Will roofing costs go down in 2023?
Everybody who purchases groceries, gasoline, or any other commodity knows that inflation has caused the prices to soar. Construction material prices increased by 1.9% in June, a 20.1% increase over the June of last year. The main reason is that the prices of crude petroleum and natural gases continue to rise, which are key ingredients in making asphalt shingles.
It is unclear when material prices will start to fall due to a variety of factors that affect the global supply chain. Linesight Q1 Commodity Report, a global construction consultancy, states that "despite the expected stabilisation in materials costs due to ongoing global problems, 2023 will be another difficult year for the construction sector that will bring with them many disruptions in the supply chain 2."
The Consumer Dilemma
There are many options available to you if your roof is failing or aging.
- Do Nothing - There are always options, but it is rarely the best choice. Failure to repair a roof that is failing will lead to interior leaks and deck damage. This can also result in higher costs when the roof is finally fixed.
- Repair and wait - With the high cost of roofing materials, it might be tempting to delay replacing your roof until they come down. You risk roof damage and leakage, as well as spending money on temporary repairs, just like the "do nothing” option. This strategy may pay off, but it still involves investing in a roof that will need to be replaced. It offers very little return on your investment.
- Replace the Roof Despite rising material costs, which are likely to continue shortly you can still replace the roof. This will eliminate the possibility of deck damage and interior leaks. However, it requires significant investments.
Making A Smart Financial Decision
A long-term roofing system is a good option if you choose to replace the roof. This will help reduce material costs. The following scenario is possible over 40 years.
Option A - Replace your roof with asphalt shingles
Initial Cost (pre-inflation), $10,0002023 Inflation cost (20% added) $12,000
Average Service Life 3: 15 Years
Annual Inflation Cost: $133.33 (2,000 + 20%).
Average Roof Cost per Year: $800 (12,000/15 Years)
You will need to replace your asphalt shingle roof between 16 and 31 at a much higher price.
Option B - Replace the roof with a premium, metal roofing system
Pre-inflation: Initial cost $20,000
2023 Inflation Cost (20% Added): $24,000
Average Service Life 4: 40 Years
Annual Inflation Cost: $80 (4,000+ 20%).
Average Roof Cost per Year: $600 (or $24,000/40 Years).
This example shows the financial differences between an asphalt shingle roof and a premium metallic roof. Even if you consider only the initial roof replacement and do not include the need for shingle roof replacements, the average roof cost of shingle roof per year and current inflation strongly favor the metal roofing option. Metal roofing is a better financial choice if you include the shingles Roofing replacements.
Current economic conditions that are causing inflation in construction materials prices will not be reversed by 2023 and could continue well into 2024. There are many options available to you if you need a new roof. Metal roofing is a more long-lasting option than traditional roofing. It also reduces costs and provides a longer service life. Although it is not something anyone wants to pay high prices for a product or service they can avoid additional costs such as interior damage, rotted decking, and structural problems by replacing a roof that is failing before too much time passes. For the beautiful shingles and roofing call the local roofing services.