Homeowners often wonder whether the time and money it takes to install a new roof is worth it. They especially consider whether a new roof is an essential part of increasing their home’s resale value or if it is something that can be put off. It is important to know that replacing your roof increases the price of your home value in a number of significant ways.
From mitigating cooling and heating costs to improving your home’s aesthetic qualities and curb appeal, the benefits of replacing your roof stack up rather quickly. There are even more benefits than these. Nevertheless, homeowners seldom see a new roof as a key part of improving their property’s value. In this article, we will go over some of the main ways a new roof will increase the price of your home value.
Though it may come as a surprise, installing a new roof is a better property investment than many more common household renovation projects. In fact, a new roof will likely increase the price of your home’s value more than a remodeled bathroom, new windows, a finished basement, a garage addition, a remodeled or newly installed deck, and more. On average, a new roof adds $12,000 to a home’s resale value. More than 60 percent of your new roof’s installation costs are generally recovered simply by the price increase to your home’s value. Few, if any, other home improvement projects carry the same return on investment.
Installing a new roof also increases your home’s aesthetic qualities and curb appeal. New roofing options like metal roofing, cedarwood, and architecture-grade asphalt shingles give more design options than ever before. A new roof is already appealing to many buyers, but this is even more true when the roof is designed to suit the individual property. There are so many options for shingles that practically any look, rustic or modern, can be created. This gives you great flexibility in customizing your home’s look.
Today, new roofing comes with much longer warranties than in years past. It used to be that asphalt shingles came with warranties up to 20 years. Premium shingles today, by comparison, can come with anywhere from 30 to 50-year warranties, depending on the type. This removes all worry from the equation since in many cases warranties can even outlast homeowners! The extended life span of a new roof is one of the most powerful returns on investment you can give to your property.
When you install a new roof, it will come with Energy Star approved shingles that are designed to reflect heat. This can dramatically lower heating and cooling costs inside your home. Energy efficiency is increasingly important to homebuyers as they consider their energy costs and environmental impact. Newer shingles let your home save you money while helping the environment.
Inspection issues are a constant worry for homeowners during a home sale. Thankfully, a new roof helps mitigate these worries. Inspectors and appraisers are bound to notice issues with your roof, and any existing problems will negatively impact the price of your home value. In many cases, roofing problems can delay home sales. At worst, they can make least potential buyers to pass on your property altogether. A new roof increases your property’s listing price and your negotiating power. It also increases what buyers are comfortable offering. Perhaps most importantly, a new roof can prevent a buyer from backing out at the last minute.