Are you looking to sell your home, and you’re wondering what the property value of your house is? It may not be great if you haven’t done many renovations. Have you spoken with a real estate agent who advised a roof replacement due to a sagging roof? If so, you may want to replace your roof to improve your resale value.
If you’re unsure whether to complete a total roof replacement, you should consider the costs of a new roof installation and your return on investment (ROI). How much value does a new roof add to your property? Keep reading to find out!
Why You May Need a Roof Replacement
You may need a new asphalt shingle roof or a metal roof for numerous reasons. You may need to enhance the look of your home and boost the curb appeal to gain more home buyers and bids on your property.
You may also want to renovate with new roofing technology. Solar heat panels can make your home gain energy efficiency and become more environmentally friendly. You can even get asphalt shingles that reflect solar heat.
A new roof today also has new technologies and advancements that can increase your warranty length. Lastly, installing a new roof should increase your home’s appraisal value.
Does a New Roof Increase Home Value?
Common roof replacement types will increase the value of your house. The roof is an important part of the home, so you’ll gain more money from a sale due to a new roof. Also, consider that the roof works as an insulator for your house and provides energy efficiency for the property.
The roof also plays an impact on the overall look of your home. An attractive, quality roof will ensure more buyers show interest in the property and give a larger offer on the property.
How Much Value Does a New Roof Add to Your House?
According to the average national cost, a new roof will boost your home’s resale value by approximately $12,000. Depending on the roofing material and the state of your current roof, a new roof should give you an ROI of 60 to 68 percent.
Even though you won’t get 100 percent back of your investment, a roof replacement often provides a better ROI than other renovations.
Should You Get a New Roof Installed Before You Sell Your Home?
When choosing whether to install a new roof, you will need to consider the costs of a roof replacement as well as the return on investment you’re likely to get after selling your property. Do you have enough money to cover the renovation? You can also choose to perform a smaller roof repair if you lack the funds for a complete roof replacement.
Improve Resale Value With Roof Repair Options
Depending on your budget and the state of your current roof, you can pursue other types of roof repair options instead of installing a completely new roof, such as via a tear-off roof replacement. Below, we delve into a couple of possible options.
You can pursue partial re-roofing if only sections of your roof need new asphalt shingles. However, you should not complete a partial re-roofing too often, as it will lead to an uneven slope. If your home has multiple layers of roofing already, you may need a total roof replacement.
Replacing Asphalt Shingles
Sometimes, tree branches can break roof shingles. One of the easiest and cheapest ways to improve the look of your roof is to replace broken or chipped asphalt shingles. Make sure the ones you replace them with match the rest of the roof.
How to Improve Home Value and ROI With a New Roof
There are several ways you can maximize your return on investment with this renovation. A few good tips include:
- Removing old shingles when installing a new roof instead of layering new ones on top of the old roof
- Maintaining your roof over the years
- Picking quality roofing materials
- Transferring the roof warranty to the new home buyer
How Much Does a Full Roof Replacement Cost?
The average national cost for installing a metal roof is around $38,600. Yet, you’re likely to increase your home value by around $23,526 after installing a metallic roof. The average cost is usually $22,636 to install a new asphalt shingle roof. The new asphalt shingled roof should increase your property value by around $15,247.
What Roofing Materials Should You Use for Your Home’s Roof?
If you are only repairing part of your roof, you will need to use roofing materials that match the rest of it. However, if you are replacing the roof entirely, you have more materials to choose from.
An Asphalt Shingle Roof
Asphalt shingles are easy to install and a durable option for your roof. They are affordable and a popular choice as well.
Metal Roofing Materials
Metal roofing materials are customized to fit your roof. While these materials are expensive, they are very durable and can last as long as 50 years.
Slate shingles are made out of genuine stone. As such, slate roofs often don’t need replacing for around 100 years. Yet, they’re a very expensive option.
Wood shingles tend to cost twice as much as asphalt shingles. However, they last about as long as asphalt shingles, at around 25 years.
Clay, Tile, or Cement
Spanish-style homes often use cement, clay, or tile shingles. These are very expensive and cost about three times as much as asphalt shingles. Yet, they last anywhere from 50 to 100 years.
The Final Word
So, how much value does a new roof add to your house? Now, you should know the answer is about $12,000 on average. So, while you may not get a full return on investment from a roof replacement, you may still want to pursue one to attract more buyers and ensure a quicker home sale.