How to keep your investment safe and dry.
BY SHANNON MONEO
Winter often calls the question: How’s that roof holding up? If a new one is in the forecast, there are plenty of options for a homeowner to consider — asphalt shingles, metal, cedar, concrete, solar or even slate. But will putting on a new roof provide a rock-hard return on investment if the house will be sold in a year or two?
A Matter of Material
When the Stemkens family decided to replace the 23-year-old asphalt shingle roof on their Sooke home, Meaghan wanted a metal roof.
“It looks nicer, it lasts longer,” she says.
As a self-described “do-it-now” person, if Meaghan had her way, it would have been done immediately.
“If you know you’ll live in your house for a lifetime, go with the metal,” she says.
But after her father Keith got a quote for about $10,000 for a new asphalt shingle roof, versus more than $20,000 for a metal roof, Keith opted for asphalt.
“He considered metal, but he’s cheap,” Meaghan says with a laugh.
But was Keith also being practical?
Today’s asphalt roofs can last up to 30 years if well-maintained, and they are a reasonable choice for the West Coast climate. Fibreglass asphalt (also known as composite) roofs are a cut above, says Martin Kent, owner and lead inspector at Fairhome Building Inspections. Composite roofs can last around 40 years, withstand West Coast weather better than asphalt alone, and are less expensive than metal.
“I’ve seen everything from immaculate [roofs], which you rarely see, to the worst you can imagine,” Kent says.
The Limit on Lifetime
Quite often while doing inspections, Kent encounters old roofs that really need to be replaced or sellers who claim their roof is newer than it is. But Kent can tell just by eyeballing the home’s cap. Asphalt shingles, for example, become brittle, curl or go missing over time, or moss starts to embrace the roof.
The two most common questions he gets from buyers who go for home inspections are: Does the roof leak? And how long will it last? He usually provides a ballpark answer. Shingles guaranteed for 20 years may last for 25. If the roof wasn’t kept moss-free, however, its life is shortened.
The roof is central to the home’s investment, and once water makes its way into an attic or living space, problems follow — like mould.
A new roof is, however, one of the top five most pricy home repairs, vying against foundation fixes. Replacing a roof on a large home can easily cost over $30,000. To get the best return on investment, the homeowner has to consider a few things. How long will they stay in the home, and what are they willing to spend? Should they drop $20,000 on a bathroom renovation or the same amount on a new roof?
The bad news: the ROI won’t be 100 per cent. You can expect a 60 to 70 per cent return, however, which ranks similar to a bathroom reno, and is more crucial to a home’s health.
Keeping Up Appearances
Jason Leslie has been selling homes in Greater Victoria for over two decades and he advises would-be sellers not to delay roof repairs.
“First impressions of a house usually include a visual of the roof and buyers are always excited to see a new roof,” says Leslie, a Realtor with RE/MAX Generation. “As for return on investment, I feel it is a high return. A newer roof always makes a house easier to sell.”
Most buyers want information about the roof, as do insurance providers, he says.
“It is a critical component of the house and protects you and your property from the elements,” he says.
Like most home improvements, the cost will likely never drop.
“It would be a wise investment. I don’t think I have ever experienced the cost of roofing going down over the years,” says Leslie. “The sooner the better and, as an owner, it is nice to get some enjoyment from updating.”
Regarding different roof types, asphalt shingles are generally the cheapest, costing about $5 per square foot for materials. Aluminum can cost about $12 per square foot; wood shingles, $15 per square foot; clay tile, $18 per square foot; concrete tile, $20 per square foot; metal, $20 per square foot; solar shingles, $25 per square foot; slate tiles, around $30 per square foot; green roofs, $30 per square foot. But these are estimates.
The final breakdown
A roof’s complexity, size, prep work and labour costs can radically change the numbers. Kent points out that metal roofs can be noisy when it rains, with the drops reverberating throughout the house. Cedar shakes or shingles are not ideal for damp climates and are a fire hazard. Clay is great in hot climates, but also where salty air circulates. Concrete is durable and withstands strong winds.
Leslie also recommends homeowners understand the many roofing choices at their disposal, especially for curb appeal.
“With so many styles and colours available to choose from today, it is important to educate clients and ensure they pick something that complements the style and colour of their home,” he says.
