Does A New Roof Increase Your Home Value?
First things first, a house is supposed to have a roof.
Keeping up a roof is normal home maintenance. When a buyer makes an offer, they assume the roof is there and is doing the job it’s supposed to do. It is not an add on but tied into the price tag. The home buyer’s not acting entitled for thinking his new buy should have actual shelter.
BUT…
REPLACING YOUR OLD ROOF - IS A GOOD INVESTMENT
Consider it a huge bonus to potential buyers. They view this as one less major project on their plate and are often willing to pay more for it. A new roof will give you more negotiating power than if you left your roof as-is.
If you are replacing your roof shortly before selling, don’t spend the high dollar amounts or do the bare minimum, go midrange. Buyers can see if you did the bare minimum and they most likely won’t want to pay for the upscale option. Midrange is your best bet for a high return on investment.
Compared to other house projects, replacing your roof does have a pretty high return on investment, but it doesn’t mean you can necessarily mark up the asking price dollar for dollar what you spent on the new roof. The investment of a new roof itself is easily recouped when you sell your home, allowing you to get back 70 percent of your investment.
CURB APPEAL IS MORE THAN YOUR LAWN AND FLOWERBEDS
Furthermore, a new roof increases your home’s curb appeal, giving your property a modern, updated appearance. Potential homebuyers are attracted to homes with new roofing installations. Knowing you don’t have to replace your roof for a few decades gives buyers a huge peace of mind.
An aged roof is less visually appealing and might give the impression that your home hasn’t been properly maintained. If your roof looks rough it could keep potential buyers from even looking at your home. They may get the impression that there are more repairs to be done (even if there aren’t), and go running for the hills.
Homes that have better curb appeal (like those with brand new roofs) sell faster than their neighbors. That’s a no brainer. If you plan on redoing your roof before you sell your home, just be sure to choose neutral colored shingles. A neutral color has more curb appeal and is less likely to scare off potential buyers.
If you know that you eventually want to sell your home, this is truly one of the best investments you can make. Just make sure that you hire the right professionals to install the roof, so you know that the job was done right the first time.