Are you considering a new roof for your home? The benefits of a new roof include increased resale value, a prettier and more modern appearance, cheaper utility costs, and better warranties, even though it is less popular than interior room upgrading.
Roofing isn’t the first thing that springs to mind when it comes to home improvement projects that raise the value of a home. However, Remodeling Magazine’s study shows that a new roof can have a significant impact on the value of a property when it is resold.
In this article, we’ll break down the answer to the question, “how much does a new roof increase home value?”.
How Much Does a New Roof Increase Home Value
According to a comprehensive annual survey conducted by Remodeling Magazine, a wide range of home renovation projects are analyzed for their return on investment. The poll covers a wide range of remodeling projects, from bathroom renovations to finished basements, new decks to window replacements to garage additions.
A NARI/NAR poll found that 45% of Realtors suggested sellers add new roofing before attempting to sell, and 32%t stated roofing was what helped them clinch the deal. The 2017 Remodeling Impact Report is based on the results of this survey. The company claims that the recovered costs outweigh the costs incurred (109%).
You should expect a good return on investment when you replace your roof, but that doesn’t mean you can mark up the asking price to reflect your new roof’s cost to the full extent.
Benefits of a New Roof
If you’re planning to put your house on the market, your money on conserving or upgrading the roof can help you get a better price. A property’s ability to sell depends on the state of its roof; a house with a brand new or well-maintained roof will sell more quickly and for a greater price than one in poor condition. Because of this, if your roof is in bad condition, a roof restoration will significantly increase the value of your home.
With a new roof, you can solve all of your roofing issues at once. Roof replacement is more cost-effective if the condition is more serious. Get a professional roof inspection if you’re unsure about the present state of your roof.
If your roof is in poor condition, having it fixed or a new roof put on will significantly boost its lifespan and appeal. Your roof’s warranty will be extended by 20 to 50 years if you get a new roof. The less likely you are to have to replace your entire roof due to structural deterioration, the more you invest in regular roof maintenance.
Upgrade Roofing Technology
Roofing materials have begun to evolve in response to the growing importance of energy efficiency. To help you save money on your energy bills, there are many different types of asphalt shingles on the market today.
The “new car fragrance” can be compared to the worth of a new roof in the short run. To put it simply, a new roof is like a facelift for a house. It enhances its visual appeal from the street.
Roofs are built to last, so even if the short-term cost savings are enticing, it is the long-term savings that most homeowners want to realize. “Long” is a relative phrase, as asphalt’s “long” lifespan is approximately 20 years. A slate roof’s “long” lifespan can range from 75 to 200 years, depending on the slate’s quality (soft slate will last around 50 years).
Be sure to have your roof inspected on a regular basis so that any essential repairs may be taken care of in a timely manner.
Because a new roof is one of the simplest methods to improve a home’s exterior appeal, working with the appropriate roofing company can raise a home’s resale value. You’ll have a difficult time attracting buyers if the first thing they see is a sagging, damaged, and old roof. Depending on the material you choose, a new roof can drastically alter the exterior of your house, which can be a huge selling point for anyone looking to buy a house. 40% of your home’s first impression comes from the roof!
How Does a Reroof Compare to Other Home Renovations?
It’s a good idea to conduct some home improvement before you put your house on the market because of the return on investment (ROI). Adding a premium master bedroom, a rear patio, or a mid-range bathroom is more expensive than installing an asphalt shingle roof.
When it comes to home improvement, a new roof isn’t nearly as cost-effective in comparison to a simple kitchen redesign or an upmarket garage door replacement. Compared to a new roof’s 68-109 % gain in value, these upgrades have the potential to increase the value of a property by more than 80%.
Your home’s outside appearance is also influenced by the condition of your roof. Your home’s curb appeal is essential to attracting potential purchasers. It is also your first opportunity to make an impression on them.
How Much Does a New Roof Cost?
When estimating the price of a new roof, there are a number of factors to take into account. As a first step, consider the materials you’ll employ, as asphalt shingles are the cheapest option for those on a restricted budget. Slate and tile, for example, require a budget of at least $1,500 for a 10 by 10-foot area.
Next, think about the size of your roof’s area. To properly cover a larger roof, more material will be required. A larger roof will necessitate more workforce, so keep that in mind as well.
Are there any impediments on the roof, such as skylights, ventilation systems, and so on? This is an important question to ask yourself. The difficulty of working on a steep roof will raise the cost of labor. Costs will rise as a result of having to work around obstacles.
What type of roofing material should I use?
Matching your present roof material is important when you’re just replacing some shingles or a section of it. However, if you’re doing a complete roof replacement, your alternatives expand.
Is it Time to Replace Your Home’s Roof?
A real estate agent can help you determine if a reroof is in your best interest and what kind of roofing material is used on the other properties in your area to maximize your investment. You may be able to get a better offer if buyers in your area are looking for energy efficiency or premium shingles.
Get in Touch with Paragon Remodeling to Learn More about How Much a New Roof Increases Home Value
A new roof is a big investment, and you should take the time to find a trustworthy roofing contractor to complete the job. We advise hiring a great roofer at the most affordable rate. How much should you expect a new roof cost? The investment varies depending on your location, but compare quotes from at least three local roofing installers to find the best price. Get in touch with reliable roofing contractors like Paragon Remodeling today to learn more about how much a new roof installation costs in your area!