Generally, renovation is an excellent way to increase your home’s listing price. The challenge? When we talk about refurbishment, what comes to mind is redoing the kitchen, bathroom, or other interior projects. But upgrades don’t have to stop there.
Exterior improvements can also yield a substantially better return on investment (ROI). Let’s take a closer look at why a functional roof appeals to home buyers and significantly increases your home’s value.
Does Replacing Your Roof Add Value To Your Home?
No doubt, roofing work can be costly, and it can feel like you’re dumping money into a black hole. But there’s good news. Here’s how a new roof increase home value:
- A new guarantee. Various warranty options permit the transfer to a new homeowner. This guarantees that the buyer will not spend extra money on the roof anytime soon. Additionally, technological advances and material improvements have led to more extended warranties. As a result, a buyer will have increased peace of mind that no issues will surface.
- Improved aesthetic appeal. Replacing a roof enhances curb appeal even if you’re installing new asphalt shingles. This is because modern roofing materials come in various textures and colors, giving you a better opportunity to complement your siding and landscaping.
- Increased energy efficiency. Replacing an existing roof with high-performance materials is an excellent opportunity to enhance energy efficiency and reduce energy expenses. For instance, the heat is reflected off during summer, resulting in lower cooling costs.
- Peace of mind. Buyers value a new roof because it eliminates the inconvenience of having to do significant repairs themselves or pay for a replacement. For example, if a prospect is torn between two similar homes, the buyer will almost always choose to buy the house with a new roof. Simply, you don’t have to do significant renovations or replace the roof, and even a simple roof repair can help your house sell faster because it gives the buyer more peace of mind.
- Your home sells quicker. First, you don’t want to wait months to sell because no one knows what the future holds. The longer you stay in the market, the greater the risk of fetching less profit. Second, if you’re selling your home, the roof is among the first things an inspector will check before you sell your house. That means a good roof will pass the inspection, while a failing one must be replaced. Lastly, a repair or a new roof is a compelling selling point for real estate agents.
But remember this:
While replacing your roof is a worthy project, there are cases where the renovation may not yield a high return on investment. For instance, if you replace a functional roof with no known issues, the upgrade may not significantly impact your home’s value.
Also, the housing market in a locality affects the value of refurbishments. It’s important to remember those home buyers are attracted to neighborhoods, not individual houses. With that in mind, don’t make the mistake of improving your home above an area standard because it will not make economic sense.
The Bottom Line
So, how much value does a new roof add?
Whether it’s energy efficiency, peace of mind or aesthetic appeal, a new roof is a valuable upgrade for which buyers can pay a premium. This is because they understand that a good roof will protect them, their loved ones, and their valuables from the elements.
On the other hand, a failed roof will also certainly affect the house’s value. This is because a roof in horrible shape might not pass an inspection. Again, if it’s unappealing, you may have to lower your asking price to compensate for the roof’s condition.
If you think it’s time to repair or replace your existing roof and add value to your home, contact a professional roofing company. We are eager to help you with our top industry-level experience and help you understand the new roof value to home.