How Much Can A New Roof Actually Increase Resale Value
If youre considering installing a new roof to add value to your home, but arent sure its the right step, take a look at this: According to the National Association of Realtors, installing new roofing can give you up to 107% recovered value. This means, not only will you get the added benefits of increased traffic at your open house, but you also have the chance of increasing your return on investment to a profitable level. It mainly depends on the type of roof you install, and which features you add.
Additionally, if you do some research on roofing ROI, youll notice the homes that gain the most value from installing a new roof are homes that cost more money. Whatever price range your home lies in, dont worry. You just need to pick something that complements your home. Luckily, if you know whom to call, youll be in great hands throughout the entire process.
Does Replacing My Roof Increase The Value Of My Home
When you begin the process of selling your home, one of your first questions may be What is a fair asking price? There are many factors that go into determining a good listing price, including looking at the average home cost in your area, the age of your home, and the amount of improvement work it needs.
Many homeowners getting ready to sell want to know what they can do to increase their homes value to potential buyers. One question they often have is whether or not the state of the roof is a factor in determining the value of a home, and if getting a new roof installed before putting their home on the market would be a worthwhile investment.
There are a variety of factors that go into determining the listing price of a home, and many times there are significant benefits to replacing your roof.
When Is A Roof Replacement Necessary
There are certain scenarios when replacing your roof before you sell is more of a necessity than a way to increase its value.
Examples might include:
- Collapsed or sagging
If this is the case, its safe to say that most buyers wont give your listing a second glance. It could also mean that your home wont pass inspection. Finally, it may also create additional problems for your home, including water damage, mold, and unsafe conditions for your loved ones.
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How Badly Does Your Home Need A New Roof
Replacing a roof can put a dent in your bank account, so you need to be sure you truly do need a new one. But how do you tell if its time to call in the experts and get a new roof installed? Before we discuss the tell-tale signs your roof needs a replacement, you need to know a new roofs lifespan.
Depending on the material, a new roof can typically last up to 20 to 25 years. Even if it looks good from the ground, you need to keep an eye out and prepare for a replacement if your roof is nearing the end of its life expectancy.
If your roof has been regularly inspected and maintained, you might be able to enjoy more years out of it. But if you live in an area that experiences severe weather every year, all the care in the world cant save it from an eventual need for a total replacement.
Here are other tell-tale signs your home badly needs a new roof:
- The shingle edges are curled or cupped.
- The shingles are cracked.
- Youre finding granules in the gutter.
- Your roof is covered in moss or algae.
- You can see sunlight from the attic.
- The roof is sagging.
Does A New Roof Add Value To Your Home Yes
Purchasing a new home is always a big step. This is especially true for first-time home buyers.
Your first home is the place where youll start to build your life and share memories with your family. Its likely your first huge investment, and one that will give you an emanating sense of pride. Yet, as you evolve, your home will become more than just a living space it will become a project. You may start with some simple décor changes or by painting a room or two. As time progresses, your needs will change. If youre like most homeowners, your first house wont be your last.
A lot of people purchase their first home as an investment and a starter home. You may eventually outgrow the space, or need to switch locations. One of the best parts of owning your first home is that it allows you to understand what you like, what you hate, and what you absolutely need in your next living situation.
A new home offers opportunity and untapped potential, a chance to do things exactly the way you dreamed. Unfortunately, in order to get your new dream home, youll need to get the most out of selling your previous home first.
The roof on any home is much more important than people may think. While it protects you from the elements, including inclement weather, it also helps with your homes overall efficiency. With technology advancing each day, there are more options than ever before.
So, lets answer the big question: How does a new roof add value to your home?
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How Much Does A New Roof Increase Home Value
The research that has been conducted on how much value a new roof will add to your home is somewhat mixed. One study finds that a new roof is a reasonable investment. Remodelings 2019 Cost vs. Value Report found that the average American homeowner spends $22,636 on a new asphalt shingle roof of midrange quality. That new roof will increase the homes value by $15,427, on average. That works out to 68 percent of the investment.
Yet, other research has found that a new roof adds much more to the appraisal value. The National Association of the Remodeling Industry released a remodeling impact report that found new roofs provide a 109 percent return, which means you could make a profit on your new roof.
While putting on a new roof is clearly a good investment, how do you know if your roof will make you a 60 percent return or if it will boost your home above its own costs? There are at least three factors you need to consider: the condition of your roof, the housing market conditions in your area and the type of replacement roof you choose.
Local appraisers will undoubtedly notice if your roof is in poor condition and will reduce your home value accordingly, depending on how serious your roof problems are.
The Benefits Of Adding A New Roof To Your Home
Its not all about resale value if youre not planning on selling, consider the improved energy efficiency. In fact, energy efficiency is one of the top reasons homeowners choose to have a new roof installed.
Did you know asphalt shingles have the ability to lower the surface temperature of your roof by up to 50 degrees? This can help make your air conditioning more efficient. You can also get tax credits when you make these eco-friendly improvements.
Another benefit to adding a new roof to your home is that youre getting an updated layer of protection that keeps everything under it safe and sound.
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How Much Does A New Roof Increase Home Value For Resale
When considering pre-listing home improvements, homeowners generally want to sell faster, sell for more money or, in a perfect world, both. Without impacting speed and returns, pre-sale renovations really dont make much sense.
The average cost of an asphalt roof replacement is $22,636. With such a significant amount of money, if youre replacing your roof to sell, youll want to make sure the returns are there. If you go off of Remodeling Magazines Cost vs. Value Report, then you might be thinking its definitely not worth it to replace a roof right before selling. Its important to keep in mind, however, that this data is pulled for all home improvement projectsnot those done immediately before resale. If you live in a home for 20 years and replace your roof after 10, then by the time you sell your home, that roof is 10 years old. A 10-year-old roof doesnt provide the same value as a brand new one.
Because of the number of factors involvedclimate, maintenance, material, agewe always recommend you work with a licensed real estate agent who will partner with Curbio to determine the cost and returns of a new roof. Your agent can request a free, same-day estimate from Curbio, then discuss with you if its necessary to get a new roof to sell, what value a new roof will add, and how much a new roof can help speed up your home sale.
Selling Your Home With A New Roof
Homes are appraised based upon like attributes. If your roof is older, but still has 5-10 good years on it, it is likely to appraise similarly to comparable properties.
If the roof is considered to be at the very end of its life cycle, however, you may have a problem selling the home at your requested price buyers are generally adverse to large expenses which will fall to them. They may ask you to drop your price to cover the price of a new roof in which case, you may lose 100% of the cost through the transaction.
Conversely, if your home has a brand new roof, it is more likely to sell even at a premium over comparable homes. In addition to the vastly improved curb appeal, todays new roof materials can last significantly longer than ever before.
This means that a new buyer may never need to replace the roof during their tenure a huge intangible value that goes beyond mere dollar value.
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Roofs Throughout The Course Of Time: A Quick History
Roofs are kind of a big deal . Your roof has a lot of responsibilities to shoulderprotect an entire home, its contents, and its occupants from everything outside. This tall order means the evolution of roofs has focused on durability and performance.
Humans have come a long way from thatched huts and palm fronds. In the 19th century, builders used wood, slate, and clay tiles for roofs, which were mostly used to keep out rain and protect from UV light. These materials were heavy, though, making them a hassle to haul and work with.
In the early 20th century, H.M. Reynolds Company is credited with developing the asphalt shingle, which many other companies adopted and then altered, experimenting with shapes, fire resistance, and textured coating.
In the 1930s, combining cement and asbestos proved durable and weighed much less than slate. Sheet metal roofs entered the scene in the 1930s as well.
Architect Magazine has throughout history each change making strides in insulation and durability. Now, the materials chosen largely depend on where you live and the slope of your roof.
Pump Up Your Marketing Materials To Show Off Your New Roof As An Asset
You and your agent might decide, after a new roof goes on, not to change the listing price of your home.
This is a personal decision based on your specific house in your specific area. However, since youre competing with all the other homes in your area, whatever you can do to make your home stand out helps. Tell the world you have a new roof!
A buyer will love that they dont have to move in and then spend several thousand dollars more to put on a new roof. A good agent will make sure potential buyers know about this new roof and the conveniences that come with it.
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The Value Of A New Roof
Except in the case of a total home renovation, it is rare for people to decide to replace their roof for style reasons. In Sarasota, homeowners associations often actually dictate your style of roof.
The overwhelming majority of roof replacements are because the roof is nearing the end of its lifespan, or it is already damaged or leaking. Therefore the replacement is necessary, regardless of the increase in value. The good news is, however, that a new roof does in fact increase the value of a home.
Remodeling Magazines 2017 report found that the average homeowner could expect to see a $12,000 increase in their homes value. This makes it one of the best renovations you can undertake for the cost.
Factors Affecting The Roof
Your appraisal isnt a cut-and-dry process. You dont want to sink so much money into a house that youre ultimately losing money on the sale, but you dont want to skimp on home improvements and lower your appraisal value, either.
The roof, like other components of an appraisal, involves a careful balance. Here are two things about your roof that will make the appraisal value go up .
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Making Quickly Dated Decor Changes
You might like white appliances and white ceramic counters, for example, but young home buyers do not. They are no longer “in.” And don’t go down the road of rose gold bathroom fixtures and door hardware. Even 12-inch-by-12-inch ceramic flooring has lost its appeal to some. The point is, don’t deliberately decorate in the latest style for resale reasons. Fashion changes too quickly.
Roofing Cost Vs Value
The average cost of a new roof in the U.S. is about $7,500. This figure is for a roof on a 2,000 square foot ranch home. When it comes to cost vs. value, youre looking at between $2.40 to $3.75 per square foot. Essentially, something in the mid-range, around $3 per square foot, offers the best value.
The trick is to find a contractor that uses the right materials, provides excellent installation services and offers a competitive price. This can land you with extreme quality at a low cost, which means the cost vs. value ratio is vastly improved.
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Do You Need A New Roof
You know that a new roof can boost your home value. So the real question is: do you need a new roof?
If you havent replaced or updated the roof in several years, the answer is probably yes. Good news: were here to help.
Were experienced Boise roofing contractors with a standing reputation for outstanding customer service. Better still, were proud to offer some of the best roofing warranties in the area. If you need to request an inspection or want to talk to us about your project, to get started.
Get a FREE quote today!
Type And Quality Of Your Current Roof
The biggest factor to consider when calculating the ROI of a new roof for your home is its current condition. If your roof is in need of extensive repairs or a total replacement, then a roof replacement will have a significant and positive impact on the value of your home.
However, if your roof is fairly new or recently repaired, and has no known issues, a roof replacement isnt as necessary since it wont boost the value of your home enough to make a significant impact on your homes value.
The type of roofing materials you choose to install, and their projected lifespan, can also make a difference in the long-term value of replacing your roof.
- Asphalt shingles last between 25-50 years with proper care and maintenance.
- Well-maintained unpainted metal roofs can last 70+ years, and painted metal roofs last 40-50 years.
- Synthetic slate roofs can last 100+ years if cared for properly.
Working with a real estate agent or local home appraiser can help you determine which roofing material will deliver the best ROI when you sell your home.
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All About The Resale Value
When youre planning to sell your home in the future, you need to make decisions that increase your homes resale value. Owning a home that has a new roof, for example, is one of the best ways to sell your home for more money later.
A major benefit of having a metal roof is that your homes resale value will be increased by up to six percent. You should keep in mind that this percentage is compared to roofs that are made with asphalt shingles as material. In the majority of the United States, including Washington, youll get back almost all of your investment. Most homeowners will recoup up to 95% of the money they invest in the metal roofs.
If youre wondering why you can get so much money by simply replacing your roof with a new metal roof, well explain!
Siding Adds Curb Appeal
Imagine your house in a Cape Cod Gray, Autumn Red or Vintage Wicker, popping against snow white frames. Probably the biggest way siding adds value to your home is with its beauty. In addition to its efficiency and durability, vinyl siding totally changes the look of your home.
Add some shake siding and your house becomes a vintage cottage. Whether you choose a country chic board and batten style or spring for a classic Dutch lap, siding is a quick change that lasts long.
Our vinyl siding projects outward to cast clear shadows, giving the look of real wood. It also boasts oak grain detailing for added realism and charm. Throw some soffit and fascia in to really complete your project and make it look even more expensive.
With all the styles to choose from, you can bet on a timeless look that will hold up to trends if you put it back on the market. And with 400 colors certified for color retention, the options are truly endless.
You admire the classic architecture, but not the decay that comes with it. Theres nothing worse than when a homes exterior starts peeling, fading and flaking away. Vinyl siding offers many features to stand up to weather, so it will stand the test of time.
Our pure virgin vinyl resin wont shrink or swell with the seasons, and its titanium dioxide coating acts as a sunscreen. By choosing vinyl your home will look beautiful and stay beautiful for years to come.
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