It can be devastating when you receive the news that your roof needs repair.
Most homeowners don’t have upwards of $10,000 to spend on a roof at the drop of a dime. There are bills to pay, mouths to feed, and paying for a new roof is another financial worry on your plate.
Unfortunately, another worry has been added to the pile: rising prices in the roofing industry. Now shopping for a roof has become more stressful than ever.
You deserve to be confident you have a roof that will keep your family safe and secure for a lifetime. To do that, you need a high-quality roof that you can depend on. But fixing your roof can be a burden.
Rescue My Roof has provided ten years of quality workmanship to thousands of homeowners in Southeastern Wisconsin. We’ve seen firsthand how the price increases have impacted the industry, and we’ve taken the time to help educate homeowners on what they can do to save their wallets.
In this article, we’ll give a breakdown of rising prices and what they mean for you. In the end, you’ll know exactly what to do to get the best roofing price today.
Why Do Roofing Prices Keep Going Up in 2022?
Prices are going up everywhere; from last stations to grocery stores to roofing companies, you may have noticed the prices seem to be getting higher and higher each day.
Why are the prices increasing? Here are three things you need to know:
1. Rising Manufacturer Prices
Prices for new roofs have increased drastically. The reason? Manufacturer prices are continuously rising.
Raw materials like oil and plastic have increased in cost. Because the materials now cost more to create, manufacturer prices have risen, and that cost is pushed onto the customer.
The result can be devastating for the roofing industry, where there are so many materials going into a roofing system. Even building materials like wood, metal, and others are getting more expensive.
When manufacturers raise the prices on materials, that is a cost that is ultimately passed down to the homeowner as roofing contractors try to maintain their profit margins.
2. Production Slow-Downs
Manufacturers typically get their raw materials to produce shingles from other suppliers. But during the pandemic, the shingle manufacturers weren’t the only companies facing setbacks.
The companies that manufacture the raw materials had to shut down production at the beginning of the pandemic, even when demand increased due to DIY home projects.
And when the companies were able to start production again, they could not manufacture at the same speeds due to a worker shortage, fuel prices, and transportation issues.
When the raw materials are unavailable, other products necessary for a roof replacement cannot be made or go up in price.
This could be why you’ve noticed price increases and long wait times for materials.
3. Covid Supply and Demand Challenges
Many manufacturing companies shut down at the beginning of the pandemic in 2020.
Typically, companies have a busy season and then downtime. During the slower season, they will build up a surplus of materials and use it during the busy season.
However, during the pandemic, when everyone was stuck at home, the demand for home improvement materials went up despite traditionally being a slow season for the manufacturers.
Additionally, manufacturing shut down during this time. So once the manufacturers used their surplus stock, they could not meet consumer demands.
Now that companies can manufacture materials again, that doesn’t mean the coast is clear. Many companies are still unable to manufacture at the same speeds before the pandemic, and they are in a constant state of catch-up.
If you’ve wondered why products haven’t been hitting the shelves as often or their prices have increased drastically, companies are still trying to meet the public’s demands.
What Do Rising Prices Mean To You?
You know the impact of rising prices on the roofing industry, but what does that mean for you?
Unfortunately, roofing companies’ rising prices are inevitably passed down to you. Companies still have employees and bills to pay, and they have to maintain their profit margins.
The bottom line: the cost of your roof replacement will be more expensive. We have seen an average 15% price increase for roofing companies across the country.
This price may continue to go up. Manufacturers continue to announce price increases, and the year goes on.
What Can You Do About Rising Roof Prices?
A new roof is a huge investment – even more so now that prices are rising.
However, it doesn’t mean that cutting corners in the budget or trying to DIY your roof replacement are the only options not to break the bank. These options can end up doing more damage and causing costly repairs.
So what do we recommend? Lock in your roof replacement price now.
You may not want to build your roof until six months from now, but that doesn’t mean you have to pay the future prices. They can lock in the current roof price if you sign a contract with a roofing company.
Roofing companies can order materials in advance. So while your roof replacement may not be for another 4-5 months, you can pay today’s price, get the materials ordered, and avoid another price increase.
Another big tip: Don’t take the lowest bid.
You can receive multiple roof estimates from different companies, but the lowest offer isn’t always the best. While staying within budget is a significant concern, you also want a quality contractor you can trust.
Not all contractors are made equal. Don’t let the price be the only determining factor when choosing a contractor.
Lock In The Price of a New Roof Now
Manufacturer and material prices will continue to rise in the aftermath of the pandemic. While those prices will be translated to the overall price of a new roof, you don’t have to pay the (higher) future prices.
You can lock in today’s prices by getting an estimate for a future project.