Repairs on a rental property are something that you can guarantee will eventually occur. One of the most expensive repairs to a rental is damage to the roof, especially if it requires a full roof replacement. Depending on the size of your roof, class of shingle, roof slope and insurance deductible, your out of pocket costs could be many thousands of dollars. Keep in mind though that any costs incurred to repair or replace your rental's roof should be classified as an improvement to the property (increase the cost of the asset) and you can therefore claim depreciation on the property. Therefore, you will see some of that money back in future years in the form of depreciation.
Finding a Roofing Company
A veteran roofing company might be booked with a solid schedule and therefore can demand a higher price. Younger companies can sometimes be more willing to reduce their price and elongate their warranties for help in booking their schedule. Try to get quotes from both known roofers and newer up and coming roofing companies. New companies can sometimes tend to be less busy and owner(s) actually are on site to watch the entire process through to make sure everything goes smooth, whereas older companies can tend to send a veteran crew out on their own without much supervision. Once you get a quote, feel free to negotiate with them if you fgeel the price is too high or higher. All prices can be negotiated. If you like one roofing contractor over another, but their price is a lot higher than your other quotes, let them know. Many times a good roofing company will lower their price to win yoru business. Have a good reason for your price negotiation. Some companies will even work around your deductible. Ask social media sites if they can recommend a roofing company based on their past experiences? If you see a common company name appear (such as Resi-Comm Roofing), give them a call to schedule a quote. Estimates should always be free. When speaking to a roofing company, make sure these four items are checked off:
1. Insured - Make sure they have liability nd worker’s compensation insurances. Ask to see the certificates and call the insurance carrier to confirm that they are valid.
2. A Local Roofer - Make sure the roofing company is local. Hiring an out-of-state roofer is a big no-no. After your roof work is completed, you want to ensure the company will return if an issue arises. If they're an out-o-state roofer, that is going to be difficult to do. Always choose a local roofingc ompany! Avoid storm chasers who act like their local, but typically are out-of-state. Ask if they have a website and see where the 'Contact Us' page says they are headquartered in.
3. Get the Details in Writing - Make sure that you are satisfied with the end result and that the terms of payment were discussed prior to the job starting and adhered to by you and the roofing company. Make sure that you ask how long a job will take.
4. Communication - Do they return calls, answer the phone or respond to your texts? If it is hard to get ahold of them before you hire them, imagine how difficult it will be after the job is done and you need something corrected. Are the courteous and kind or are the short tempered and rude?
If they don't meet these four qualifications, move on and look for another.
When it comes time to repair or replace your properties roof, call multiple roofing companies and get multiple quotes from each. It is always best to contact your insurance agent first to verify your deductible. Find out exactly what your insurance will pay for and how much you are expected to pay in the form of the deductible. Will it pay for total replacement cost? Is it paying for a depreciated amount? Did your property have impact resistance shingles? Do you currently have a thicker felt (which costs more to replace)?