With Rising Construction Costs, Do I Replace My Roof or Wait?
It comes as no surprise by now that costs are rising across the board. From gas to groceries to building materials, people everywhere are feeling the impact of cost increases. Di Pasqua Construction Inc. talks to Florida residents and commercial property owners daily, who all ask the same question: with rising construction costs, do I replace my roof now or wait?
The Reason for Rising Construction Costs
The law of supply and demand is a basic economic principle. At the most basic level, the demand for lumber outweighs the supply. As a result, the price rises. The same remains true for other roofing supplies, such as metal and tile. However, lumber gets the most attention as it reaches historic highs.
COVID-19 may be subsiding, but supply chain issues continue to gather steam in the construction and roofing industry, and beyond. When it comes to construction, it is debatable whether the issue is access to raw timber or instead, insufficient lumber production at sawmills to meet demand. In either case, the net effect is soaring lumber prices. In April, new house construction reportedly cost $36,000 more for the average single-family home.
Should I Wait to Replace My Roof?
Will you spend more right now to repair or replace your roof than you would have a year ago? Yes. However, that doesn’t mean you should hold off on your roofing project, and here are the reasons why: First, if your roof damage includes any leaks or water damage, waiting could worsen the damage, which will only add to your cost. Second, lumber prices are expected to increase for the foreseeable future, which means waiting longer may only cost more. Additionally, the supply chain issues could mean that your project is scheduled months out. Not only does that put your project on hold, but it could also impact your overall cost. Third, house prices continue to rise right along with lumber, metal, and tile. What’s one home improvement project that adds some of the highest returns on home value? That’s right. Roofs. Even if you don’t plan to move any time soon, it’s never a bad idea to increase the value of your home with the right home improvement project. And, with all the people moving to Florida, you may even decide it’s worth it to list.
Projects Forge Ahead: Ready to Schedule Yours?
To sum it up, now is better than later when it comes to your roofing project, even with rising construction costs. To that end, Di Pasqua Construction values honor, courage, and commitment. We live that out for our West Palm Beach customers and those in the surrounding areas by being fully transparent about costs, finding quality supplies at a reasonable cost, and taking care of our customers. Get a free quote or call us at (561) 275-2406 to learn more.
