Your home is an investment, regardless of whether you plan on living there for the rest of your life or intend to sell it eventually. It’s vital to make sound decisions when it comes to improving your home and increasing its value. Additionally, if you plan to remain in your home for the rest of your life and pass it on to your children, boosting its value can provide them with security and peace of mind for many years to come.
How much can a new roof improve home value?
According to a recent Cost Vs. Value report, the average American homeowner can expect to spend upward of $20,000 on a new asphalt shingle roof of medium-level quality. This translates into more than $15,000 additional property value, an almost 70% return on investment when it comes time to sell the home.
Interestingly, another report from the National Association of the Remodeling Industry claims that new roofs can provide more than a 109% return on investment. This means that investing in the right type of new roof for a home could turn a profit despite the high initial expense.
How to determine the strength of your investment
The main reason for any homeowner to arrange a roof replacement is to ensure the structure’s safety and security. If you need a new roof because of storm damage or simple wear-and-tear, there are a few steps you must take to ensure your investment in a new roof has the return you expect.
If you believe you need to replace your roof before selling your home, the first thing you must evaluate is the state of your current roof. It’s commonly understood that a homeowner selling their home must provide a potential buyer with a thorough list of all known issues with the house, including records of recent major improvements and renovations completed in recent years. A potential buyer will be much more interested in a home with a relatively new roof than a home with a roof that will likely require replacement soon.
If your current roof is in relatively good shape, it is still vital to consider the average lifespan. An asphalt shingle roof can last 20 to 25 years under normal conditions in most climates, but this is not a guarantee your roof will last this long. Based on this average, if your roof has less than 10 years left, it’s a good idea to consider replacing the roof to make it easier to sell your home and at a higher price than you might initially expect, thanks to the additional value the new roof offers. However, if you just had the roof replaced a few years ago and plan to sell it within the next year, investing in yet another roof replacement likely won’t yield much of a return.
Learn how to research your local market
Competition is present in every marketplace, including the real estate market in which you will list your home. It’s crucial to carefully research properties for sale in your region that are similar to your own. Look at square footage, number of bedrooms and bathrooms, and other listed amenities. You might be surprised to see many of the property values in your region for homes similar to your own. An experienced real estate agent will help you discern the appropriate price range for your home and may be able to offer more specific advice concerning your plans to replace your roof before listing your house for sale.
Choose your new roof materials carefully
It’s common for homeowners to make the mistake of assuming that investing in the highest quality roofing materials means they can increase the sale price of their home. The reality is that if your new roof stands out from your neighbors’ homes, it will reduce the visual cohesion of your immediate area and will likely have the opposite of the intended effect. Given a choice between high-end roofing materials that do not match your neighborhood and medium-quality materials that will appear more cohesive, choosing the latter will almost always be the preferable option with a higher return on your investment.
One of the best steps to boost property value with a new roof is to consult a reputable and experienced roofing team. At Able Roof, we understand that a new roof is a crucial investment for any homeowner. Contact us today to learn more about the roofing services we provide, and our team will help you select a new roof that yields the return you expect.