How Much Value Does A New Roof Add To A Home?
Are you considering selling your home? If so, potential buyers will not want to buy a home with a roof in a poor condition. Currently, the real estate market is slowly moving to favor buyers. As such, the average home seller should consider how their roof’s condition will impact the curb appeal of their property.
Should you install a new roof to improve energy efficiency and raise your asking price? Does a new roof increase home value? We will answer these questions below.
For instance, you may want to replace an old roof with metal roofing, which has the longest life span of all home coverings.
Ready to learn more about the benefits of a roof replacement and how much it will increase your home sale price? Then, let’s get started!
Does a New Roof Increase Home Value?
If your old roof has damage or has outlived its lifespan, roof repair or installing a new roof will raise the resale value of your property. Yet, how much will the new roof add to the appraisal value of your home?
A tear-off roof replacement should add $15,247 to your home’s resale value on average. However, you’re likely to spend an average of $22,636 to replace your home’s roof.
Does a Metal Roof Increase Home Value?
A new metal roof can increase the home’s value even further. On average, the resale value of the house will grow by $23,526. Yet, a metal roof replacement is costlier than using asphalt shingles. Metal roofs are highly durable, long-lasting, and require minimal maintenance. You’ll find metal roofs in colder climates more often than in warm environments.
Does the Color of the Roof Impact Home Value?
The right roof color can impact the home value due to its impact on the curb appeal of your real estate property. For instance, when you’re installing a new asphalt shingle roof on a colonial house, you may want to pick dark brown, green, or gray asphalt shingles.
Short-Term Vs. Long-Term Roof Value
The short-term value increase for a full roof replacement merely showcases a nicer, more attractive look to your home’s exterior. However, the long-term roof value depends on the durability of the roofing materials used. For instance, an asphalt shingle roof lasts around 20 years while slate roofs can stick around for at least 50 years.
The Different Roofing Materials Available
Whether you’re looking to create a larger roof or merely replace your older roof, you’ll need to use a quality roofing material to get the full asking price from buyers. The right material and roofing system can even reduce energy costs for the new homeowner.
When installing a new roof, most homeowners tend to use asphalt shingles as their main roofing material. New asphalt shingles are a popular choice due to their waterproof nature. They are also incredibly durable and easy to install. The return on investment (ROI) for a shingle replacement is 68.2 percent on average.
When replacing shingles, you may also consider using composite shingles. A roofing contractor will use composite ones to ensure your new roof can last up to 50 years. Generally, the composite shingle consists of wood, slate, laminate, synthetic polymers, and recycled components.
Wood shingles may provide a better option than other shingles since they can last about 30 years. Yet, the material does require yearly maintenance and is more expensive. The best choice is cedar shingles since that wood is resistant to insects and rotting.
Unlike the asphalt roof, the metal steep roof will last much longer. The metal roofing system can last anywhere from 40 to 70 years. They also come with a 30-year to 50-year warranty from the manufacturers. The asphalt roof, however, never lasts more than 20 years.
Metal roofing systems are also environmentally friendly and energy-efficient.
The average homeowner may pick a slate roof if they’re looking for a quality, durable, and environmentally-friendly material. To avoid fire hazards, the roofing material is also fire-proof. Furthermore, it provides a good return on investment. Best of all, the material is long-lasting and has a lifespan of as long as 100 years.
How Does a New Roof Impact Your Return on Investment (ROI)?
The ROI from a roof replacement using new asphalt shingles is 68.2 percent. A metal roof replacement, however, has an ROI of 60.9 percent. The average national cost of metal roofs is $38,600 while the average resale value reaches $23,526.
Should You Replace Your Roof Before Selling Your Home?
Your real estate agent can find more home buyers if you replace your old, damaged roof. Ask any real estate agents and they’ll tell you that new roofs can raise your home sale price and help you sell your house more quickly. Yet, due to the expensive price of a tear-off roof replacement, you should only pursue one if it’s truly necessary.
The Cost of a New Roof
New roofs tend to cost an average of about $15,000 for a complete roof replacement nationally. Yet, that cost can range from $10,500 to $45,000. Also, these costs depend on the size of the roof and the materials used. Some materials are more expensive than others.
The Benefits of a Full Roof Replacement
A complete roof replacement tends to have one of the highest ROI values out of all home improvement projects. Further, other benefits of replacing your roof include:
Better curb appeal for your home
Improved energy efficiency
Enhanced safety for residents
Reduced risk of mold and mildew growth
So, how much does a new roof increase home value? Generally, you can expect to increase your home’s value by $15,000 to more than $23,000 after replacing an old roof. Lastly, you can gain an ROI of 68.2 percent from such a home improvement project. By repairing your roof, you’ll quickly sell your home and start a new life elsewhere!