Any good real estate agent will tell you that a new roof is a powerful marketing tool when it comes to selling your home — even if you’re not planning to sell for another few years. This is mostly because, with a new roof, the next owner of the home won’t have to spend the money to fix or replace it within the foreseeable future.
In some instances, the next buyer may even sell the home before the new roof starts showing signs of age and damage, which means they never have to spend time or money on repairs. This can make a new roof incredibly appealing for those looking for a starter home.
So, the real question isn’t does a new roof increase home value? But rather, how much value will your home gain in the real estate market by replacing the roof?
Let’s dive into the specifics.
Does a New Roof Increase Home Value?
The most important thing to understand about the correlation between a new roof and your home’s value is that just because you’ve spent the money doesn’t mean you’ll see a 100% return on your investment. It’s a hard pill to swallow, but the truth is that very few home improvements end up offering a full recoup of money spent.
However, a new roof will up your curb appeal and value by getting you closer to your full asking price and in less time compared to other homes on the market. It’ll also make the negotiation process much smoother because there’s less haggle room when the most important component is brand new.
The key is to compare the increase in your home’s value against the amount you’ll have to spend on the roof replacement. However, the amount of value that will increase will depend on a few factors — namely, the type of roof you plan to put on your home.
Asphalt is one of the most common and affordable roofing materials. By replacing your roof with new asphalt shingles, your home’s value should increase by roughly $18,780. Of course, this is assuming that you have a rectangular hip roof with no more than two average-sized skylights and a vented ridge. Additionally, asphalt shingles cost roughly $4.25 to $8.25 per square foot, which means a 2,200-square-foot home will cost $2,500 for the materials alone.
After you factor in the precise square footage, labor, permit costs, etc., you’re looking at a 59.6% return on investment.
Metal Roof Replacement
Metal roofing materials are much more expensive and difficult to install. A new metal roof can increase your home’s value by about $28,196. However, the investment cost will depend on the type of metal as well as the other factors listed above:
The estimated return for a standard metal roof replacement on a rectangular hip roof with an average of two skylights and a vented ridge is about 54.8%.
Should You Replace Your Roof Before Selling?
If you want to determine whether it’ll be worth it to replace your roof before putting your home on the market, you’ll want to take into consideration the following:
What is the condition of your existing roof?
What are the market conditions?
How much will the new roof cost, and can you afford it?
The Condition of Your Roof
For starters, most home buyers will expect the roof to be in good condition unless they’re specifically signing up for a “fixer-upper.” Having said that, if your roof is showing signs of wear or damage, you’ll want to consider either repairing it or replacing it before selling.
Additionally, consider the age of your roof. The average lifespan of an asphalt shingle roof is 15 to 25 years, depending on how it’s maintained. If your roof is only 5 to 10 years old and in excellent shape, replacing it doesn’t necessarily make sense.
The Market Conditions
A new roof isn’t going to make a difference in home value in every market. The general housing marketing conditions will directly affect the value of all your home renovations, as will several other factors.
If you’re thinking about replacing your roof before selling, it’s a good idea to speak with a real estate agent and local appraiser to get their advice first.
Can You Afford It?
Whatever your reason for wanting to replace your roof before putting your home up for sale, you’ll need to take a look at your finances to ensure you can afford it. While some materials are more affordable than others, you still may not have the budget for a new roof.
Fortunately, most professional roofing contractors offer financing options to help make roof replacements and repairs more affordable. If a new roof is a necessity, it’s a good idea to shop around and get estimates and inquire about payment plans.
Are You Ready for a New Roof?
A home’s roof is its most important structure. It’s what keeps the rest of the house safe — plus everything inside of it. Whether you’re planning to sell your home and wondering if a new roof will increase the asking price or simply need repairs, allow our professional roofing contractors at Level Edge to help you. Get in touch with us to book a free estimate and learn about our financing plans today.
Level Edge Construction
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