A new roof can be a very smart edition to your home, adding value and increasing structural soundness. If you have plans to sell your home in the future, a roof installation is the perfect way to increase your resale value, while providing an additional security measure for your loved ones at home as well. While remodelling your roof in the winter season isn’t very practical, right now is the perfect time to get ahead of the game for spring.
In this article, we will discuss the varying costs you can expect for a roofing project, which materials to consider when investing in a new roof, and how Leap Financial can help take some of the weight off your shoulders.
A low-end asphalt shingle roof is the cheapest material you could use. The affordability, popularity, and price of an asphalt shingle roof has caused it to become the most common type of roof material used throughout Canada. There are varying types of asphalt shingles which can cause prices to vary.
Average cost: $4,700 ($2.76 per square foot)
Lasts for: 15-30 years
Advantage: asphalt is an extremely shapeable material, which allows craftsmen to customize the appearance of the shingles.
Disadvantage: while the shingles won’t need to be replaced for 15 years, they will likely acquire some damage, such as cracking, during Canadian winters.
Metal is another material that can be as affordable as asphalt, with the low-end prices being extremely similar. While there are affordable metal options available, metal roofs typically cost north of $10,000 — which is more than double the cost of an average asphalt roof. However, the durability more than makes up for it.
Average cost: $10,000 ($5.88 per square foot)
Lasts for: the full lifetime of your home
Advantage: extremely durable and can easily last as long as your home does. Metal roofing also has a sleek, high-class look that is superior to many others on the market.
Disadvantage: unfortunately, metal roofing is one of the more expensive options with an average job costing upwards of $10,000.
As a general rule of thumb, it’s paramount to leave room in your budget for additional costs that may arise while doing a home improvement project. If you’re not very experienced in home renovation projects, it can feel overwhelming to plan for something such as a roof installation. Even with an extensive budget plan, there may be unplanned costs that arise. These mystery costs are close to impossible to plan for and just have to be taken in stride when the time comes. Although these costs may be unknown, you can preemptively add an estimated cushion in your budget for these things in advance.
How Leap Financial Can Help
Now that we’ve gone over how much a new roof installation could cost in Canada, you might be thinking “what if I don’t have the money required for a home improvement project right now?”, but this is not an uncommon question at all. To put your mind at ease – the average Canadian doesn’t even have the $4,700 available to install a cheaper asphalt roof. At Leap Financial, we help homeowners like you secure the funding you need to make renovations to your property, including new roofing. Apply for a Home Equity Loan today!