Replacing your roof is necessary at times for the obvious reasons. And even though it may be costly to do, and you think that you can patch it up or get other repairs, you heavily pay for your roof eventually due to the constant patching or repair it when it needs to be repaired.
One of the first things a prospective buyer notice about a house is the roof. Buyers may not sway away from a home having a few cracked shingles. However, you must replace your roof if the entire roof is in poor condition.
You may be asking will a new roof increase home value, and the answer is yes. Getting a new roof is very beneficial in various ways. You may not see a complete return on your investment when getting a new roof. However, the money will be well spent where you can eventually a 100% return and more when you sell your home.
The Impact of Keeping the Old Roof
Of course, there will be no negative impact if your old roof has no damage. Otherwise, keeping your old roof that may need more than a few repairs will negatively impact the sale of your home. It can negatively affect you in the following ways:
You may have fewer offers.
Buyers usually turn away from a home that requires a lot of maintenance. This is especially true for major repairs that must be done like the roof.
You may encounter a longer sale period.
Buyers who may be interested in your home will mostly request for a replacement or a repair of the roof before closing.
Interested buyers may request for a price reduction.
Otherwise, buyers who may show interest in your home may negotiate for a reduction in price because they consider the price of replacing the roof.
The ROI of Getting a New Roof
As previously mentioned, you may not receive a 100% return on your investment when replacing your roof. However, you can request for a full asking price, and that asking price is beyond the cost for the roof replacement.
Will a new roof increase home value? A new roof will significantly increase the value of your home. And as a result, this investment will eventually yield to much more profit received upon the sale of your home. You will also have smoother negotiations and lower time on the market when you have a new roof.
Experts in the Remodeling Magazine’s answer the question, will a new roof increase home value. According to the 2019 Cost vs Value Report in the Remodeling Magazine, the following are the average costs for two of the most common types of roof replacements:
- Asphalt Shingles- average US cost is $22,636, average resale value is $15,247, and the ROI is 68.2%.
- Metal Roofs- average US cost is $38,600, average resale value is $23,526, and the ROI is 60.9%.
What you Should Know About Getting a New Roof
Now, you know the answer to the question of will a new roof increase home value. However, before you dive into getting a new roof, there are various things you need to know before getting new roofing.
One thing you should do is to research roofing and roofers in your area. You should research roof repair, the best roofing in your area, flat roofing, etc. The more you learn about these and other relevant topics on roofing, the more you can make the right decisions with roof repair and replacement.
For instance, you can learn about the various types of roofing in the market. For the two of the common types mentioned above, for instance, you can choose according to which ones are better for you. Both are durable, one is easy to maintain, and one of them may be more affordable for you. You also can weigh out the costs with the durability. A slate roof, for instance, is very expensive, but it lasts more than a lifetime.
With talking about maintaining your roof, you can learn the time period to get a roof repair or replacement. For example, it is important to replace shingles even when there is a crack in only one shingle. All the shingles on your roof will begin to crack after one shingle cracks. So, to eliminate more problems, it is best to replace shingles once it starts to crack. When asking yourself will a new roof increase home value, you also should ask yourself will a roof repair increase home value and be more cost effective.
With such issues and more, it is critical to research to find an experienced and reliable residential roofing service. And with that said, never hire the first roof company that you see. It is critical to check the details of its credentials and customers’ testimonials. It is also important to shop around to get a better deal for you.
Top-notch residential roofing contractors will also have you set up with routine maintenance and repairs. These professionals will be more than happy to schedule routine maintenance to help extend the life of the roof. They will arrange a time to clean your gutters and other maintenance. They will use proven, top brands for your roof, and they may have 24-hour service. They may also offer warranties.
Also, when you research and work with a high-quality residential roofing service, you will have knowledge on how and when various factors will affect your roof. Factors include the roof’s age, the type of roofing material, climate, and other factors. That way, you can determine when you need a roof repair or replacement especially with experts working with you.
With such roofing contractors, you won’t have to wonder will a new roof increase home value. You also will have a better piece of mind that your family is protected against storm damage roof repairs.
The New Roof’s Impact on the Home value
Homeowners may think that pre-sale renovations don’t make much sense when they typically wat to sell faster and/or sell for more money. Pre-sale renovations usually impact speed and returns. And with the significant amount to spend on asphalt roof replacement at $22,636, as previously mentioned, homeowners usually think that it is not worth replacing the roof before selling. However, homeowners should remember that they will eventually get all their investment back and profit. They should keep in mind that they can the full asking price for their home as well. They should realize that if they replaced a roof around eight to 10 years prior, that the roof won’t have the same value as a new roof. Homeowners should also realize the data pulled from Remodeling magazine is an estimate from all home improvement projects that were not done immediately before reselling their homes, so the answer to the question of will a new roof increase home value may vary.
When Should I Replace My Roof to Add Value?
Depending on the material of the roof and the climate, roofs last from 12 to 30 years on average. These are roofs that are made of common materials, like wood, asphalt, or composition.
Also, a report from NAR stated that the average homeowner resides in their home for approximately 13 years. So, if you move after this, you may need a new roof soon unless the roof was new when you moved in.
Otherwise, you should wait on roof replacement, if it’s functioning properly. You should also consult with a reliable, professional roofer to inspect and make recommendations. This professional will look for the following issues when inspecting:
- Cracked, loose, or damaged shingles
- Missing shingles
- Rot or mold
- Signs of water leaks or damage
- Dar spots or holes
How Much Does a New Roof Increase Home Value for Resale?
In addition to finding out will a new roof increase home value, homeowners should find out how much does a new roof increase in home value for resale. According to Remodeling Magazine, the increase in home value when getting a new roof is approximately $12,000. This publication also stated that approximately 63 percent of the roof installation cost can be recovered through the increase value.
The Two New Roof Options
There are usually two options when it comes to your new roof. These two options are as follows:
This option includes the complete removal of the roof and replacing it with a new one. The key benefits of this approach include allowing you to inspect for further issues, and better holding of attached shingles to the home structure. The better attachment produces a higher-quality finish. The main benefit of this approach may be the fact that this is a huge selling point with buyers.
This is a less expensive option that involves placing a new roof over the old one without removing the underlying roof. This approach has the same appearance as the tear off approach, and it is still marketable to prospective home buyers.
Different Types of Roofing Material to Choose From
To replace shingles or part of the roof, you can match according to the existing roof material. Otherwise, you must replace the entire roof with other options. I
This material is affordable, durable, and easy to install. The is also the most common type of roofing in the nations. It lasts for at least 25 years, and they come in a broad array of colors.
Synthetic or composite shingles
Designed to look like wood or slate, this roofing type is comparably priced to asphalt. These shingles are designed to look like slate or wood but are comparably priced to asphalt. And with minimal maintenance, they can last up to 50 years.
Wood shingles have a great appearance, but they cost twice as much as asphalt. They also last for approximately 25 years. Some cities do not allow this type of roofing, however, due to the fire hazard.
This type of metal roof is made of sections of metal roofing that are cut to fit your home. Metal roofs are expensive, but they’re incredibly durable and can last 50 years or more. These types of roofs are common in areas where there is a lot of snow because the surface of the roof is slippery and sheds snow easily.
Tile, clay or cement
Common on Spanish-style homes, tile, clay or cement tiles are incredibly long lasting — from 50 to 100 years. They’re also expensive, costing about three times as much as asphalt.
Since the shingles are made of real stone, slate roofs can last over 100 years. But they’re heavy and expensive, costing up to 20 times more than asphalt. However, when you’re asking the question of will a new roof increase home value, the answer is probably yes with a slate roof.
Replacing your roof is necessary at times for the obvious reasons. One of the first things a prospective buyer notice about a house is the roof. Buyers may not sway away from a home having a few cracked shingles. However, you must replace your roof if the entire roof is in poor condition.
Homeowners may think that pre-sale renovations don’t make much sense when they typically wat to sell faster and/or sell for more money. Pre-sale renovations usually impact speed and returns. And with the significant amount to spend on asphalt roof replacement at $22,636, as previously mentioned, homeowners usually think that it is not worth replacing the roof before selling. However, homeowners should remember that they will eventually get all their investment back and profit. They should keep in mind that they can the full asking price for their home as well. They should realize that if they replaced a roof around eight to 10 years prior, that the roof won’t have the same value as a new roof. Homeowners should also realize the data pulled from Remodeling magazine is an estimate from all home improvement projects that were not done immediately before reselling their homes. So, after asking yourself will a new roof increase home value and learning that a new roof will help, get one today. You may even have the option to have payment installments with it.