The Roof
A roof replacement is a big expense that is rarely overlooked during a property purchase, often used to negotiate a sales price, and can be easily projected in your operating budget.
Unless a violent windstorm rips just enough shingles off your roof to justify an insurance-covered replacement (one can dream), replacing a roof is expensive.
Managing the Roof
The need to replace your rental property roof will come eventually, but there are a few things investors can do to prolong the life of their roof and prepare forthe expense:
- General Maintenance to repair flashing and secure loose shingles will keep your roof protected.
- Tenant Communication. Ask your tenant to check for damage after storms (if visible from the ground or a second floor window).
- Seasonal gutter cleanings will prevent buildup from forcing water under the shingles.
- Replacement estimates. Consider multiple estimates from different companies. There can be a huge price variance between roof replacement estimates in this area.
- Start saving for the replacement now.
Cost of Replacement
The cost of a roof will depend on size and slope of the roof, the roofing company, and material. Investor can find lower estimates, but we’ll go with $12,000-25,000.
More resources...
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