Will a New Roof Increase Your Home’s Value?
A new roof is one of those costly, no-fun expenses that are sometimes necessary. No one “wants” to fork out the money to replace their roof. It is a pricey endeavor, but it is often a smart decision. If your roof is compromised or damaged, it is an urgent, must-do project. If you are contemplating putting your house up for sale soon, it can be beneficial. A newly installed roof will enhance your home’s aesthetic appeal making it more marketable to prospective buyers. If you are trying to decide on repairing your roof or replacing it altogether, there are a few things to consider and of course, consulting a reputable, experienced company like Freeman Roofing is a wise choice.
Is It Necessary to Invest in a New Roof?
Is investing in a new roof necessary right now? Well, if your roof is reaching the end of its lifespan or has significant damage that may compromise the integrity of the home, then the answer is a resounding yes. Not replacing a failing roof can result in many other issues within your home and negatively impact its value. This scenario is cut and dry.
Selling Your Home
Are you putting your home on the market and contemplating installing a new roof? This one is a little more complex. There are many things to consider but the bottom line is, will a new roof increase my home’s value?
Curb Appeal
The exterior of your home is the first impression. Given the amount of geographical space a roof covers on your house, it has a huge impact on curb appeal. According to Remodel Magazine, a new roof recoups approximately 68.4% of the out of pocket investment. This places it above both kitchen and bathroom remodel/replacements. Real estate agents agree that an attractive and well-maintained roof is a large selling point. A neglected roof sends a red flag to potential buyers that there could be underlying problems and makes them question what other maintenance issues exist within the home. Additionally, seeing a home with a new roof gives them the reassurance that they will not be faced with that expense any time soon. This will help your home stand out and make it a more attractive, wise investment to a buyer. Homes that sell quickly typically net a higher price point than a home that sits on the market for an extended period of time. Selling quickly is important to your bottom line.
Inspection/Appraisal
When an offer is written on your home, unless it is a cash buyer, an appraisal and inspection will be ordered. If you have replaced your roof, make sure the appraiser is aware so he can assess value appropriately. If the roof has not been replaced and requires maintenance, this will show on a report and often a bank will not approve the loan until the issues have been fixed. This will delay the closing process which can have negative consequences to you financially.
Repair vs. Replacement
Is replacing the roof always the right choice? Not always. If your home’s roof has a benign maintenance issue that is repairable, replacement may not be the best return of investment for you. If the roof is still aesthetically appealing and the repair is trusted to an experienced professional, this is likely the wisest route to take. Repair is much less costly than a new roof and in some cases is the smarter choice.
Will a new roof increase the value of your home? It will certainly make it more appealing. Additionally, it increases the energy efficiency of your home and prevents other damage from occurring if the current one was impaired. The bottom line is yes, a new roof will add value to your home. An appraiser will take note of a new roof versus one in need of repair or replacement. If selling your home, you may not fully recoup the full cost of your investment, but a home that sells quickly without inspection concerns will result in a higher profit. A new roof is a big investment and is not a decision to take lightly. Call the experienced professionals at Freeman Roofing for a free no-obligation quote.