Replacing your roof can be an expensive project. Is it worth the investment?
If you are a homeowner, chances are you will eventually have to repair or replace your roof. According to HomeAdvisor, homeowners spend between $5,132 and $10,023 to replace a roof. When preparing to place your home on the market, you want it to be attractive to potential buyers. A new roof can be a crucial selling point since buyers shy away from homes that need full kitchen remodels, basement waterproofing, or a roof replacement. However, will you make your money back?
The Proof: New Roofs do Boost the Selling Value of a Home
The results of the Remodeling Impact Report show that 32 percent of real estate agents said a new roof was an important factor in closing a deal.
For a new roof valued around $7,000, the report suggests the average boost to value is 109% of the original investment.
According to Renee Christman, a real estate agent with nearly 20 years experience, “You’re going to recoup 67% to 68% of your investment”.
This apparent discrepancy can be explained rather simply: not every homeowner can expect a full return, seeing as the price of a home largely depends on the neighborhood and location. However, with an upgraded roof, you can price competitively at the top of the market.
Improved Exterior Appearance Appeals to Buyers
A common saying goes, “A first impression is a lasting impressing.” When a buyer first pulls into your driveway, they might notice weeds in the flowerbeds or a dirty walk. However, a roof with shingles missing or gutters falling down leaves an even stronger impact. If your roof is more than 15 years old, a simple repair might not be enough to save buyers from a negative first impression. The Remodeling Impact Report named new roofing as the exterior project that most appeals to buyers, followed by new windows and siding.
Prevent Problems that Lead to Further Issues
Replacing your roof can prevent many potential costs that stem from just repairing small patches. Patching shingles on an old roof are somewhat of a “quick fix.”
There may be many other areas that have developed cracks over time, such as around vents and chimneys, or in the fascia, especially where gutters have been attached.
Even a small leak can cause mold, ruin drywall, and let water under the flooring; replacing hardwood floors, carpet, drywall, and other such repairs can potentially cost a homeowner upwards of $20,000.
When a roof is older than 15 years, it may need to be replaced because it is likely that there are more problems than a few shingles missing, plus, replacing the roof can potentially save homeowners further costs down the road.
A Longer Warranty Works in Your Favor
Standard warranties for asphalt shingles used to be 15-20 years. Today, premium-quality asphalt shingles can last up to 50 years. Most warranties are transferable to new owners: a definite selling point for a buyer.
Who wouldn’t want the reassurance that comes with a new roof and long-term warranty? At the cost of a few hundred dollars, this transfer gives buyers years of longevity on a significant home improvement project.
Cool Roof Technology Reduces Utility Bills
Many old roofs are not optimized to be energy efficient. They either trap too much heat or not enough, leaving the owner with high utility bills.
When replacing a roof, you have the option of choosing ENERGY STAR asphalt roof shingles that are designed to reflect solar heat. A new roof keeps the attic an even temperature which saves homeowner hundreds throughout the year.
With that said, the best option is always to talk to your realtor and see if a new roof would help your house price competitively in your local market.