In some states, you have to disclose any roof damage or leaks that you are aware of, before you sell your home.
A new roof is a powerful marketing tool when selling your home, buyers appreciate a new roof because it will save them money.
Most buyers can’t handle a new roof installation after purchasing a home, but, ¿can you increase your home value by changing the roof? It depends.
An old roof in bad condition will decrease your home value and is worth replacing.
However, it’s hard to know down exactly how much a new roof will increase your home value.
There are some factors you need to check, for example, roof condition, real estate market and buyer desires.
How Much Does a New Roof Increase Home Value?
According to some studies, remodeling the average American homeowner spends more than $22,000 on a new asphalt shingle roof of midrange quality.
This new roof will increase the home’s value by $15,500, on average. That means a 68% of the investment.
The National Association of the Remodeling Industry (NARI) published a report showing that a new roof provides a 109% return, so you could make a profit.
Putting on a new roof seems to be a good investment, but, ¿how do you know if your roof will make you a 60 percent return or if it will boost your home above its own costs?
For finding out the answer, you need to consider 3 factors:
- The current condition of your roof.
- Market conditions.
- The new shingles you choose.
1. The current condition of your roof
For good home maintenance, you have to keep your roof good. Most home buyers will expect it to be good, otherwise they will not buy.
They do not have the money and energy to make major roof repairs after they’ve purchased a home.
If your roof is in poor condition, local appraisers will reduce your home value, depending on how serious your roof problems are.
If your roof is not older than 5 years and in good condition, there in not too much benefit in a new roof.
As long as the roof is good and is projected to last, there will not be problems for most buyers.
The majority of the homeowners who participated in the NARI study were reroofing their home because their old roof was worn out.
If you are trying to sell a house with an old roof or a very damaged roof, replacement is a more secure investment.
Many buyers will go away when find such a roof, others expect a discount for the cost of roof replacement, and it could be legally necessary to replace it.
You have to take in account that if your roof needs a small repair, it may be less expensive to repair it than replace it.
The conclusion is you have to maintain your roof good, so you will not need to expend a lot of money when selling your home.
2. Market Conditions
Depending on the market, installing a new roof does not increase home value. The conditions of the market affect the value of all home renovations.
You should ask for the advice of your local appraisers and real estate agents to know the market conditions in your area.
According to Remodeling’s 2020 report, a new roof adds the most value to appraisals in the New England region, at 65,8% return. In the East North Central region (Ohio, Michigan, Illinois, Iowa, Indiana and Wisconsin.), a new roof adds 61,2% return on investment. You must check your region market with an experienced real estate agent to get advice about how roofs are performing in your city and neighborhood.
3. The new shingles you choose
The choice of shingles impacts the return on your new roof. The national average reroofing cost, which is $7,796 USD, so, you have to keep your cost at least in that average. Spending an average price on a roof replacement get homeowners a better return because home renovations need to match your neighborhood.
You do not need to invest in a luxury roof in a starter house, your home value will not rise a much higher than your neighbor’s.
¿Does a Metal Roof Increase Home Value?
According to the last remodeling report for 2020 a metal roof, on average, cost homeowners $40,318 and increased home value by 61,2%.
For asphalt roofs, the average homeowner spent $24,700 and got a return of 65,9%.
If you are thinking in or need to replace your roof, click on this link to read more tips and advices.
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