Does a New Roof Increase Home Value? What Buyers Should Know
So, you're buying a new home?
Congratulations, you're at a very exciting time, on the cusp of starting a beautiful new chapter of your life. Sure, it's stressful, but a new home can be a breath of fresh air in so many ways.
Of course, the cost of your new home will be a big, if not the main, consideration. A home's value depends on various factors, including size, location, school districts, and condition.
Sellers want to get the highest price for their home, so they often emphasize its best qualities. They may go as far as renovating the carpets, windows, and even the roof to make it more appealing to buyers.
This is something to think about.
Installing a new roof can recover over 60% of its cost when selling a house. However, there is limited data available after 2019. With this impressive ROI, it's no wonder that a roof replacement can increase home value by thousands of dollars.
This guide examines the impact of a new roof on property value. It also explores the various factors that influence this increase. Additionally, it provides sellers with strategies to maximize their return on investment. However, we're focusing on you, the buyer's perspective, on things to consider when assessing an aging or recently replaced roof.
Let's get into it.
How a New Roof Increases Home Value
Roofs are undoubtedly expensive, with the average costing around $10,000, with the peak around the $12,000 mark. Therefore, it'll clearly put up the property's value for buyers.
But is this worthwhile?
In short, yes, it absolutely is, and it benefits you, the buyer, tremendously. Always choose a new home with a good roof over an old one with a broken roof.
This is because of several reasons.
Firstly, envision yourself encountering a beautiful-looking house, but notice that the roof is messed up and requires replacement. Would you like to purchase this house or invest in a home that is ready for immediate occupancy for your family? - Do you want to buy this house? - Or would you prefer to spend your money on a home that you can move into right away with your family?
Unless you're looking for a project, you're likely seeking the latter. From a seller's perspective, having a broken, in-need-of-repair roof will only push people away from buying your home.
Selling your home can be expensive and risky. If it's not selling, you may have to lower the price to make it more appealing and avoid losing money. This is especially the case if the buyer must spend an extra $12,000 to get it done themselves.
On the other hand, replacing the roof gives a lot of benefits.
The house is move-in ready, with no price tag. The house is ready to move in and does not have a price tag. It also comes with warranties and guarantees for the new roof. You can transfer these warranties and guarantees to the buyer, ensuring that the roof of your new home is protected.
All this covers 60% of the original roof replacement cost.
Other benefits to consider regarding a roof's impact on home value include;
● Curb Appeal: A worn or damaged roof is an eyesore. Shingles cracked, buckled, missing, or covered in algae/moss detract from a home's aesthetics. A new roof transforms the home's exterior and makes it more visually appealing to buyers.
● Energy Efficiency: Old roofs often leak and cause energy loss. A new roof helps regulate indoor temperatures more efficiently, reducing monthly utility bills. This savings appeals to buyers.
Reduced Maintenance: An older roof will likely need repairs sooner than a new one, costing homeowners money. Replacing it eliminates the need for major repairs or replacements for years, making it a safer investment for buyers!
Factors Affecting How Much a New Roof Increases Home Value
So, we know that getting a new roof can increase the value of a home you're looking to buy. And this roof doesn't have to be brand-new, but someone must have installed it over the last few years.
A five-year-old roof is still considered pretty new by most.
How does it increase home value and what is the cost? You don't want to be stung by a seller claiming they have a new roof, and, therefore, the price will be super high when it's not actually worth that much.
Let's look at some of the variables.
Materials are crucial for the quality of a roof. You're looking for materials like asphalt, wood, slate, metal, and tile that offer various benefits. Quite simply, the more expensive and longer-lasting the materials are, the higher the boost in value.
Quality is crucial. If the homeowner installs the roof themselves, it will add less value compared to a professional and high-quality installation. It pretty much defines the lifespan of the roof.
Always inquire about the contractors and if there is a guarantee or warranty, as it shows the quality of the work.
If the property you're thinking of buying comes with any unique features, such as a new roof on a coastal home or luxury property, this will typically net more than basic tract housing in a depressed market.
For example, a metal roof on an upscale East Coast home could increase resale value by $20K, while a basic asphalt shingle roof on a Midwest ranch adds only $3-5K.
Why Buyers Value a New Roof
As a home buyer, you're always looking for the best value for money. Getting a new roof adds value to your home and has many benefits, making it a worthwhile investment.
These benefits include, but aren't limited to:
● Peace of mind knowing it's unlikely to need replacement soon (roofs tend to last between 25 and 50 years)
● Avoiding hassle/risks of repairing/replacing an older roof themselves
● Improved home durability and energy efficiency
● Enhanced curb appeal
However, buyers may have concerns about recent roof work:
● Was it installed properly and by a reputable company?
● Are the shingles/materials good quality with long warranties?
● Does the style match the home?
Keep all this in mind when looking for your home, as it can make the difference between a below-average purchase and a great day. Consider a new roof that is less than 5 years old. Make sure it has a warranty from a trusted brand or contractor.
Tips for Maximizing Your New Roof
● Lastly, in this guide, we'd like to mention a few helpful suggestions to maximize the benefits of your new roof. At Roof Republic, our experienced team wants to make sure you have a good experience.
● Our team at Roof Republic wants to ensure you have a positive experience. We strive to offer new roofs made of high-quality materials. These materials come with long warranties, such as asphalt shingles that have a lifespan of at least 30 years.
● Look for attic ventilation and insulation for better energy efficiency.
● Select a style and color complementing your home's design.
● Time the replacement right before listing your home.
● Highlight the new roof in the listing description and use it as a negotiation point.
● Get at least 3 estimates and check roofer credentials to find the best value.
For buyers, carefully inspect the roof and research the company that installed it.
Also, factor in savings from energy efficiency and reduced maintenance costs.
Getting a new roof is usually worth it because it increases the value of your home and helps it sell faster.
Investing in a new roof before selling your home can greatly increase its value, making it more attractive to buyers.
It sets buyers at ease, knowing they're putting their money into a low-maintenance property without immediate added expenses.
Besides enhancing the home's aesthetic appeal, a refreshed roof can increase energy efficiency—contributing to long-term savings.
Roof Republic helps home buyers evaluate the value of a house with a new roof.
Our seasoned team is available to share their industry expertise, helping you attain clarity and make informed decisions about your property. Ensure a worry-free home-buying journey with Roof Republic.
Reach out to us today and see how we can help you!