Most homeowners don’t find roof replacement as exciting as remodeling their kitchens or bedrooms. However, you can’t live comfortably without a good roof. Besides, most people looking for properties to buy know specific things to look for, including a functional and well-maintained roof. While homeowners and property sellers may not appreciate the value of new roofs, it contributes to marketability and attracts a reasonable selling price.
Roof fixes are certainly worthwhile investments that homeowners should conduct before listing their properties. However, homeowners should consider hiring a roofing and home construction company, like Landmark Roofing, for a quality installation. If you are uncertain of the effects of roof fixes on your home value, read on!
- How Does a New Roof Increase Property Value?
- 1. Improves Curb Appeal
- 2. Attracts Potential Buyers
- 3. Easily Pass the Inspection
- 4. An Opportunity to Add New Technology
- 5. Longer Warranty
- How Much Does a New Roof Increase in Home Value?
- 1. Condition of the Existing Roof
- 2. Real Estate Market Conditions
- 3. The New Shingles You Choose
- Should You Replace Your Roof Before Selling Your Home?
How Does a New Roof Increase Property Value?
A new roof not only reinforces protection from adverse weather conditions, debris, and water damage but also makes your home attractive to potential buyers in the following ways:
1. Improves Curb Appeal
Most homeowners underestimate the power of a good curb appeal. While no price tag equates to an excellent curb appeal, it is invaluable to the selling process. Even if you don’t plan on selling your property soon, a new roof impresses neighbors and passersby. A good curb appeal makes it easy to establish a visible reputation, especially when looking for potential buyers.
2. Attracts Potential Buyers
Real estate agents and experienced buyers often avoid negotiations that include roofing issues when buying properties. This is because roofs are generally expensive and can easily derail negotiations. Investing in roof fixes before selling eliminates these discussions during negotiations, drawing potential buyers one step closer.
3. Easily Pass the Inspection
Home inspections can surprisingly stop the sale. Buyers won’t hesitate to back off from properties that have significant issues. Dilapidated roofs are among the common issues that impede the selling process. Buyers won’t proceed with negotiations if your roof is old or leaking. Most of these issues are raised during the inspection. Apart from roofs, other problems highlighted by inspection include structural damage, foundation issues, and water damage that often results in mold and mildew growth.
4. An Opportunity to Add New Technology
Roof repairs and renovation also allow homeowners to install new technologies in their homes, significantly increasing property value. New roofs improve the energy efficiency of your home, especially if you choose shingles with Energy Star ratings. Besides installing modern energy-efficient roofing materials, you can also install solar panels on the new roof. This is a significant upgrade as potential buyers know solar panels save energy costs.
5. Longer Warranty
Nobody loves buying a home with a short warranty. Warranties for most standard roofs last between 15 and 20 years. Buyers won’t certainly be interested in a house with roofs with nearly expired warranties. Therefore, installing new roofs gives buyers peace of mind knowing they still have time.
How Much Does a New Roof Increase in Home Value?
Interestingly, surveys done on the effect of roofing fixes on home value remain inconclusive. A Cost vs. Value report done by remodeling magazine found that homeowners spend approximately $22,636 on midrange quality asphalt shingles, which increased property value by $15,427 or recouped 68% of their investments.
Another National Association of Remodeling Industry study found that roof replacements have a 109% ROI. While both surveys show that roofing fixes increase property value, how much you can recoup from this project depend on the following factors:
1. Condition of the Existing Roof
Homeowners should ensure that their roofs are in good condition as part of basic home maintenance. Like keeping plumbing systems and the backyard garden in order, you should regularly inspect and repair common roofing issues. As mentioned, potential buyers will back off from negotiations over properties with roofs that are in poor condition to avoid major repairs after purchasing the house.
Local property appraisers will also reduce property value if your roof is in bad condition. However, if your roof is a few years old and well-maintained, a new roof won’t have much effect on property value. You should only consider roofing fixes if there are cracks, leaks, and other easily noticeable roofing problems.
2. Real Estate Market Conditions
Unfortunately, a new roof doesn’t increase property value in all markets. However, this doesn’t solely apply to roofs, as market conditions also affect the value of other home improvements. You should consult real estate agents and local appraisers to understand the dynamics of the real estate market in your region.
3. The New Shingles You Choose
Your choice of roofing shingles also affects the return on investment. Obviously, homeowners who choose expensive roofing materials and accessories or add other features might not recoup much from roof replacement. You should spend an averagely on roof replacement to get better returns.
Ideally, you should choose midrange roofing materials, such as metal, asphalt, and faux slate shingles, for better returns on investment. Ensure that your new roof doesn’t surpass other roofs in your neighborhood. High-end and designer shingles are a good option if you live in an upscale community.
Should You Replace Your Roof Before Selling Your Home?
Roof replacement is a significant investment, and you should consider several factors before initiating. If your current roof has significant issues that make it impossible to sell your home at a fair market value, you should consider repairing or replacing it before listing your property. You should return or repair your roof if it has the following issues:
- Sagging roof
- Cracked shingles
- Ice dams
- Lost granules
- Recent air or wind damage
- Buckling shingles
Roofs with these issues can flag home inspectors and negatively affect your property’s curb appeal. Similarly, if your roofing has hidden problems that home inspectors or potential buyers can’t easily identify, state laws mandate homeowners to disclose such problems to potential buyers.
Even if a new roof doesn’t add much value to your home, there are no doubts it makes your house marketable. Real estate agents and potential buyers value new roofs. Buyers, especially first-time home buyers, prefer new roofs as they are sure they won’t have to budget for major roof replacements or repairs soon.