How Roof Replacement Aligns with Your Home’s Value
A new roof is great to have when you want to sell your home. Buyers appreciate this because they know it’ll save them the hassle and expense that’s involved with a roof replacement. Some buyers may even go so far as to choose not to put in an offer on a home with an older roof.
Is a new roof a good selling tool?
Many real estate agents will tell you that this is an effective selling tool. The National Association of the Remodeling Industry (NARI) reports that a new roof has the highest percentage of cost recovered.
Buyers might not pay more for such homes, but they’ll choose it over a comparable home with an old roof which is why some homes remain on the market while others in the same neighborhood are selling. Another reason for this is that a new roof adds to curb appeal (how the exterior of your home looks), which plays a vital role in enticing buyers to look at your home.
NARI has also found that improving curb appeal is one of the best investments you can make in terms of increasing your home’s value. This is because buyers quickly develop an emotional connection with homes that offer an immediate “wow” factor. There are even some buyers who won’t enter a home if it has an unappealing exterior.
How much will a new roof increase your home’s value?
Determining how much value a roof replacement adds to your home is challenging. There are some studies suggesting that investing in a new roof is reasonable. These studies suggest that a $22,636 midrange-quality asphalt shingle roof will increase your home’s value by about $15,427 (approximately 68% of your investment). However, there’s other research available that shows that a new roof will greatly improve your home’s appraisal value. For instance, NARI states that this work provides a 109% return. To make the most out of the roof replacement work you have done on your home, you’ll need to take into consideration the condition your old roof is in, what the housing market is like in your area, and what your new roof is like.
How does roof replacement compare to other home renovations?
Once you decide to put a new roof on your home, you may start thinking about whether this type of home renovation will provide you with the biggest return on investment (ROI). Researchers have found that putting a new asphalt shingle roof on your home is more cost-effective than several other home remodeling projects that are equally as popular. This includes a mid-range bathroom, an upscale master suite, or a backyard patio.
Research has also found that roof replacement work isn’t as cost-effective as some of the other types of home renovations you may make. This includes upscale garage door replacements, minor kitchen remodels, or adding a manufactured stone veneer onto your home. With renovations like these, you could possibly increase your home’s value by more than 80% instead of the 68% installing a roof would bring you. However, once again, this depends on your home’s existing condition and market factors in your area.
Is it time for a new roof?
When you decide that your home should undergo a roof replacement before being sold, you’ll find that this is only the first of many considerations you must make. This is why you’ll want to consult with our professional roofers at Avatar Roofing in Tampa, FL. We’ll walk you through the process each step of the way, so contact us today.
