Having a new roof installed has many benefits and can be a persuasive selling point to potential home buyers when you’re ready to put your home on the market. Not only will replacing your roof improve your home’s appearance, it provides the opportunity to upgrade to the latest roofing technology, address damaged areas and provide better insulation to save on heating and cooling costs.
If your roof is 15 to 20 years old, it is likely nearing the end of its lifespan and can quickly lead to costly damages, huge insurance claims, and unexpected emergency roofing services. Replacing your old roof can give you peace of mind and help you get the most money for your home when you’re ready to sell. In this article, we’ll dive into how replacing your roof can increase your home value and the top benefits of a new roof.
Does A New Roof Increase Home Value?
Your roof plays a major role when it comes to the curb appeal of your home. There are no second chances when it comes to making a great first impression to potential home buyers. If your roof is in bad condition, it can deter buyers from even stepping foot inside. Afterall, many buyers prefer homes that do not need structural work that will require them to spend a lot of money after just moving in. An old roof can also be problematic if you need a home inspection. If the inspector identifies problems with your roof, it provides the buyer with more negotiating power. A buyer could even rescind their offer all together, forcing your home to remain on the market longer.
Replacing your roof shows you maintained your home and have protected it from water damage due to a leaky roof. With new roofing technology, you can take advantage of more durable roofing materials, and more aesthetic options which can be a major selling point. In fact, 32% of real estate agents said a new roof recently helped them close a deal. Attracting more home buyers can lead to multiple offers on your home that could result in a bidding war and drive up the final sales price. While the initial cost of a new roof is a large expense, it can ultimately increase the value of your home to help you yield top dollar when you’re ready to sell.
How Much Does A New Roof Increase Home Value
When looking at data for how much a roof increases home value, the results were mixed. In a 2022 Cost VS. Value Report, the average cost of a new roof with asphalt shingles was $31,755 in the Midwest Region, and increased the home value by $17,728. This works out to a 59.6% return on investment. Another study revealed homeowners recouped 72% of the cost after adding a new roof. Yet the National Association of Realtors 2022 Remodeling Impact Report described the cost recovery from new roofing is 100%.
Many factors such as the housing market conditions in your area, type of roof you choose, and condition of your old roof can affect how much a new roof will increase your home’s value. With all things considered, replacing your roof is a renovation project that you can expect a relatively high return on investment.
Benefits Of A New Roof
Replacing your roof now allows you to reap both the short-term and long-term benefits. Some new roof benefits include:
- Energy efficiency: With more innovative roofing materials available, replacing your roof can make your home energy efficient. This will save you money on heating and cooling expenses.
- Safety: Newer roofing materials are more durable which better protect your home against high winds, rain, storms, debris and falling tree branches.
- Protect against water damage: – A leaky roof can lead to expensive repairs due to water damage, which can also lead to mold growth. Breathing in mold is a serious air quality concern that can lead to health problems for your family. A new roof will address any defects your old roof had to prevent the negative side effects of water damage.
- Peace of Mind: Having a new roof installed by a reputable roofer and covered under warranty can give you peace of mind knowing your roof is in good condition.
- Curb appeal: A new roof can immediately increase your curb appeal, giving you a sense of pride when you have company over, and can help sell your home quicker.
- Smooth home inspection: When it comes to selling your home, replacing your roof can help you mitigate any red flags on the roof inspection that could delay or hinder a sale.
- High return on investment: A major benefit of a new roof is that you can recoup a large, if not all, the costs of replacing it.
Replacing your roof now allows you to reap the many benefits of a new roof and will set you up for success when it comes to selling your home later. Talking to a professional roofing contractor can give you a better understanding of what options are available to you and how much it will cost.
Reimer Roofing is an award winning roofing company with an A + BBB rating. Located in New Berlin, we serve the Waukesha County area and beyond. We offer over 20 years of roofing experience, and provide custom solutions for every architectural style, functional need, and aesthetic. Check out our work and get a free estimate today!