2014 saw a rising trend when it comes to cost vs. value for a lot of home-remodeling projects, including roofing services. Last year, average costs of replacing roofing in Albuquerque costs somewhere around $17,601, which is almost $800 shy of last year’s national average. This year, a slight increase in materials and labor costs bump up the average job cost to $17,888 – a $287 increase from 2013.
That was just the average for midrange roofing replacement. Upscale roof replacement last year cost around $30,492 ($3,388 lower than the national average). This year, upscale roof replacement in the area averages at $30,973 – a $491 increase, which is almost double compared to the increased cost in midrange roofing.
But how does the area compare to the rest of the country? National average costs for midrange roofing replacement saw a $425 increase from last year, while upscale roof replacement experienced a $615 increase. In short, Albuquerque and other in areas within the mountain region still have more affordable roofing.
How did the slight increase in average cost affect the value of roofing in the area? According to estimates, Albuquerque roofing has an average resale value of $10,934 last year, which is about 62% of the job cost – while 2014 puts the average resale value at $11,585 or 65% of the job cost. The 3% increase in resale value indicates that while roofing prices did increase, homeowners are still able to get the most out of their investment.
The same thing can be seen easier in upscale roofing projects. Resale value jumped from $17,919 (58%) last year to $19,830 (64%) – a 5.2% increase. This increase in resale value can also be observed in other parts of the country, with the national average resale value showing a 4.7% increase for mid-range roof replacement and 6.3% increase for upscale roof replacements. This seems to be a great time to have a roof replacement and get the most out of what you’re paying for. Contact us today for a free roofing estimate.