The Condition Of The Rest Of The House
Your home may have other attractive features such as spacious rooms or overall great design and shape. These features mean that your home could potentially fetch a lucrative price, especially if you compare it with other houses within the area.
A new roof installation will increase the value of the house as a complement to the other features. However, if the opposite is true regarding your home, theres no need to replace the roof.
Is Your Roof Damaged
If your roof is damaged in any way, you definitely should not leave it alone. If not repaired or replaced, continued exposure to the elements can cause significant damage to the rest of your home.
If the damage is minor, you may be able to simply repair the affected areas . However, this also depends on the amount of damage present. Thats why its best to get a professional roof inspection before making any buying decisions. While hail damage may appear minor in photos, any roof with more than 20 damage spots within a 1000 square feet space usually requires a full replacement.
Even if you could get by with just doing repairs and you arent planning to sell, consider the personal investment. If there is already some visible damage to your roof, how much longer will it last until you need to replace it completely? A new roof could afford you many years of protection, not to mention a warranty to cover future repairs.
Maintenance And Replacement Costs
Having to repair or maintain your roof can be expensive. The cost of roofing seems to double in price every 15 years or so. Most traditional roofing materials have what has been distinguished as two life aspects to them.
They have an Aesthetic life and Functional life.
The Functional life of most installed roofs is around seventeen years, whereas the aesthetic life is closer to seven years.
That is because over that short time the weather will take its toll on the roof material, and it will start to deteriorate and look old.
Once a roof starts to look old, it will still give you protection from the elements, but it will have an impact on the overall look of the house, particularly for a potential buyer.
Those of you that have sold a house in the past will know that buyers will hire home inspectors, who will inspect the roof and pick it apart, particularly if the roof is looking old and tired. They will then proceed to tell you it needs a new roof and look for a discount on your selling price.
The installation of a metal roof will get over these potential hurdles of ensuring you get the right price for your home.
Being long-lasting and durable, a metal roof will give you that new look, and enhance the value of your home considerably.
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Will Adding A New Roof Increase The Value Of Your Home
Adding a new roof to a home is always a big task. These are expensive renovations, averaging about $8,000 and typically between $5,500 and $11,000, via Forbes Advisor. This means that a roof replacement might not be the first thing on your mind when you are preparing to sell a home or conduct other routine business on the property. While managing additional costs and financial goals, the expense can seem prohibitive and unwarranted. However, the value of a new roof goes a long way, often far exceeding the capital infused into the home through each shingle or tile fastened to the top of the property.
For one thing, if you’re listing the house for sale, a new roof can be a major selling point: Drawing in additional interest from the market of potential buyers. A roof will typically last on the home without much issue for about 20 years, per Roof Advisor, and paired with a median figure of 13 years that a homeowner remains in any one home, via the National Association of Realtors, this is a fantastic bargain for most house hunters. The peace of mind in knowing that a roof likely won’t demand this considerable expense during a standard tenure in the home makes buyers immensely interested. A home’s added real and perceived value can drive up the price through competitive bidding that may quickly exceed your investment. For many reasons, a new roof can improve your home’s value.
How Does A New Roof Affect The Return On Your Investment
In Remodeling Magazines 2017 report, its said that a new roof can add $14,000 to a homes value. Add the extra curb appeal you get with a new roof and now youre able to see why replacing the roof should be a higher priority on the list of projects for your home.
Some older homes have roofs that include asbestos in the material. As we all know, asbestos, though commonly used decades ago, is a massive health risk when people are exposed to it. Therefore, having that professionally removed and replaced with safe materials adds a health value that cant be quantified.
Several factors can impact your return on investment. For example, most contractors will try to avoid layering shingles, as it can shorten the roofs life by up to 40 percent. Furthermore, it will trap heat and add too much weight to the roof. So, if you have a new $5,000 roof placed atop an existing layer of shingles, your return on investment will be lower.
Regularly maintaining your roof will also impact your return on investment over time. For example, if youve just been hit with a big storm, have your contractor come out and do a thorough inspection, because small dings and dents that can be repaired easily now might be a bigger problem later.
Also, the materials you choose can impact the return on investment. Lets say you put an asphalt roof on a home in a division where every other house has wood shingles youre going to be devalued for that, especially if youre looking to sell any time soon.
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Dont Layer The Shingles
A proper roof replacement requires you to strip the roof down to its foundation. You cant just slap a layer of new shingles on top of the old ones if youre hoping to increase the ROI of your roof replacement.
Its faster and cheaper, yes, but it can shorten the lifespan of your new roof up to 40 percent by trapping heat and adding unnecessary weight to your roof. Its bad practice and a roofing inspector is likely to catch that, hurting you later in the sale.
What Home Improvements Dont Add Value To Properties
Despite all the positive examples discussed above, its important not to get carried away. That is to say, you shouldnt confuse the idea that home improvements add value to your property with the notion that all home improvements add value to your property. As alluded to previously, there are some projects that while they can improve the home environment in one way or another do not offer enough ROI to be worth the investment .
The key is figuring out which projects are worthwhile and which ones arent, so that you can prioritize your time and investment accordingly. So, which home improvements dont add value to your property, and why dont they? Here are some important examples to keep in mind:
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How Much Value Does A New Roof Add To Your Home
However, according to a study conducted by Remodeling Magazine, having new roofing put may boost the value of your house by up to 60% to 70%, notably when it comes to resale value. Besides the increased resale value of your property, there are numerous other compelling reasons to consider a new roof, including the following: Attractiveness on the outside
Siding Is Cost Effective
Vinyl siding is cost effective. In addition to being lightweight and low-cost, its energy efficient. Your neighbors might find themselves having to take on ponderous projects to bring their homes up to standard. But you can sit pretty knowing your house is made with the finest materials.
Siding puts money back in your pocket by reducing your energy bill. Thats because its insulated, making it resistant to cold weather and battering winds. Vinyl siding insulates your home with the best technology, keeping the warm in and the elements out. Youre losing money when you dont have up to date insulation.
Insulation also protects against other things you wouldnt want to have to tell a prospective buyer. It defends against termites and even muffles noise. If your house is by the highway or under an airplane route, this noise reduction will be quite welcome. Maximize buying potential by choosing vinyl siding.
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Other Ways To Improve Your Homes Value
Remodel an old room
A good old remodel is another fantastic way to drive up the price of your home when it hits the open market. For example, living rooms and kitchens make for very popular remodeling choices. In addition, a main bedroom remodel, and even a dining room remodel are also on the table.
Exterior remodel
Another option is to remodel the exterior of your home. In addition to your roof, you can also look into replacing your siding. A larger project you can take on might be a deck addition, adding manufactured stone veneer, or improving the entrance of the home with a new door.
Improving energy efficiency
There are many ways you can improve the energy efficiency of your home, which can be very enticing for potential buyers that want to lower their carbon footprint.
Some specific areas to consider optimizing in terms of their energy use include:
- Heating and cooling costs
- Windows, doors, and siding installations
- Energy-efficient lighting
- Installing solar panels on your home
Give your home a fresh coat of paint
Never underestimate how a fresh coat of paint can bring new life into your home. When it comes to painting your home, go with a neutral color for the interior to ensure that it is appealing to as many people as possible. They may eventually decide to repaint it themselves, but creating a good experience when they are touring the home is key. Choosing a color like Agreeable Gray or Accessible Beige will help ensure you dont turn any potential buyers away.
The Effect Of Roof Replacement On Property Value
Expanding on the final example listed above, roof replacement is considered to be a key investment in home improvement. This is because while a given kitchen upgrade or energy update may be more or less impactful than another, a new roof is regarded as a surefire way to increase property value. This is the case for four main reasons.
First, roof replacement will increase the curb appeal of your property. While it sounds simplistic to say so, the roof is one of the first things prospective buyers will see when they look at your home. A newly renovated roof will pop, so to speak, making the home look newer and more appealing.
Second, a new roof improves the structural integrity of your property. A brand new roof will be free of leaks or damage, and will also ensure that there are not pest-related issues compromising the homes structure. Its also important to note that these are not just functional benefits, but active selling points. The roof is generally included in the inspection process when someone seeks to buy a new home, and if there are structural issues, the homes value will decrease .
Third, replacing your roof will also make the property safer. This isnt always the first thing that comes to mind, but the bottom line is that a new roof will stand up to damaging and potentially harmful elements .
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The Roof Replacement Process
If youve never considered roof replacement before, it can sometimes seem like a daunting project. While you might be able to do it yourself, the best option is to contact a trusted roofing company to do the job well.
But its more than just signing paperwork and waiting for the crew to show up. You want to be sure that the roof replacement process goes smoothly and is done with enough quality to significantly improve the value of your home. To better understand how this works, lets look at the process from start to finish.
Visual Appeal Is A Key Asset
Visual aspects of the home are important. A quality appearance makes a great first impression when listing a home for sale, and the same goes for hosting parties, inviting friends over for dinner or drinks, and more. IKO reports that the roof accounts for as much as 40% of a home’s visual space and, as a result, plays a significant role in the curb appeal and overall visual layout of the property.
First Star Exteriors Roofing and Siding note that a new roof sets a home apart from neighboring properties. When listing a home for sale, a new roof can blow away a viewer and make the house a must-see rather than one that sparks potential interest. Replacing the roof gives you access to a brand new material on this overly visible section of the home that can draw significant attention. One of the primary facets of roof construction is that a new installation pops with color and visual appeal while an older one exists as a part of the home. The typical roof won’t sway a potential buyer one way or another in many instances, but a roof that’s falling apart or looks significantly older will turn buyers away. That said, a new roof will dramatically improve your interest level in the property.
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The Best Shingles For Resale
If youve decided a new roof is a good investment for you, you should spend some time thinking about which shingles will give you the best return. If your goal is to boost your appraisal value or attract more buyers, shy away from choosing the lowest cost shingle. Buyers may not be thrilled about the low-end options, as they may not create the same sense of security. You want the buyers to be sure that they wont have to replace the roof for at least a decade.
Instead, choose a quality asphalt shingle from a well-known manufacturer, such as IKOs architectural shingles. One option is IKO Dynasty performance shingles. These laminate shingles offer your buyers assurance in quality, especially if you live in an area where extreme weather conditions are frequent.
High-quality shingles may impress insurance companies as well as buyers. Some insurance companies will offer lower home insurances rates if the home has a new quality roof that offers more protection during extreme weather events. Your buyer may be interested in mentioning this to their insurance company so make sure you mention the possibility of a lower insurance rate to them. It just might be the factor that convinces them to purchase your home.
Invest Now Cash Out Later
According to the Remodeling Impact Report, 32% of real estate agents said that a homeowner who installed a new roof helped seal their house sale. Between a longer warranty, boosted curb appeal, modern shingles, and increased energy efficiency, youre bound to bring in plenty of potential buyers. So if youre on the fence when it comes to doing this project, consider how much easier it will be when its time to sell. Your future self will thank you.
Thats the type of roof you get with Feldco. On top of that, we have factory trained installers that are ready to install asphalt shingles with the correct precision. Speak to a product specialist and get a free quote online today.
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How Much Value Does A New Roof Add
Your homes exterior is the first thing a buyer sees and your roof is part of that crucial first impression. A few cracked shingles may not deter most buyers, but if your entire roof is in poor condition, youll want to take care of it before listing.
While a new roof can be expensive, it might be worth it when you consider the negative impact your current roof could have on your sale:
Fewer offers: A home that needs a lot of maintenance wont appeal to buyers looking for something move-in ready, so you may get less interest in your property.
Longer sale process: It may take longer to sell because buyers may want to negotiate the sale price, or they may request a roof repair or replacement before closing.
Reduced offer price: Anticipating the cost of replacing the roof later, buyers may not be willing to pay as much for your home in its current state.
Competitive Interest From Buyers
Competition for a home on the market is always good for the seller and not so great for interested buyers. A new roof can spark increased interest in a property, creating a greater demand for the single real estate asset and building a sense of urgency among prospective bidders. Installing a new roof is an expensive proposition, but given the right market conditions, the National Association of the Remodeling Industry reports that a replacement can bring in a 109% return on investment.
Put simply, installing a new roof on your home in advance of a sale can pan out as a money-making investment rather than a financial drain. The reason is apparent: Home buyers won’t have to invest their own cash in the roof unless they keep the home for decades and often pay a premium for this convenience. Likewise, a house with a new roof is a great acquisition opportunity for buyers looking to invest in the real estate market rather than those interested in moving into the property themselves. An investor who doesn’t have to add additional cash into the equation before the asset can begin generating income is a pleased one.
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