Will a New Roof Increase Your Home’s Value?
You might be living in your home for many years and recently considered selling it. What you may overlook is the importance of checking your roof’s condition before you approach an agency to assist with the listing.
Your roof serves as a fundamental protection barrier for your family and household goods from harsh elements during the colder and warmer seasons. Understanding why and how you need to inspect your roof for repairs or replacement is key to determining how much value a new roof adds when it’s time to sell.
Any improvement to your home and property will likely add value to it. This is especially true considering your home appreciates over the years, which in itself is a good thing. Here are a few more reasons why getting a new roof could be a good investment.
The roof of a house is often the first thing that catches the eyes. Sometimes, damage can only be seen upon closer inspection, so it is left until more obvious signs eventually become visible. Replacing your roof prevents this while giving your home a ‘facelift’. With the endless colors and textures roofing materials come in, you have the perfect opportunity to showcase your home in all its glorious splendor.
Over the years, we have been privileged to enjoy technological advances aimed at making life convenient and comfortable. Asphalt shingles have been improved to reflect the sun’s heat more effectively, in line with efforts to maintain energy-efficient homes. If you’re selling, any improvement that will help the new owner save on energy costs will surely count in your favor.
You might already have existing problems with your roof, such as leaking or severe damage caused by storms. Repairs are cost-effective but not always the best long-term solution. You may find repeat issues and end up spending more money. Replacing your roof will help resolve leaking and any other problems that exist. Getting a professional roofing company to assess the damage and give you a quote may be your best option.
Roofs have warranties that range in duration, depending on the material’s quality and durability at the time of installation. Aging and the weather can deteriorate a roof quickly in areas with extreme weather conditions.
If your home is older and you are looking to sell, a new roof will increase your home’s value since the length of the warranty will also be extended. The new owner will enjoy the perks of having an aesthetically pleasing roof that is under warranty for many years to come. Make sure you and the prospective buyer understand the insurance claim process and what is and is not covered if you ever need to claim.
How much does a new roof increase your home’s value? It depends on how much you are selling your home for. The advantage of adding a new roof is that you can comfortably request your selling price and include that a new roof was recently installed. If there were any issues with the roof before you replaced it, the buyer won’t have to go through the effort and time of fixing and replacing it themselves. It’s a win-win situation.
There might be clear indications that it’s time to repair or replace your roof. Here are a common few:
The extent of the damage for any of these will help you determine whether you need to repair or replace your roof. A roofing contractor is best equipped to do an evaluation and advise you on the way forward.
In the South Atlantic, the return on investment (ROI) on your new roof depends on the type of roof you install, whether asphalt or metal. Metal is considerably more expensive, but your return may not be as high as you anticipate. According to industry averages, the ROI on roofs is often broken down as follows:
If you compare the East North Central, for example, you will find that the ROI on both types of roofing is less. It is about 50% for asphalt and 43% for metal. In the Middle Atlantic region, asphalt roofs have a higher return rate of about 60% of what you spent, but metal roofs could see you getting back about 41%, which is fairly low compared to the other regions.
If you decide to sell your house, you should consider a few factors that could impact the resale value. They are listed below:
Your current roof’s condition may mean the difference between repairing or replacing it. If prospective buyers view your house and notice any defects, they may choose not to buy. It might seem trivial, but identifying issues with your roof may lead them to question whether there are any other problems with the house they could anticipate later on. Fixing a few broken shingles compared to replacing a roof due to a leak that might get worse could sway their decision in either direction.
An appraiser will also reduce your home’s value upon evaluation if the roof is in a less-than-perfect condition. If your house is fairly new and damage is minimal, you could stand firm with your asking price, but if there is evident impairment, you should consider replacing the roof altogether if you don’t want the value to diminish.
The best way for you to understand how your home’s current market value impacts the resale value is by asking an appraiser or estate agent to assist you with research on it. The housing market is volatile and fluctuates, and some areas assign more value to adding a new roof than others. Consider this if you are unsure where you stand in the market and what you should or could be asking if you choose to replace your roof.
While the specific type and price of the shingles you choose might impact the value of your roof, especially if it costs more, spending more money does not always equate to a higher ROI. It comes down to your area code, essentially.
If you live in a modest neighborhood, you won’t be expected to spend a fortune on a new roof. It would stand out, and it also won’t be in line with the average market value for houses in your area. If you live in an upmarket neighborhood, you might have to spend more on a new roof to maintain a uniform standard and image that suits your immediate surroundings.
An agent could give you advice on the type of shingles that would best suit your home and pocket.
For all the reasons we have listed and more, a new roof will likely increase your home’s value — and the benefits of installing a new roof go beyond monetary value. You cannot put a price on safety, comfort and style.
Ready to add value to your home with a stunning new roof? Give our roofing professionals a call. We offer contact-free estimates via satellite, and if you are happy, we can get the job done in about two days!