When a homeowner thinks of large investments in a home, a roof is usually on the top of their list. The good news is they generally have life spans of at least 20-25 years. If you are looking to replace your current roof or are thinking of purchasing a new construction home, here’s a guide to your roofing options.
A roof is one of the most important parts of a home. It protects everything on the inside. One small leak can lead to considerable damage. Having the right type of roof for your home installed correctly is key.
Reasons I Might Need a New Roof
All roofs will have an estimated lifespan that can run anywhere from 20-45+ years. One of the most common reasons for a new roof is that it has reached its expiration. Other reasons can be roof tile warping, missing tiles or even leaking.
Areas of the roof that see more sunlight may show their aging first. As your roof gets up in age its good to take a peak into your attic and look for area damage or areas where light comes through.
How to Tell if You Need a New Roof: Bill Gassett, a nationally recognized Real Estate leader servicing areas in MA.
Roofing tiles come in large variety of shapes, colors and materials. The shape of your home, budget and local fire codes are all factors that can go into the decision on what type of material to use for your roof.
Asphalt shingles are the most popular and most affordable. They are easy to install and have a greater variety of colors. They can be used on many different styles of homes but have a lower lifespan of 20-25 years.
Tiles, concrete and slate are other roofing materials that are very durable and last much longer than asphalt shingles. 40-50 years is the average lifespan of roofs installed with these materials. The other factor that is important to think about is the weight of tile, concrete and slate. They are very heavy and not every home can withstand that weight. In some cases a house’s framework must be changed to accommodate the weight. Pricing for these options is quite expensive.
Metal roofing has become more popular in new construction for its sleek appearance and light reflective properties. It can withstand the elements well. The cost for this type of roof is not quite as expensive as the tiles, concrete and slate but a bit more than asphalt shingles.
Wood shingles are visually appealing but aren’t suitable for areas that get a lot of moisture. A homeowner who prefers a more natural look for their home will like wood shingles. As they age and become weathered they have quite a beautiful appearance. The life span for wood shingles is about the same as asphalt shingles; 25-30 years.
Deciding on what material for your roof is not easy and consulting with a contractor is the best way to ensure that your new roof is a good match for your home. In the coastal Georgia area asphalt shingles work nicely. Concrete and metal roofing are also great options for new construction. They reflect the sunlight off of your home and keep your home from absorbing too much heat.
Costs Involved in Replacing a Roof
The cost for a new roof doesn’t just lie in the new materials and labor, it also involves any removing of old tiles and repair of roof structures. The shape of your roof can also affect the cost of a replacement.
Bonus Tip from Luke Skar of Inlanta Mortgage – There are two loans that can help homeowners get necessary funds to replace or repair their roof. One program is offered through the FHA and is appropriately called the FHA 203k loan. The other option is offered by Fannie Mae and is named the Homestyle Renovation mortgage. Here are some of the details of each program along with some differences.
- Use of Funds
Both mortgages allow homeowners to get additional funds to cover the costs of major repairs and/or home improvements.
FHA has two options: the FHA 203k streamline or the regular 203k loan. The streamline loan limits the amount that the borrower can get and limits the type of work done on the home. The regular 203k loan allows a lot more flexibility in the type of work and up to the FHA lending limit for the homeowner’s area if the borrower qualifies.
- Credit Rating
Generally speaking, people with a credit score below 680 will only qualify for the FHA product. Higher scores are needed in order to get an approval from Fannie Mae for their mortgage.
- Luxury Items
The FHA product does not allow homeowners to use their funds for things considered a luxury such as a spa, a swimming pool or lavish kitchens. On the contrary, the Fannie Mae product will allow any type of improvement to the property.
- Mortgage Insurance
The Fannie Mae Homestyle mortgage will require the homeowner to pay mortgage insurance if the loan amount exceeds 80% of the appraised value. FHA requires mortgage insurance regardless of loan to value and is slightly more expensive due to new lending regulations.
“Do Not Just Hope Your Roof is OK. Many times your roof is in need of some sort of repair. And, more likely, you have homeowner’s insurance which will cover higher priced repairs to your roof. Before you list your home, get a roofer out to give you an assessment of your current roof. Most roofing companies will give you a free estimate. If the estimate is high, turn it into your insurance company so they may send out their own professional adjuster to give you a second estimate. If the needed repairs are minimal, spend the money to make the roof right.”
“Roofing is one of those things which will come up in a professional home inspection. If you are prepared and you have already spent the money to repair small or large roofing items, your agent may provide the invoice and seal of approval from a professional roofing company stating that everything is A-OK on your roof. Roofs are something most buyers are scared about being an issue. If you can give them a clean bill of health on your roof, you’ve just crossed a big hurdle. Again, do this before the inspection so that it does not delay a closing while the home is under contract. If you haven’t looked at the roof and there are major repairs needed, a buyer may walk away in the time it takes you to get the repairs coordinated through your insurance company.”
“In addition, a bad roof will be an major issue on both sides of the transaction. As a seller, you will have to face the facts that no buyer will want your home with a bad roof, or a roof which needs major repairs. Some sellers push to sell the home “as is.” When you sell a home “as is,” please remember that the buyer will be the most expensive contractor or repair person you will ever meet. If the buyer has to spend $10,000 to repair your roof, they will subtract at least $20,000 from their offer. In order to take your “problem” of a roof, they will want a great deal on the purchase price. The buyer will “charge you” for having to do the work.”
“Problems on the buyer side – first, no buyer is going to buy a home with a significant roofing issue. Second, the house will not be able to be insured by the new buyer if it has roofing issues and the deal will ultimately fall apart. Third, the buyer won’t be able to close with a bad roof because most lenders would categorize this as a major issue and will not loan money on a home with major issues.”
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How to Design the Perfect Laundry Room
5 Steps to Choosing Your House and Floor Plan
4 Basic Steps to Choosing Your Kitchen Layout
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Michael Roberts artfully combines the latest trends in home construction with classic elements to create an exquisite space for real families to enjoy. Licensed by the State of Georgia as a residential home builder, he thoroughly enjoys every aspect of the home building process. He offers an exemplary hands-on approach to his craft and insists upon working with his customers on a personal level to ensure complete satisfaction. Michael Roberts is a name synonymous with integrity, notable reliability, enthusiastic creativity, and award-winning design in the Coastal Georgia area. With high standards, and a detail oriented approach to home building, Roberts builds functional living spaces that make elegant southern opulence an affordable luxury.