Is Upgrading the Roof on Your Rental House Worth It?

A rental property is an investment. We all know this. But what we can sometimes forget (or even ignore) is that these investments are not set and forget. They need to be protected. Investing in upgrades and improvements is important, and a roof replacement is one option that provides a host of important benefits. 

Asphalt shingle roofs definitely have a lifespan. When a roof turns approximately fifteen, it’s time to start thinking about an update. If you don’t, you could be looking at serious damage from even simple weather events. Roof replacements are very common. In fact, 82.34% of all roofing work in the USA is replacement, as opposed to new builds.

As a landlord, having a roofing inspector check the roof regularly and replacing it on their recommendation is the smart play. A quality roof looks better, but more importantly, it protects the investment beneath it.

How much does a new roof cost?

Roofing costs vary due to material options and the size and complexity of your roof. That being said, you can’t make an informed decision without understanding the expense, so here is a rough snapshot of the costs associated with a new roof:

A new roof will typically cost around $5,000 to $15,000 for an average-sized home. Your choice of material is the critical factor here, and these are some popular options with an average price per square foot:

• Asphalt Shingles are roughly $3 – $6
• Metal Roofing will be around $7.50 – $15.00
• Wood Shingles or Shakes are the most expensive at $8.00 – $12.00 

What are the main benefits of a roof upgrade on a rental?

As with any investment, you want to see some ROI for the money you sink into it! Here are the primary ones you can expect with a roof upgrade:

• Better structural integrity

A deteriorating roof is unsafe. It’s as simple as that. You’ll be at risk of water leaks, mold, and other structural damage, which risks your tenants’ safety and your investment. You can also be up for more costly repairs from serious damage down the track. 

• Boosted property value

A fresh roof means higher market value, which is important if you plan on selling in the future. The property’s visual appeal is obviously much nicer, but potential renters or buyers will also have a better opinion of the property’s overall quality. Move-in-ready homes with roofs that have clearly been well-maintained will always stand out in a sea of competition. 

• Fewer maintenance costs

An old or damaged roof always means frequent, unexpected repairs, which will drain your bank account. Upgrade the roof early and avoid recurrent issues from minor unresolved problems. It’s also important to note that new roofing products often have warranties that protect you from further costs. 

• Improved energy efficiency

A well-insulated roof directly improves the home’s energy efficiency. This is great for your tenants who will have reduced energy costs, and as landlords, it is our responsibility to reduce our investment’s carbon footprint wherever possible.

• Great curb appeal

Curb appeal is infinitely important when it comes to attracting tenants to your property. The first impression is vital when influencing the decision to view or rent your space. The look of the roof affects the look of the entire home, and a new one makes it appear cleaner and more inviting. 

How do you know you need to replace the roof on your rental property?

Sometimes, the need for a new roof is very obvious, but sometimes, it’s less so. As we’ve discussed, it’s important to jump on small problems early to save bigger costs later, so here are some things to watch for:

• The first area that will let you know there is an issue with the roof is actually inside the home. Take regular peeks in the attic and look for obvious water staining. 
• Shingle damage or granules in the gutters indicate the roof is nearly ready for a refresh.
• Cracked or broken flashing is a big one, as this is what seals the roof’s seams to protect it from rain and other mischievous weather. When these seals break, the roof is unprotected from moisture and leaks.
• Wood rot that is causing a roof to droop or sag (this needs to be replaced immediately as an emergency).
• Moss growth on the roof is a telltale sign that there is trapped moisture, which will ruin the roof over time. 

As a landlord, it’s your responsibility to ensure that the roof is in good working order. Any of the above indications are the opposite of this, and are letting you know that the roof needs repair or replacement from professional roofing services.

The best way to manage maintenance requests

While it’s clear that a new roof will lessen the number of maintenance requests you’ll need to deal with from your tenant, they will still happen. RentRedi makes it easier to deal with these by allowing tenants to submit photos or videos via our system. You can then track progress from one dashboard for greater efficiency. Learn more about how RentRedi makes life smarter for landlords today.