If you have a single-family home or a townhouse that you rent to tenants, it is essential to maintain the property. You might not be living under that roof, but there are great advantages to replacing the roof on your rental properties.
Take a look at the ten advantages you’ll gain from a roof replacement in Knoxville, TN, for any of the residential properties that you rent to tenants.
1. Increased Property Value
Let’s start with one of the biggest advantages for you as a property owner and landlord – you can significantly boost the value of your property. If the roof is older and looks its age, you’ll make the property look more attractive. Plus, if your tenants are moving out soon, a new roof can attract new tenants, allow you to increase rent for the upgrade of the property, or even make it worth more should you decide to sell it and be done with renting it to others.
2. Improved Energy Efficiency
One thing that is important to renters is keeping tenants’ bills down. It’s frustrating to live in a place where the energy bills consume your entire budget. With newer roofing materials and insulation, these improvements go a long way to reducing energy consumption. Your tenants will ultimately be happier with this change, and they may even want to sign another lease with you since you take good care of your property.
3. Prevent Damage to the Property
Older roofs may eventually develop issues, such as leaks, that can cause damage to the interior of your property. When you rent a home, you are responsible for providing proper living conditions for tenants, and ceilings with leaks are a huge concern. Left ignored, you’ll only wind up making even more expensive repairs, and you’ll struggle to find tenants who want to live in a place that isn’t well-maintained.
4. Attract Quality Tenants
You can attract the right caliber of tenant by keeping the property well-maintained. When a roof looks dilapidated and old, it will repel people. Replace the aging roof on the property, and you could have a higher rental income while keeping vacancy rates low.
5. Potential Tax Benefits
A roof replacement may be deemed as a capital improvement, which may allow you to take tax deductions for depreciation and the remaining book value of your old roof. You’ll want to check with your tax professional first to learn more; however, if the property you lease to tenants needs a roof upgrade, it may be best to get it done sooner rather than later.
6. Reduction in Maintenance Costs
As the property owner, you’re responsible for maintaining the home for your tenants. If the roof is older, you’re probably throwing a lot of money at it for repairs. Do the math, and you’ll see it will save you more in the long run to replace your roof and have one less thing to take care of with that home.
7. Increased Curb Appeal
Renters are motivated by their first impressions, and if your home looks well-maintained and well-kept, they will be clamoring to sign a lease. You can go a step further with new paint or even replace your windows and siding. However, if the roof needs attention, taking those other steps is fruitless until you upgrade your roof.
8. Structural Safety and Security
If you’re renting a home, you are responsible as the property manager for providing a structurally sound place to live. A roof replacement helps ensure that your home is safe, secure, and reliable. It reduces the risk of leaks or other serious issues that could put your tenants in danger.
9. Protection from Liability
As the owner of the property, you have a duty to your tenants to provide safe premises for them to reside. If professionals or your insurer has advised you to replace your roof but you haven’t taken the necessary steps, you may face liability if this action harms your tenants.
10. Lower Insurance Costs
You’re the one who needs to keep insurance coverage on the home while you rent it to others. As the years go by and the roof ages, your insurance premiums will rise. As it ages, insurance becomes more challenging, but with a roof replacement, you can secure significantly lower rates while safeguarding your investment. Certain roofing materials can have more favorable premiums while giving the property better protection, making it a smart move.
How to Determine If Your Rental Properties Need a Roof Replacement
It can be incredibly beneficial to landlords to upgrade the roofing, though this step isn’t necessary if you have a roof that’s only a few years old and has no damage. You might be wondering when you should put this on your to-do list, so read on to learn how to determine if your rental property needs a roof replacement.
Your Roof Is Old
Depending on the materials used on the roof, it may last for 15 or more years. Asphalt shingles tend to last this long, but the older they get, the more likely your insurer will be to increase premiums. A roof made of metal or other more durable materials may have a longer lifespan, but it isn’t impervious to weather damage. As the landlord, make sure you’re having annual roof inspections and making repairs while the roof is still in its prime. This will prevent the need to replace it prematurely and keep you clued in for when it’s time for a roof replacement.
Your Tenants Have Complained About Leaks
Ideally, you’re an involved landlord who notifies tenants when you’ll be coming by to check on the property and make notes of any issues. However, even the most vigilant landlords may get a call from tenants after heavy rainfall that the roof is leaking. You’ll want to check periodically, especially if there has been a significant weather event, walk through the property, and check the ceilings. Brown water stains on the ceiling or wet areas in the attic are telling clues of leaks. On an older roof, it will generally signify that you should replace the roof.
You See Damaged or Missing Shingles
In between annual inspections, take a look at the roof on your rental property. If you notice many cracked, curling, or missing shingles on an older roof, it may be best to replace it. You won’t be able to see all the damage from the ground, though getting up on a ladder can be dangerous. If you’re not a roofing expert, you may end up causing more damage to the roof by walking on it. A drone can help you see what’s going on, but you will want to review this footage with a roofing professional, as they will know what to look for.
Vegetation is Growing On The Roof
It should be noted that algae and other vegetation may grow on your roof, but that doesn’t always mean it needs a replacement. However, it does mean you should start paying attention and get ready to make updates. Moss and algae can be cleaned off, and doing so can help keep your roof from prematurely incurring damage. It is highly advised to hire professionals with a solid reputation for safe roof cleaning to soft wash these materials to prevent damage.
You’ve Got Shingle Granules in the Gutters
This tip for how to tell when your roof needs replacement only applies to roofs that have asphalt shingles. This roofing material has granules embedded in the shingles that give it the color it has, along with protection from UV rays and fire resistance. When you start seeing these granules in your gutters or around the downspouts, your roof is on borrowed time.
Granule loss is natural as an asphalt roof ages, though a nasty storm can cause more wear and tear. On newer roofs, be sure to keep tabs on your shingles and report damage after a big storm to your insurer. You can have those shingles replaced with relative ease. However, on an older roof, it is more economical to invest in a replacement and have greater peace of mind in your roof’s structural integrity.
Neighboring Homes Are Doing It
Even if you’ve diligently maintained the roof on your home rental over the years, there will come a time when you start seeing your neighbors getting their roofs replaced. Don’t think for a moment that you will be fine since you’ve taken care of your home. Asphalt shingles, in particular, will need to be replaced as they age, and no amount of quality care can prevent that. If all the homes in your neighborhood were built around the same time, it’s more than likely a good time to talk to your neighbors and see who they’ve hired for the job.
Image by Mario Ohibsky; Pixabay
