THE NATURAL AGING OF ROOFING CAN DEVALUE YOUR INVESTMENT
Just like choosing to live a long, healthy life requires appropriate maintenance, extending the life of your commercial property portfolio should include an ongoing maintenance plan. A proper property maintenance plan will extend the life of your portfolio and increase its value, while ensuring you keep major components well-maintained, such as the roof. A commercial roof is the most expensive component of most buildings, and therefore should be well-maintained by a professional commercial roofing contractor.
THE IMPORTANCE OF COMMERCIAL ROOFING MAINTENANCE
This is an issue that is often undervalued or even ignored by many property managers, only to find that their neglect has cost them hundreds of thousands of dollars and saved them little in the long run.
“Just as it is with anything else in life; It’s not a matter of if problems will happen, it’s a matter of being prepared for when they do happen,” said Matthew Baggett, contractor specialist for National Roofing Partners. “Your roof is no different. Proper care and maintenance will not only save you big money, but also minimize foreseeable facility downtime and occupant aggravation.”
It is easy to purchase a property and then forget about it, not considering how each day, the elements and environmental factors are taking their toll on valued properties. Many otherwise responsible business owners do not realize the problem, until they get the bill, which is often so hefty that it sets them back so much that they swear never to do it again.
STATISTICS ON ROOF REPAIRS FOR COMMERCIAL ENTITIES
It is important for property managers to understand the actual estimated cost of doing nothing versus making efforts to maintain a commercial roof. The following results of recent survey of commercial businesses who failed to maintain their commercial roof in a timely manner reflect the inherited costs over a 5-year period of neglect. You can see for yourself there are significant costs:
Year 1: Installation of initial roofing system $135K
Year 2: Do nothing $0
Year 3: Roof starts to leak and needs repairs. Substantial Repairs required. $18,000
Year 4: Another substantial roof repair job with partial tear off for wet insulation $32, 000
Year 5: Major repairs and area replacement due to continued damage $22,000
Total Cost over a 5-year period: $207K
Notice that they had to substantially replace the roof in year 5, due to the neglect beginning in year 2. If they had done the maintenance and repairs in year 2, it is quite possible that these might have been minor and only required a few thousand dollars in materials and labor. But, because they waited until year 3 to do anything, the problem escalates and they are forced to pay for repair after repair, due to their former neglect. This validates the point that it is extremely important to invest in the upkeep of your commercial roof in all important buildings, to avoid the larger costs down the road.
The reasons for maintenance go beyond simply saving money on repairs. As Baggett stated:
“When roofs are neglected, the quality of your tenants will decline as well. Not many tenants will pay a premium price when they are constantly worried about a leaking roof.”
He went on to state, “If your plan on a building being a mid to long term investment, an aggressive preventative maintenance program is a must!”
PAY ME NOW, PAY ME LATER
There is a popular saying people use regarding paying taxes: “Pay me now, or pay me later.” This definitely applies to commercial portfolio management. Any investment you make in commercial real estate or buildings should be protected.
Did you know that roofing is the number one reason the value of a building decreases within a few years? It is exposed to bad weather, and the elements, and the burning heat of the sun. It is ravaged by time, just like the human body, and must have regular maintenance to maintain its “youthful appearance.” In order to ensure the longevity of your commercial property and protect your investment, it is important to invest in commercial roofing maintenance. It is also critical to find the right partner to perform the inspections and associated maintenance.
PROTECT YOUR INVESTMENT WITH ROOFING MAINTENANCE PLANS
There are a number of reasons to engage with a reliable commercial roofing partner to perform ongoing inspections and maintenance, including:
- Reduction of operational costs and prevention of downtime
- Increase resale value of your commercial properties
- Protect your investment
- Save more money “down the road”
“Even properties that are turned over quickly, properly investing into your roof will reap big rewards when it’s time to sell. Just be sure you speak to a professional roofer for advice on WHERE you should invest that rooftop fund, as not all repairs are created equal,” said Baggett.
“To ensure your repairs are appropriate and the maintenance of your portfolio is handled properly requires finding a savvy commercial roofing contractor,” said Dale Tyler, president of National Roofing Partners. “You want one with experience handling large projects, one who can respond to your national presence, and one who is capable of maintaining a portfolio in various stages of aging. Then you are ensured to have quality service and return on your investment.”