Getting a roof, weekend groaning for me but weekend reading for you…
Pros of asphalt roofs:
- Less expensive; costs in the Ottawa area run about $3.00 per square foot including labour and taxes.
- Easy to install; takes one or two days.
- Is the popular choice; more than 4 of 5 homeowners have asphalt roofs.
- Look decent.
- Lots of product choice and variety.
- Offer very good protection.
Cons of asphalt roofs:
- Not environmentally friendly; they are an oil-based product.
- Absorb lots of sunlight and heat.
- Can be prone to problems.
- Lifetime varies; could be a few years, could be up to 20 years.
- Come with confusing and misleading warranties lasting anywhere from a few years to “limited lifetime.”
Regarding the last bullet, my wife & I don’t put much faith in the “limited lifetime” warranty. There was at least one major class-action lawsuit regarding IKO shingles in Canada, on the order of about $200 million. These shingles were supposed to be some of the highest quality shingles available but the law suit claims these shingles “were not of merchantable quality or reasonably fit for their intended purpose.” Click here to read and watch what we’ve researched over the last week or so, including a CBC Marketplace investigation busting roofers and manufacturers of shingles in Toronto.
Pros of steel/metal roofs:
- Offer outstanding protection.
- Very long life; some roofs haven’t been replaced in 100 years.
- Durable, fire retardant and practically maintenance-free.
- Energy efficient (more than asphalt); metal reflects heat and blocks its transfer to attics. Some homeowners experience >20% energy savings.
- Environmentally friendly; most made from >50% recyclable material.
- Weigh very little; metal roofing can be installed over existing roofs.
- Come with excellent warranties, non-prorated, transferable and start at 40 years.
Cons of steel/metal roofs:
- Expensive; more than twice the cost of asphalt roofs.
- Less variety and choice of appearance.
You might have guessed already we are leaning towards installing a steel/metal roof but we’re having a really tough time justifying the cost. It is painfully expensive. We have some money in our savings but those funds will be fully depleted and we’ll need a small loan (LOC or HELOC) if we don’t do asphalt. This is not what we had in mind just 4 months after moving into our home. Like some of you who have completed major home renovations, I guess I’m a certified homemoaner now.
OK, enough about roofs, that’s our problem not yours! You folks should check out the following articles I’ve read over the last week or so, some high-quality stuff.
101 Centavos provided us with an update on his portfolio; his penny mining and resource stocks are doing well!
Andrew Hallam gave credit to investment firms, where credit was due.
Mich at Beating The Index told us why Buffett was wrong about gold.
Boomer & Echo tell us how to create a great bond ladder.
Canadian Capitalist told us he’d like to see lower income households save more on their income taxes than higher income households.
Canadian Couch Potato told us some new ETFs give index investors some different opportunities.
Big Cajun Man told us how we get financially locked in, sometimes without little choice.
Dividend Monk provided another comprehensive dividend stock analysis.
Money Smarts Blog said Canadians are not withdrawing from their RRSPs as much as many think.
Kevin at Invest It Wisely is giving away LOTS of prizes in his one-year-blog-anniversary. Congrats Kevin and keep up the great stuff!
Susan Brunner gave us her take on Toromont.
Michael James said there is too much nonsense about worker shortages.
Million Dollar Journey increased his net worth, again.
Passive Income Earner wrote about Power Corporation on Div-Net. Check out Passive’s own site where he wrote about a new TFSA addition.
Dividend Ninja asked if the PlayBook will save RIM?
Our Young & Thrifty friend told us more about her 2011 TFSA holdings.
For our roof, what will we choose?
Will the expensive justify the quality?
Given our existing “25-year” roof is only 11 years old I have my doubts about asphalt. We’ll take the weekend to think about it and probably then some!
If you have a comment about asphalt or steel/metal roofs, I’ve love to hear it! Actually, all comments are welcome.
Take care and have a great weekend,
My Own Advisor