If you're planning to sell your home, a new roof can be a helpful and powerful marketing tool. Most prospective buyers are drawn to homes with a new roof, as it will save them from the expenses and hassle of a roof replacement. For this reason, you may think replacing your current roof will definitely increase your home value. However, there are things you need to consider first.
While a new roof is a good investment, there may be other factors that may not necessarily boost your home value as you'd expect. To learn more about the impact of roof replacement on your home resale value, take the time to read this article from Abby Windows, home to expert roof and gutter replacement contractors.
State of Your Current Roof
Whether you're planning to sell your home or not, it's important to keep your roof in good condition. A healthy roof protects you and members of your household from extreme weather conditions. If your roof is experiencing leaking problems, local appraisers will notice and reduce your home value accordingly. As such, it's best to invest in a new roof if your current one is nearing the end of its lifespan or if it's not functioning efficiently.
However, if your roof has some years in it but remains in relatively good condition, a new roof may not offer you much advantage. Many prospective homebuyers are likely to choose a house with a functional, but older roofing system to save money. As long as the roof is in working condition and projected to last, most buyers will be interested in buying.
Additionally, if there are small issues with your roof, you may want to consider having them repaired rather than replaced immediately. This is a cost-effective option since most roof repairs cost significantly less than the average reroofing job. If you're unsure, you may want to consult roof replacement companies to go over your options.
A roof replacement does not immediately guarantee an increased home value in every market. General housing market conditions affect the value of overall home renovations. To better understand the market condition, you can ask your local appraisers and real estate agents. They would be able to advise you about the market conditions.
It may also depend on where you live. According to Remodeling's 2019 report, a roof replacement adds the most value to appraisals in the New England region, at 77% return. However, in the East North Central region, a new roof adds the least home value, at a 65% return on investment. Since your specific market may be different from the regional average, it's best to talk to experienced real estate agents in your area about how important roofs are when it comes to the resale value in your city.
Quality of New Shingles
The quality of your new shingles may also have an impact on the return you receive on your new roof. This is because spending less money on shingles may earn you a much higher return. Home renovations need to match your neighborhood. Should you invest in luxury shingles, you're unlikely to get the full value back if your neighbors have less expensive shingles.
In comparison, if you're living in a high-end neighborhood, luxury shingles are expected. The designer shingles should match the style of other materials used on the home's exterior and interior. Prospective homebuyers will be discouraged by traditional shingles if they can get a home in the same neighborhood with superior shingles.Before undergoing a roof replacement to increase your home's value, be sure to consider these factors. It's also wise to get the perspective of a real estate agent before you make any decisions. For more home improvement inquiries, turn to Abby Windows. Our roofing and home insulation contractors are determined to provide the assistance you need. Call us today at (414) 209-0404 or fill out our contact form to set an appointment.
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