Taking care of your commercial building is one of the best investments that you can make in your business. Commercial real estate has a value of more than $1 trillion right now in the United States.
Since this real estate is growing at a 4% rate, taking care of the property is an investment that keeps paying for itself. Replacing a commercial roof is one of the biggest decisions you’ll make.
So what is the cost of replacing a roof? What details affect the price? We’re glad you asked.
Read on to learn about the average commercial roof replacement cost and the factors that come with it.
What Is the Cost of Replacing a Roof?
Expect the commercial roof replacement to cost $7,000 and up. This is according to national averages and can vary based on several factors.
The roof replacement decision is critical because it protects everyone inside the building. A new roof will improve the equity of the property and will help the way that your Heating Ventilation and Air Conditioning (HVAC) system operate.
The price may differ based on where you live and the area’s cost of living.
Knowing the average cost will help when it’s time to budget. Your budgeting and planning will be more precise when you dive a bit deeper.
What Details Affect the Cost?
It’s easier to buy the right roof when you understand all the subtle details. You’ll get the ideal roof performance and will have more control over the price quote.
Here are some of the details that directly affect how much you’ll pay for a commercial roof.
The Commercial Roofing Company You Hire
Search for the best commercial roofing company near you based on reputation and credibility. The best roofing professionals charge fair and competitive prices while doing incredible work.
Consider the city you’re in and the demand for roofing. Expect to pay more if you live in a densely populated area with plenty of competition. Roofing professionals that are in high demand may also charge premium prices.
Weigh all of these factors and consult with a handful of roofers. Check on them with Consumer Reports and the Better Business Bureau (BBB). Find a roofer that can walk you through the project using graphics and drawings.
Materials Used in the Replacement
The roofing materials play a huge role in the price you’re charged. You’ll pay more for more durable, harder-to-source materials.
Slate is among the most expensive materials for any commercial roof. A slate roof can last up to a century and a half in some situations. It’s made from natural materials and is highly energy-efficient. Slate roofs are also fireproof and incredibly durable in all seasons.
So while you’ll pay more, slate roofing is an investment that keeps paying for itself.
Cutting-edge companies today are also switching to solar-powered glass. This installation remodels your roof and transitions your company to clean energy at the same time.
You’ll pay more, but you will also receive a solar tax credit for your troubles. Commercial roofs made from tile, asphalt, or metal alloys are less expensive.
Roofing materials also affect the price during shortages. When a building material is in short supply, expect to experience price spikes.
The Time and Difficulty of Labor
When getting a roof estimate, the professional will factor in their labor rate. They’ll quote you based on the difficulty of your project and charge accordingly.
Expect to pay higher prices for custom roofing or cutting-edge roofing materials. Certain roofing styles will also cost more to construct. Roofers might also charge additional fees for materials delivery, cleanup, and other such services.
The roofer will lay out the labor in an itemized list upfront. You’ll have the opportunity to review and agree to it before moving forward. Speak to three to four different roofers to get their opinion of the work and the labor required.
You may be able to source your own materials and then find a roofing professional that handles the labor.
Peak Season and Roofing Emergencies
You’ll always pay higher rates when your commercial roof replacement is an emergency or on a quick turnaround time. Roofing pros will charge more when the project is after hours or due to inclement weather events.
The cost may also depend on the season and time of the year. By the time the end of summer rolls around, peak roofing season is in full swing. Roofing prices are highest this time of year, and this period extends into the middle of fall.
Expect the demand to get even higher if the area is hit with a hurricane or snowstorm. Keep your homeowner’s policy current so you can file a claim. Support an emergency roofing claim with photos and videos of the damage.
Your Method of Financing
Take your method of financing into consideration whenever you’re getting commercial roofing replacement work. You’ll likely cut costs by paying for the roof in full and upfront.
If you’re seeking financing, you’re going to also need to factor in interest rates. Ask the roofing professional for the terms of their in-house financing. Consider third-party financing options with a bank or credit union that you trust.
Always add warranty coverage to your new commercial roof. You can choose to protect both the roofing supplies and the labor of the replacement.
Handle Your Commercial Roofing Work
Now that you understand the cost of replacing a roof, you can get help from pros that’ll address the work for you. Quality commercial roofing work builds equity, protects your property, and creates an overall pleasant workplace.
Start with the information above so you know how to budget for it. We’re also your go-to source for other real estate improvement jobs.
Team up with a quality roofing pro, and check out our other articles related to business ownership and entrepreneurship.