The wonderful city of Greenville, SC, is no stranger to rain and other weather events. Your roof is your first line of defense against storms, and it takes the damage just to protect you. After a while, a roof replacement becomes necessary.
If you’re googling “roofers near me” in search of roofers to complete your roof replacement, you may notice that prices aren’t what they used to be. That is because the prices of roofing materials are on the rise.
From shingles and underlayment to other necessary materials, the prices are increasing relentlessly. Lumber prices hit a record high in February of this year, and they are about double what they were this time last year.
Contractors are struggling to keep up with ever-rising price tags on roofing materials. If you need a roof installation, you may wonder what to do in light of all this information. Finding an affordable roofing company will be difficult, but waiting it out isn’t ideal either.
Despite the price hikes in roofing materials, roofers are trying to provide quality and affordable roof replacement services. With costs continuously increasing, that can be challenging.
There does not seem to be any solution in sight, but consumers should still know why prices are rising. And while it may seem counterintuitive (considering the price hikes), now is the time to save money on your roofing project. Keep reading to learn why.
Why Is the Cost of Roofing Increasing in 2021?
As 2021 began, there was already a 4-6% increase in prices looming over our heads. COVID-19 has a significant impact on the cost of roofing materials. The same trend was observable in 2018 and even earlier than that.
The average price for a gallon of EPDM Primer (roofing primer) in 2008 was $20. In 2007, a contractor could pay $70 per square for architectural asphalt shingles. In 2018, it had gone up to $100.
But why is this happening? Let’s use asphalt shingles as an example.
Oil prices have been hovering around $140 per barrel, declining shortly at the end of last year. Oil is the primary and most expensive component of asphalt shingles. Naturally, when oil prices go up, so will the cost of asphalt shingles for roof installation.
When the price of the main component of a roofing material increases, the costs to build these roofs increases, too. In other words, buying the necessary amount of oil to produce asphalt shingles has become costly. If manufacturers still want to make a profit, their prices have to go up.
Another example is the cost of wood shingles. Lumber costs are soaring in 2021, and there are a few legitimate reasons why. First of all, the lumber crisis has been around longer than the pandemic.
When the recession hit in 2008-2009, the housing market went bust, and over 30 large sawmills had to close. High tariffs on softwood lumber contribute to this as well as wildfires. Fires wiped out potential stock and reduced the lumber available for harvest.
Because of this supply constraint, the price of lumber has increased—and so has the cost of wood shingles.
How COVID-19 Factors into Rising Roof Installation Costs
How does COVID-19 factor into this? Many roofing companies import their roofing materials. As such, the global pandemic has impacted the sale of said materials.
According to the GEP, over 30% of the United State’s roofing materials are imported from China. We see a steady decline in imports from China at the height of the pandemic, creating supply chain issues that disrupt domestic supply, too.
The virus has slowed output by manufacturers in China, according to NASDAQ. The result has been more limited material for the US. In addition, COVID-19 outbreaks cause US ports to bottleneck and slow down the supply. When there is less supply, there are higher prices.
The pandemic is an obstacle in fast production and the efficient supply chain that we are used to. The roofing industry has had to adjust its practices as a result, which has impacted the supply chain, too.
How This Increase Impacts Roofing Projects in 2021
Every roofing company is scrambling to maintain its value and quality. But, with no end in sight, doing so becomes challenging. You can expect delays, reduced options, and higher roof installation costs in 2021.
Roof inspections are an excellent place to start. The contractor will examine the condition of your roof and make a note of any issues they notice. At the end of the inspection, you will have an estimate of potential installation costs.
Roof inspections can give you an idea of how much you’d need to spend. Still, the rising costs of materials are going to impact any project you take on. Here’s what you can expect when you proceed with roofing projects in 2021.
Delays with the Roofing Company
COVID-19 causes delays at ports and declining rates of output from manufacturers. These types of delays will impact your contractor’s ability to get materials. Currently, the average wait time for materials is six to eight weeks.
This wait time can increase depending on the material, too. If you request a specific material that is harder to come by, you can expect a longer delay.
Not Many Color and Style Options
Most manufacturers spend their time producing the color options that are in demand. Things like weathered woods and blacks are among the most popular, so manufacturers will spend much of their production time on those materials.
You might be able to find oyster white or pristine green if you search hard enough. However, it will be yet another pricey addition to your roofing project costs.
Higher Roof Installation Costs
Similar to manufacturers, your roofing company needs to make a profit to stay in business. If they’re spending a lot on the materials for your roof installation, they will need to charge higher costs.
We all know how supply and demand works. Well, the concept thoroughly applies in this conversation. With low supply and high demand, the cost of a product will continue to increase. It will only decrease when the supply increases.
Should I Wait for a Roof Replacement?
The National Association of Homebuilders found that roofing materials add $24,000 to the new home costs. The rise in price impacts every material, including metal, shingles, and lumber.
High costs are deterring homeowners from even scheduling their routine roof inspections. But what about costly roof replacements? It might seem wise to hold off on any roof work because of increasing prices, but we’re here to tell you that it’s not.
Experts predict that the costs of roofing materials will continue to rise. While they may come down towards the beginning of 2022, wishful thinking isn’t the best strategy.
Why Not Wait?
With steady price increases, now is the best time to save. We know that sounds absurd, but think about it this way. Have you ever heard the phrase “penny wise, pound foolish?”
When you neglect minor repairs, you risk more expensive and significant problems down the line. While this isn’t the same line of thinking, it is applicable in this scenario.
Putting off a leaky roof leads to internal damages in your home. While it is costly to fix the roof immediately, it will save you money on extensive repairs in the future. Would you rather pay to fix a leak than pay for expensive interior work?
Spend More Now and Less in the Future
The same idea is applicable here. We won’t beat around the bush. Right now, getting a roof replacement is costly. But, think about the next year or the next five years. We don’t know for sure if or when the prices of roofing materials will come back down.
It is a gamble to wait and hope that prices will return to a normal range. Instead, taking advantage of the costs that currently exist is a smart move.
How You Can Plan for a Roof Replacement in 2021
You must have an idea of what you want in your head. Having a blueprint, so to speak, will help you research what material you’d like to use so that you can plan for the costs. An excellent strategy to use here is focusing on the quality and value of the services.
Yes, you’re going to be paying more than you would have a year or two ago. What about using a roofing company that provides quality work and valuable materials? We’d say it’s well worth the money.
Even though the prices are increasing and don’t appear to be stopping any time soon, your roof is still essential. It works hard to protect you—day and night—from weather events that can cause damage.
Beemer Kangaroof in Greenville, SC, provides quality and value roof work. We understand the stress and anxiety homeowners have at rising roof prices. That’s why we are working hard to ensure our customers get the best services possible.
If you need a quality roofer in Greenville, SC, call Beemer Kangaroof.