Owning a home is the American dream, but it comes at a price. On average, homeowners spend a little over $14,000 on home maintenance and repairs annually. Of course, some bigger home projects cause that maintenance number to skyrocket. One of the most expensive renovations for a homeowner is a roof replacement.
If your roof is beginning to show clear signs of wear and tear, you might be thinking about purchasing a new roof. But what exactly are the economics of a roof replacement? When should you do it, how much will it cost, and is it worth the investment? Keep reading for everything you need to know about the costs and benefits of replacing a roof.
Signs You Need a New Roof
Roofs can last a long time. When replacing your roof, you need to time it well. You don’t want to do it too early, when you can still get a few more years out of your old roof. Conversely, you don’t want to do it too late, when the roof is in such bad shape that it’s become a safety hazard.
Here are some of the signs that it’s time to start thinking about roof replacement:
- Missing, cracked, or curved shingles
- Missing granules
- Signs of water damage
- Excessive moss growth
- A roof that’s older than 20 years
- The roof appears to be slumping or sagging
- Damaged or rusted flashing on the chimney
- Noticeable and significant damage to the roof after a storm
- The roof’s color has faded (this could be a sign of algae)
- Loose or damaged roof tiles
Average Cost of a New Roof
A good preliminary step for a roof replacement is to build out the expected budget. The average cost of a new roof in 2025 is $11,000. However, the range is quite broad, from $6,000 to $50,000.
Ultimately, the cost of your roof will depend on several factors, including the roof material, roof size, labor, and warranty.
It’s important to understand that the cheapest option isn’t always best. For example, a more expensive material can double the expected lifespan of your new roof.
Additionally, you may need to choose the roof material type that will be best suited to your specific climate.
So, while you have some control over the costs, consider your choices carefully. A roof replacement is an investment in your home, and you should view it as an upfront cost that will protect your home for several decades.
How Long Does a Roof Last?
How long a roof lasts usually depends on the roof material type, local climate, and maintenance.
On average, the lifespan of roofs by material is:
- Asphalt: 20-25 years
- Clay: 40-50 years
- Concrete: 40-50 years
- Metal: 40-75 years
- Wood shingles: 25-30 years
- Slate: 50-100 years
Does a New Roof Impact Your Property Value?
Spending tens of thousands on a new roof can feel like a waste if you’re not in your forever home and intend to sell sometime soon. But rest assured, it’s not. A new roof can increase the property value of your house. According to Home Guide, homeowners who install a new roof and sell their property will recoup 60-85% of their investment.
Still, if you plan to move soon, you should be aware of what type of new roof you will install. Your realtor will likely highlight the new roof in your property listing. The cheapest option—an asphalt roof—might not appeal to buyers. But if you’re going to move, you also don’t need to invest in the most expensive option, like a slate roof.
Consider a middle-of-the-line material, like a clay or concrete roof. This will be affordable and still be a selling highlight for you later on.
Financial Payment Options for a Roof Replacement
Your new roof is going to cost you thousands of dollars. And, if you’re on a deadline to replace the roof soon, you might not have enough time to save up all the necessary cash. Here are some financing options for a roof replacement:
- HELOC: You could use the equity in your home to get a Home Equity Line of Credit (HELOC). A HELOC is often used to finance home renovations, as it usually offers a lower interest rate than personal loans.
- Personal Loan: A bank or credit union may grant you a personal loan to cover the cost of your new roof.
- Contractor Financing: Many roofing contractors offer financing options to their clients. Make sure you compare the contractor’s interest rate to the rate you might get from a financial institution.
- Cash: You can put some of the costs associated with your new roof, such as the materials, on a credit card. However, note that credit cards usually have the highest interest rates of all types of credit. Generally speaking, you shouldn’t use a credit card unless you can pay it back quickly or have a promotional 0% interest period.
Reroofing vs. Roof Replacement
Before you proceed with an entire roof replacement project, it’s important to stop and consider whether a simple reroofing would be the better option. Reroofing requires small matchups to bring your roof back to an acceptable shape. Since it’s a much smaller project, it’s a lot more affordable. However, reroofing isn’t always the best option.
Here’s an outline of how to know if you should reroof or replace:
Reroofing:
- The damage is minor and localized to a few spots
- The roof is relatively new
- The roof still has five or more years of expected life in it
Roof Replacement:
- The damage is extensive or in large spots
- The roof is now unsafe
- The roof is old and nearing its expected lifespan
- The roof isn’t working optimally
- There is significant water damage or leaks
- The roof deck or structure is compromised
A Worthy Investment
Your roof is an integral part of your property. Replacing your roof can be costly, but it’s worth the price. A new roof will last you decades and keep your home safe.
The first step is to do some research into the type of roof you want, so you can begin to build out a budget. If your roof is in dire shape, don’t delay the project too long, as that can be a safety hazard. Instead, consider financing options to get the new roof as soon as possible.
You might also be interested in: Historic Roof Restoration: Preserving Your Home’s Architectural Heritage
