The Rise in Roofing Materials Costs (& What it Means for You)
If you’ve gotten a roof replacement in the past year, you’ve probably noticed a higher price tag on your roof. While it may seem like you’re being taken advantage of, it’s not your roofing company’s fault. The cost of roofing materials has been steadily increasing in recent years.
If you want to learn more about why roofing prices are increasing and what it means for you, you’re in the right spot.
What is Contributing to the Rise in Roofing Prices?
The increasing cost of roofing materials can be attributed to several factors. The COVID-19 pandemic greatly affected the production and distribution of roofing materials, causing a nationwide shortage. Even as things return to normal, the lasting impacts of the pandemic will be reflected in roof prices.
The demand for roofing materials ebbs and flows but recent storms sweeping the nation have increased the demand, dipping into a limited supply even further. Manufacturers and suppliers have to meet the demand and, unfortunately, that means higher prices.
Raw materials, especially oil, are essential to the manufacturing process of roofing materials. The price of these materials has increased dramatically in recent years, 40% in the past year and is projected to increase another 20% in the next few months due to rising fuel costs. Lumber is another roofing material that has increased in price over the past few years- almost 3 times the average price before the pandemic. When the price for the raw materials increases the price of your roof replacement also goes up.
How Does This Affect Me?
The supply and demand levels will directly affect the price of your roof replacement. Right now, the factors we previously mentioned are causing demand to be high and the supply to be low. Unfortunately, this discrepancy can’t be fixed overnight. The increasing cost of roofing materials means that you are likely going to be paying more for work done on your roof.
Should I Wait For Roofing Prices To Drop?
If you are optimistically applying Newton’s 3rd law of motion to the price of a new roof and claiming that what goes up must come down, you may need to reconsider. Projections show that roofing prices aren’t expected to drop anytime this year.
If you are considering delaying a roof replacement, ask yourself these questions about your roof’s condition:
Are the shingles curled, damaged, or missing?
Is my roofline sagging?
Have I experienced severe storm damage?
Do I have leaks or water damage on my ceiling?
Are any nails exposed on my roof?
Is my roof over 20 years old?
Saying yes to one or more of these questions indicates it is time for a roof replacement. Waiting for prices to drop could lead to more damage and cost you even more money in the long run. Additionally, looking for the cheapest possible price could result in poor craftsmanship and bigger future problems caused by an unprofessional replacement. It is better to find a company you trust, like Elite Roofing and Restoration, and get the job done right.
If you suspect you need a roof replacement, don’t wait for prices to rise. Lock in your quote today with Elite Roofing and Restoration. Contact our team to request a complimentary roof inspection and get started!
Elite Roofing and Restoration is your source for quality roof repair and replacement.
In addition to roof replacements and repairs, both commercial and residential, we offer a considerable list of additional home repair services to assist you with any general construction needs you may have.
Contact us today to schedule your no-hassle, complimentary roof inspection today.
