Are you thinking about installing a new roof but want to make sure you choose a roof that can help increase the value of your home? Then you’ve come to the right place. Although adding a new roof to a home is generally not as popular as remodeling the interior of your home, it does have some clear advantages. Upgrading your roof can be beneficial for a variety of reasons including improving the resale value of the home, creating a nicer, more modern appearance, providing better protection from the elements, lowering utility bills, and last but not least, improved warranties. However, when questioning, “how much value does a new roof add?”, there are several key factors to consider. Let’s take a look at some of the main factors that you should be thinking about that can help answer the question of just how much does a new roof increase home value.
How does a roof affect the home’s value?
For the most part, the majority of homeowners are simply concerned with having their roof protect the people and belongings inside the home. Thus, the fact that your roof is also a major insulator is often overlooked. When using some of the newer, more modern, high-tech roofing materials, your roof can help keep you cooler in the summer by reflecting heat off the roof instead of absorbing it, as well as help keep you warmer in the winter by doing a better job at keeping the heat in. As a result of this insulation, it also helps reduce long-term energy costs (utility bills) and increases overall comfort in the short-term.
In general, a roof serves a clear functional purpose, however, a new roof also looks great, even if it’s just new basic asphalt shingles. There are, of course, many roofing options which can hold different levels of value to the individual homeowners, but for the most part having a new roof will almost always look more appealing than an old one. Thus, the perceived value of the home will increase.
How much value does a new roof add? – Short vs. long-term roof value
If your roof isn’t damaged and you are simply replacing a roof that still “works,” the short-term value of a new roof is not always obvious. In the short term, a new roof can give a home a much needed facelift and improve the overall curb appeal of the home. While the short-term value is mainly appearance, modern roofs are made to last a long time. Thus, when someone is replacing a roof that isn’t damaged, the homeowner is generally thinking about the long-term values they can gain from a new roof. When it comes to roofing material, “long” is a relative term. Asphalt shingles are going to last somewhere around 20 years, while a slate roof can last between 75 – 200 years, depending on the quality of the slate and the weather/elements it is exposed to.
In the long-term, you will benefit from better insulation, a lower energy bill, and better protection for the people and items in your home. To get the most value from your roof, be sure to have it inspected regularly so that any necessary repairs can be quickly addressed before turning into bigger issues.
When selling, how much value does a new roof add?
When selling your home, it is common to consider if a new roof can increase your home value. Although the cost and values of a roof can change from year to year, more often than not, you can increase your resale value on your home by adding a new roof. Based on their cost vs. value survey, Remodeling Magazine has said that a new roof can increase your home’s value by about $12,000. The survey also showed that when you have a new roof installed, you can often recover around 67% of the installation cost through the increased value. Furthermore, The National Association of the Remodeling Industry (NARI) claims that adding a new asphalt shingle roof to your home can add much more than that to your appraisal value, providing a 109% return on investment. This makes it very possible to actually make a small profit by adding a new roof to your home before putting it on the market.
Given the health of a roof can be a huge factor in determining a home’s value, it is often the first thing home inspectors check when they come to a property. This is why whenever people ask, “does a new roof add value to a home?”, the answer is generally, yes. This is because new roofs have been found to achieve a strong return on investment due to their ability to vastly improve the overall “health” of the home. Furthermore, if you are planning to sell your home and the roof is in need of repairs, it can be a huge negative on the appraisal value of the property and can put your property in the “fixer-upper” category. This can often be a deal breaker for the potential buyers, causing them to back out of the sale.
If you still have any questions about the correlation between installing a new roof and home value or need a quote for a new roof installation, reach out today at (858) 206-9685! We would be happy to assist you.