Whether you need to replace the asphalt shingle roofs on an entire apartment complex or a single multi-family unit, the cost can seem prohibitive to your operating budget. Fortunately, there are ways that you can save money while still protecting your investment and keeping your tenants happy.
1. Talk to Your Insurance company
Depending on the reason for the roof replacement, your insurance company may actually cover some of the cost. If there has been recent storm activity that has lead to shingle damage and leaks, such as wind or hail, then make the call. It can be tempting to avoid reporting damages to the insurance company due to concerns about raised insurance rates, but roof damage is one of the main reasons you should be insuring your properties.
2. Consider Re-Roofing
A benefit of a shingle roof is that you can have up to one new layer of shingles installed over the old as long as their is no damage to the decking that makes up the base of the roof. The old shingles simply become the underlayment for the new. There is less labor, fewer disposal fees, and less materials used when you re-roof, so the cost is much lower compared to a completely new roof. Re-roofs have a slightly shorter lifespan compared to new, but they can be an excellent money saving choice for an investment property that you plan to sell in the next few years.
3. Reuse What You Can
Not all aspects of your apartment roof may need to be replaced. For example, guttering, flashing, and vents can out last the life of the shingles, especially if these components have already been replaced or updated in the last few years. Let your roofer know that you would like them to reuse as many of these items as safely possible when they are creating an estimate for your new roof cost.
4. Ask About Special Deals
If you own multiple properties, ask the roofer if they can offer special pricing or a deal if you have the roofs replaced on all of them at the same time. Another way you may be able to save is to use discontinued or unmatched lots of shingles on the apartments. A slightly different color of roof on each building of a multi-building complex looks fine, but can save you money.
5. Be Flexible
Finally, be flexible. Having the work done in the off-season, for example, can cost a lot less than trying to replace multiple roofs or the roof of a large building during the height of the summer roof work season.
Contact a few roofing contractors in your area so you can start gathering quotes for your apartment building roofing.