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
@Passive Income Earner – true, I think the life of an asphalt roof has a lot to do with the contractor and installation process, but it's also a product that is bound to fail eventually; it's oil and fiberglass and a bunch of other stuff.
You're right as well, ventilation is key. Even when we go steel, they are doubling our ventilation.
BTW – I enjoy watching Mike Holmes as well!
@The Dividend Ninja – I think because this place is more than a long-term investment for us, it will be our home for many, many, years, we're going steel.
Actually, I can believe that story as sad as that sounds. I've heard some wild stuff from some asphalt contractors in Ottawa; goes to prove you don't need any licence to do that work.
Thanks for your comment!
101 Centavos – I went by a steel roof today and it looked amazing; since we don't plan on selling anytime soon (like 20 years), I think we're going steel.
@Steve in Oakville – yeah, we're planning to be in this house for another 20 years, so we're gonna go steel. I know what you mean by basements though, SO easy to get distracted by the nice stuff inside vs. outside!
@Michael – I had a few contractors talk to me about the "40-year" shingles and say I should get at least 15 with them, probably 20. Architectural shingles are supposed to be better, but that's what our neighbours have and they are starting to lift as well. Maybe it was the installer?
@Echo – thanks for stopping by! I guess the push for steel is because I'm annoyed with the current roof, only 11 years old but supposed to be 25-year shingles. Not so much! If we have to re-roof in another 11 years, that means we've actually lost out. It's a gamble with asphalt I think.
@Sustainable PF – yeah, we're planning on being here for 20 years, so although it is VERY pricy, I think we're going to go steel.
@Financial Uproar – thanks for the reinforcement, we're leaning towards the metal roof. I like the idea of never re-roofing again as long as I live
Whichever option you go with, make sure it's installed well and is solid! Last thing you want is water dripping from holes in your ceiling…
Thanks for the link, MOA!
Yeah, I agree with everyone else- if you're planning to live in it for more than 10 years, I would go for the more expensive option.
They all say "25 year" roofs, but everyone knows they only last 10 years or so
We just redid the roof when we bought our house too- it was 10 years old or so and on the verge of collapsing.
Here is a thought, how much would the difference between steel and asphalt earn you over say 20 years? If it covers more than doing a new asphalt roof, your are ahead mathematically speaking
How long do you plan to live in the house? If it's less than 10 years I'd say go with the asphalt roof.
Thanks for the mention! We have a concrete tile roof (original with the house) but repair aren't easy if you need to have any. I would go with the standard asphalt. whenever it's not standard, finding contractors for repairs may be more challenging. I believe that the life of the asphalt roof has a lot to do with the contractor installation process. All the houses around us had cedar shingles and they all just replaced it in the past 2 years. Not all installation is the same and you can see the difference. All of them applied new plywood, tar paper and flashing. I would recommend to have the proper ventilation for your attic too. When you do the roof, it's the time to make sure you have the right ventilation. (A little too much Holmes on Homes here
)
Mark, thanx very much for the link!
As everyone points out it depends on how long you want to stay in your house for. My parents have a metal roof, for the environment they are in near the ocean, it was a good idea
Whaetevr you do make sure the roofer puts tar-paper down first. When we did our house reno it turned out the roof that was done 8 years ago had no tar paper down, just shingles on the plywood. There was no legal recourse becuase the manufacturer said tar-paper was not neccessary. Can you believe it? We obviusly had to redo the roof – but got a good deal through the contractor.
If you plan on keeping the house forever then metal is the way to go, otherwise when ur my age you will just be redoing it again ^^
We're having the same kind of struggles with regards to our little country house. The shingled roof will need replacement in a few years, and since we don't planning on selling (ever) it could be justified. As for looks, a green roof with white siding is just too picturesque for words.
Oh, and thanks for the link!
Unless you're going to live there a long while, go traditional and cheap. Of the upgrades you can add to your house to make it attractive to buyers, I'm not convinced the steel roof is a huge advantage. The last home I bought (9 years ago), I'm not even sure I looked at the roof. I was too busy looking at the newly finished basement! If you're planning on staying there for a long time – say 20-30 years – then steel is the way to go. My two cents…
Last summer I went with asphalt, but I never checked out steel. I have a trusted friend who steered me toward "40-year" shingles that he says will last 25 years. We used architectural shingles rather than the older 3-tab style. Apparently, the architectural shingles have fewer problems with lifting in wind and curling up in the heat.
Thanks for the mention Mark!
The shingled roof we have on our 8 year old house still looks brand new and we live in probably the windiest area of the country.
If metal is more than double the price, that's a hefty premium to pay for a roof. I say go for the cheaper option.
Why put yourself in a financial bind now when in 8 to 12 years (the earliest it would likely start to have any problems) you will be in a better position to figure out a different solution.
And if it lasts 20+ years, well that's even better.
If you're going to stay in the home more than 15 yrs go steel. Easy call. Even if you sell @ 15 yrs you have a selling feature and you'll re-coup 1/2 the cost at that time. Given the 11 yrs on yer 25 yr roof I think the choice should be easy. Our new house we wrote about a lot this past month has a roof that is 5 yrs old but we'll go steel when it's through. We plan to be here 25 yrs and the steel roof will last 60 yrs. The next owners will pay more for having a roof they likely never have to replace themselves.
I have a metal roof on my house. It's 15 years old and doesn't show any signs of wear. It came with a 50 year warranty, but I'm not even sure if the company who installed it is even still around.
I say go with metal. Replacing the roof is a major expense, (and a pain in the you know what) so it's better to pay more to not have to go through it again for a LONG time.