A new roof is one of the first things that potential buyers will look into when you plan to sell your home. As a lot of real estate agents would suggest, potential buyers appreciate having a home with a new or fully renovated roof because it will give them confidence of saving them from future hassles. Most buyers would not be able to handle additional expenses like a new roof installation, just after they have bought the home. So, the question is: Does having a new roof will increase your home value? That really depends.
A roof that is almost on its last year or having leaks will decrease your home value. However, investing in premium shingles may not necessarily get you the boost in your home value that you expect it to be. It’s hard to pin down specifically on how much a new roof will increase your home value. You’ll need to weigh some factors, like the condition of your, the current market and real estate situations, and buyer demands.
We’ve gathered some research on how much new roofs would add to your home’s value. We will take you through the factors in which make a new roof a smart investment, and which ones that would reduce its value.
Based on our research, getting a new roof for your home is a reasonable investment. According to . Remodeling’s 2019 Cost vs. Value Report, it is found out that the average American homeowner would spend around $22,636 on a new midrange quality roof shingle. This can increase your home’s value by $15,427 on average, and can work to 68% of the investment.
Other research claims that a new roof adds much more to the home’s appraisal value. The National Association of the Remodeling Industry (NARI) released a remodeling impact report the reveals that new roofs provide a 109% return, which means you could make a huge profit on your new roof.
While putting on a new roof is obvious a good investment, how does one know if your roof will make you a 60 percent return for you, or if it will boost your home above its own costs? You must take note on the three factors you need to consider: the condition of your roof, the housing market conditions in your area, and the type of roof replacement that you’re getting.
Keeping your roof in great condition is considered one of the basics of home maintenance. It’s just like keeping the plumbing in order. Homeowners assume you’ve treated the plumbing well and will find it very off-putting if they would notice even the smallest leak. Not only will they be of much concern about it, they will also question if the home that they planned to get has other maintenance issues. Roofs are similar in a buyer’s eyes. Most buyers will expect the roof to be in tip-top condition. If in the end they actually don’t, they’ll be very reluctant to buy the house altogether. Few have the money and energy to undergo major roof repairs after they’ve purchased a home. You must consider this situation as much as possible.
Local appraisers will, and without a doubt notice that your roof is in poor condition and will greatly reduce your home value accordingly, depending on how bad the roof problems are
However, if your roof is around five years old and still in great condition, a new roof may not give you much benefit. You must put yourself in your buyer’s shoes. Would you pay more for a house that has brand-new plumbing over a home with functional, but older, plumbing? So long as the roof looks good and is greatly built to last, most buyers will feel comfortable enough to buy it. Other aspects of the home are likely more important to the buyers and more likely to sway their decision than the roof.
Contact Your Contractor Today
We honestly can’t think of a better solution than to reach out to a reliable roofing contractor that would help you on all the roofing problems that you will face. We are happy to let you know that Half Price Roof has a professional roof contracting team that has many experiences on different types of roofs.
We have a very dedicated roofing contracting team that is available at any time of every season of every year to assist you for all your roofing needs. We have been in the industry for years, and we have a dedicated roofing team with decades of roofing experience under their belts. It’s time that you stop doing all the work yourself and get the most effective roofing solutions as soon as possible.
Now is the time that you stop worrying about your roofs and leave it to the experts. Be complete and stress-free when you reach out to Half Price Roof. For more information about our products and services and what we can do for your home or commercial building, feel free to give us a call today.