Unlike applying a fresh coat of paint or replacing burnt-out bulbs, getting a new roof is a big decision and a hefty investment. It may not be a popular home project as remodeling and fixing your interior, but having a new roof installed on your home has several definite advantages. Not only does it improve curb appeal, but it can also increase home value when you decide to sell.
But how much value does a new roof add to your home? Unfortunately, the return-of-investment isn’t as clear-cut as you think, and you might not even see a complete financial return. You’ll have to weigh several factors, which we’ll discuss below, to help you make an informed choice and see if a new roof is a smart investment.
If we consider the primary functions of a roof, it makes sense why it has a significant impact on the overall value of a home. A roof acts as a permanent umbrella that protects from the elements, including the sun, rain, wind, snow, hail, and more. If you’re using the latest, high-tech materials, your roof is also a thermal barrier that provides insulation by retaining heat in the winter and cool air in the summer.
But that’s not all of the things your roof can do. A new or updated roof also boosts the appearance of your home from the outside, and any real estate agent will tell you how invaluable your home’s curb appeal is. That’s why even if your home has an outstanding interior design, a roof that’s degrading and falling apart will still deter your potential buyers.
Not only does a new roof give the impression of a home that’s well taken care of, but it also signals buyers that they have nothing to fuss over. Home hunters have sharp senses when it comes to any imperfections. They see all these issues as expensive projects they have to take care of once they acquire the property. No one will be willing to pay you a high price if they think there’s still more for them to repair and fix.
According to Zillow, you will likely see a return of investment of around 60 percent with a new metal or asphalt shingles roof. It can increase your home resale value by about $17,000 based on the 2021 national average. Even if you don’t get a full rate of return, that doesn’t mean you shouldn’t consider this home project. Keep in mind that a degrading roof can hurt your chances of selling as much as it affects your home value.
Replacing a roof can put a dent in your bank account, so you need to be sure you truly do need a new one. But how do you tell if it’s time to call in the experts and get a new roof installed? Before we discuss the tell-tale signs your roof needs a replacement, you need to know a new roof’s lifespan.
Depending on the material, a new roof can typically last up to 20 to 25 years. Even if it looks good from the ground, you need to keep an eye out and prepare for a replacement if your roof is nearing the end of its life expectancy.
If your roof has been regularly inspected and maintained, you might be able to enjoy more years out of it. But if you live in an area that experiences severe weather every year, all the care in the world can’t save it from an eventual need for a total replacement.
Here are other tell-tale signs your home badly needs a new roof:
Replacing a roof is no easy task, nor is it also cheap. The process involves tearing down everything from the roof to the deck, then putting on the new materials. It’s a task that most homeowners dread and should be left to the experts. But if you think your current roof will cause problems when you sell your home, then you should replace it before listing.
However, there are times when a roof repair is a better option. You don’t have to waste your time and money to replace the whole thing when there are only a few issues. But to help you decide which option is best for your home, consider consulting a trusted roofing contractor. They can inspect your roof and recommend the proper solution you need.
When deciding whether to go with a roof replacement project or roof repair, there are a few things to consider. First, you need to find out the age of the roof. If it’s nearing or already at its lifespan, the roof will start showing signs of aging and damage. Total replacement is better than constantly doing repair works.
Next, you need to check the extent of roof damage. If you only have minor issues that don’t affect your roof’s long-term performance, you can opt for a simple repair. You should also consider your geographical area. Extreme weather and natural disasters can severely compromise your roof’s structural integrity and will require a roof replacement.
While deliberating how much a new roof adds to your home, we should also look at the short and long-term value. There’s one thing that a new roof installation immediately adds to your home aside from the protection from elements. It transforms the property and improves the outdoor space, which is vital if you want to sell your home. For some homeowners, this reason alone is worth the investment.
While the short-term value of a new roof is the increased attractiveness of your home, the long-term value is the longevity of this benefit. Today’s roofing materials are much stronger and have more options for designs. It means that with a new roof, you can indulge in the beauty of your property for 20 years or more and experience fewer issues.
Even if you don’t see a complete financial return, a new roof can increase your home’s marketability, lower its time in the market, smoothen negotiations, and attract strong offers. It doesn’t always have to be about the resale value. Sometimes, selling your home quickly rather than letting it sit in the market until you mark it at the lowest possible price is enough.
If you’re not planning on selling your home yet, a new roof will provide you and your family several benefits. One of the top reasons homeowners decide to install a new roof is improved energy efficiency. Those cracks and holes on your roof allow heat or cold air into your home, leading to significant energy loss.
A new roof investment also protects the air quality in your home. It keeps leaks and moisture away, which are responsible for mold growth. Lastly, getting a new roof will protect your home with a new warranty. Once it’s installed, you won’t need to constantly worry about its condition. You’ll have peace of mind that the warranty covers any roofing repairs that arise.
If you’re going for a total roof replacement, you have several options for roofing materials. Here are some of the most common materials and their cost per square or 100-square feet:
Before you sell your home, you need to ensure you’ve taken care of all repairs and maintenance tasks, including any roofing replacement needs. Again, the decision of whether to get a new roof or not relies on the age of your roof, the extent of damage, and your location.
If you think your current roof will affect your home-selling process, then it’s best to install a new one before listing. You will likely reap several benefits, including increased home value, better offers, and faster selling time, from your new roof.
There’s no denying that a new roof increases the value of your home. But if you’re planning on selling, keep in mind that you won’t likely get 100 percent ROI. Sometimes getting a new roof isn’t the best decision. It’s not an easy project, and it will probably cost you a lot.
Before you decide on whether to proceed with a roof replacement or not, you need to consider if it will affect your selling process. The trick is to consult with a roofing contractor to ensure you pick the smart choice. They can assess the condition of your roof and see if you need minor repairs, complete replacement, or nothing at all.
Researching about rewiring your home? Read ”How Much Does it Cost to Rewire a House?” to learn more.