If you are replacing or repairing your roof, you may have noticed the prices of shingles can greatly fluctuate. Prices rise and fall all the time, but why do shingle prices for roofing fluctuate in particular? As oil prices continue to rise – as they have been doing for several years – asphalt prices have risen too. Asphalt is a byproduct of petroleum, so it makes sense that when oil prices rise, so too does a new roof.
Yet during the times that oil prices fall, asphalt shingle prices may not drop at the same rate. As such, if you have been thinking about replacing your roof, continuing to put it off, even for a year or so, could be a costly decision.
Why Do Asphalt Shingle Prices Not Fall At the Same Rate as Oil?
The basic economic principles of supply versus demand are relevant to the roofing industry, just like most industries – yet not always in the way you would think. There are several other factors that increase the price of shingles.
The US is under-supplied when it comes to meeting the demand for asphalt, especially since the decline of refineries in the US market and the fact there are increased profits on other uses for petrol. In terms of demand, while the demand for asphalt roofing materials has always remained strong, it is stronger in the road maintenance and paving market, which has further strained limited supply. Meanwhile, the cost of diesel fuel remains high, which impacts the cost of shipping and delivery, which impacts the final cost of asphalt shingles to homeowners.
Can You Ever Repair a Roof Instead of Replacing it?
If price is putting you off replacing your roof, have you looked into whether it is possible to repair your roof instead of replacing it? In some cases, replacing a few shingles is all you need to restore function to your roof. The commonly used asphalt shingles are designed to last for decades, with today’s modern roofing designs also engineered to last for almost as long as you own your home.
It is always best to get a professional roofing contractor to confirm if a simple repair job will do – there is a large difference between some missing shingles and a leaking roof. If the damage is extensive, it is more cost-effective to replace your entire roof.
How Much Does a Roof Replacement Cost in Maryland and Virginia?
How much should you expect to pay for a roof replacement in Maryland or Virginia? What is fair and reasonable? As we have mentioned, prices fluctuate wildly, but you can expect to pay anywhere from the lowest figure of $5,000 to $30,000 and beyond.
Finding the Right Home Improvement Contractor & Shingle Supplier
At the end of the day, finding the right home improvement contractor (and their shingle supplier) will make a world of difference to the cost of your new roof and the overall quality and durability of it. A professional and quality contractor will not only offer you a fair and reasonable price for good work, but they will be able to effectively walk you through your options to find the best fit for your budget and unique needs.