Are you thinking of selling your home and looking for ways on how to boost its resale value? If so, you might be considering getting a new roof.
However, Roof Replacement is not an easy nor affordable project to undertake. Because of this, you must make sure that this investment is well worth it. To do this, there are so many questions that we need to answer, and we will answer them below.
Can a New Roof Increase Home Value?
The answer to this question is a resounding yes! Installing a new roof in your home will undoubtedly increase its value as it will offer a lot of benefits.
For one, having a new roof over your house is an instant facelift. It can immediately update the look of your home and boost its curb appeal.
More than the aesthetic benefits, a new roof will be more effective in protecting the valuables inside your home as compared to the old one. And if you plan on going for the more modern and high technology roofing materials, it can also become a good insulator and can reflect off the summer heat. Ultimately, this can help not only to boost your comfort factor but save money on bills as well.
Furthermore, many homebuyers will be attracted to a brand new roof because it means they probably don’t have to worry about the roof for at least 15 years. This increases the perceived value of your home and may lead to a quicker sale as well.
While it is already evident that a new roof can increase a home’s value, some homeowners are still not sure that replacing it is a wise move to make because of its cost.
What’s the Cost of a New Roof?
As per the Estimates Of HomeAdvisor, in the year 2020, homeowners will have to shell out $5,000 to $10,000 to replace their roof. Materials and labor removal included, the cost would be around $3 to $5 per square foot.
But of course, the cost will vary depending on the materials you will use (asphalt is on the lower end of the spectrum while tile and slate would be at the higher end), the city you are in (labor costs will vary based on your location), and the size of your home.
Another fact that will make the decision more difficult is that the ROI of a new roof is not as cut-and-dried as all the other improvements you can make in your home. And since it is a significant investment, you have to weigh in its cost and value.
Roofing Cost Vs. Value
According to Remodeling’s Cost vs. Value Report in 2019, the average cost that Americans incur for roof replacement is around $22,636. This investment will increase the home’s resale value by $15,427. This means that you can get a 68% return on your investment.
However, there are mixed studies concerning the effect of roof replacement on the value of your home. To know if you will be able to get the said 60% ROI of your investment, there are three things to consider:
Condition of your old roof
If your roof is already over a decade old and its wear and tear are already noticeable, it can certainly bring down the value of your home. But if your roof is relatively new (10 years old or younger), replacing your roof may not give you much benefit.
As a rule of thumb, the more wear and tear your existing roof has, the higher the ROI that you can get from roof replacement.
The general housing market conditions in your area dictates the value of home renovations. The value of roof replacement in Iowa will be different from those in Connecticut.
Because of this, you must seek the advice of the appraisers and real estate agents in your area.
Type of shingles you will choose
You may think that using the most expensive material will give you the best ROI. However, studies show that using midrange materials can help you get the highest return.
This is because the price of your home will match the prices of the houses in your neighborhood. Even if you use luxury roofing materials, the value of your home will not rise much higher than the value of your average neighbor’s home.
Should You Replace Your Roof?
There is no doubt that a new roof can increase your home value. However, you must consider its cost vs. the value it can give to ensure that this investment is well worth it and to know if replacing your roof is the right move for you.
Coming up with the right decision is not an easy thing to do. There are many factors to consider and things to ponder on.
If you want to make the right decision, the best thing that you can do is work with Roofing Experts who will provide you with better insight over this roofing investment concern.
The good news is these experts are just one call away. If you wish to put an end to your confusion finally, get in touch with Best Roofing Company today!