continue to see inflated costs throughout the year, and waiting to get your project started may not be in your best financial interest.

Is Now a Good Time to Replace Your Roof?

You should replace your roof as soon as possible if you notice any of the following indicators:

  • Sagging, drooping or unevenness
  • Water damage and leaks
  • Granule loss
  • Rot, moss or mold growth
  • Damaged or missing shingles
  • High energy costs

Many of these issues can worsen over time, and waiting to replace your roof can mean unnecessary added expenses. If you need a new roof, now is as good a time as any to upgrade.

request a free roofing estimate from cornett roofing systems today

Request a Free Roofing Estimate From Cornett Roofing Systems Today

When you are ready to upgrade your roof, the experts at Cornett Roofing Systems are here for you. With over 30 years of industry experience serving the Midwest, we have the expertise to ensure you get the perfect roof for your home or business. Our team offers various roofing services and materials to suit your unique needs.

Are you interested in partnering with Cornett Roofing Systems for your upcoming roofing project? Request a free estimate online today.