Imagine standing before a beautiful house. It’s got the perfect lawn, an inviting front door, and charming windows. But then you look up and see a sagging, worn-out roof that clearly hasn’t been replaced in decades.
Your impression changes instantly, doesn’t it? That’s because a well-maintained roof is not just functionally important; it actually contributes to your home’s curb appeal – which directly affects its market value.
In this blog post, we’re going to dive into the question: Does getting a new roof increase home value? We’ll dig through facts and figures from real estate reports to determine whether this substantial investment can indeed give your property a serious boost in worth.
Does A New Roof Increase Home Value?
A new roof can increase home value in multiple ways, including providing a return on investment, enhancing aesthetic appeal, and improving the functionality of the house.
Average Increase In Home Value from Asphalt Shingle Roof or Metal Roof
A new roof installation can significantly boost your home’s worth, much more than you might anticipate. On average, homeowners see an increase of approximately $15,427 in their property value after installing a new asphalt shingle or metal roof.
Consider this scenario: A homeowner spends roughly $38,600 on a full roof replacement. Once metal roof replacement is completed and inspected by a qualified contractor, the house could potentially hit the real estate market with an increased asking price.
Return On Investment from Asphalt Shingles or Metal Roof
Investing in a new roof might seem like a substantial financial burden at the outset, but it is one that can yield significant returns. The national average return on investment for new roofing materials or replacement lies between 60 to 68 percent.
Let’s take a real-world example which illustrates this point effectively. Assume you decide to replace your aging roof with new asphalt shingles before putting your house on the real estate market.
You spend about $20,000 on the entire roofing project – from hiring qualified contractors to buying high-quality roofing materials. After installation, not only does your property have enhanced curb appeal and energy efficiency – two factors prospective home buyers highly consider – but also its appraisal value shoots up by about $14,000 (a 70% return).
It’s important to mention though; these figures are averages and actual returns can vary depending upon various factors including local market conditions and life span of different roofing materials used.
Aesthetic And Functional Value
A new roof unquestionably enhances both the aesthetic and functional value of a home. Imagine driving past a house with an aging roof, missing shingles, or visible damage – it’s not exactly the picture of curb appeal, is it? Now consider that same house but with two new roofs, an asphalt shingle roof or maybe even a metal roof gleaming under the sun.
In terms of function, nothing beats high-quality roofing materials such as new asphalt shingles or metal roofs for ensuring durability and protection from elements like wind, hailstorm, snowfall.
These materials are designed to last longer than older options while providing excellent insulation—ensuring energy efficiency throughout various seasons which can significantly lower your energy costs.
Additionally, having a full roof replacement ensures water-tight sealing against potential leaks; hence avoiding structural degradation over time—just another way how installing a brand-new asphalt shingle-roof will pay off in many homes’ long-term value.
Factors To Consider When Getting a New Roof
When determining whether a new top roofing contractor will increase home value, there are several important factors to consider.
Roofing Material And Quality
The roofing material and quality play a crucial role in determining the impact on home value. Different roofing materials have varying levels of durability, aesthetics, and maintenance requirements.
For example, asphalt shingle roofs are widely the most popular roofing material due to their affordability, versatility, and ease of installation.
Investing in high-quality roofing materials can significantly enhance your home’s curb appeal and overall value. A well-maintained roof that is made with durable materials can also be viewed as a sign of a well-cared-for property by potential buyers.
Moreover, the type of most popular roofing material and material you choose can affect the long-term costs and benefits associated with owning a house.
By considering both the quality of materials used for your new roof and their long-term benefits in terms of functionality and aesthetic appeal, you can make an informed decision that contributes positively to your home’s overall value.
Local Market Conditions
The local market conditions play a significant role in determining whether getting a new roof actually increases home value. In areas where there is high demand for homes and limited supply, a new roof can be a major selling point.
For example, imagine you’re trying to sell your house in an area with many other similar properties on the market. If most of these houses have an very old roof or existing roof that is worn-out or needs roof repair, having a new roof can give your home a competitive edge.
Additionally, local market conditions can influence how much value is added by various roof materials add a new roof. In areas where hot climates are common, energy-efficient roofing materials like cool roofs may be highly desired by buyers due to their ability to reduce energy costs.
In conclusion, understanding the local market conditions is essential when considering whether getting a new top roof installed will increase home value.
Appraisal And Insurance Implications
Appraisal and insurance implications are important factors to consider when getting a new roof. A well-maintained and updated roof can increase the overall value of your home in the long term roof value and eyes of appraisers.
Additionally, insurance companies often take into account the age and condition of a used metal roofing, when determining premiums.
For example, according to Remodeling’s 2019 Cost vs. Value Report, replacing an outdated or damaged roof with more durable roof materials, like metal can potentially increase the value of your home by around $28,196.
It’s clear that getting a new roof before selling it can have significant appraisal and insurance implications for many homeowners.
So, Is Roof Replacement Worth it?
In conclusion, getting a new metal roof can indeed increase the value of your home. Studies have shown that a new metal roof can add an average of $28,196 to your home’s resale value, while the national average suggests an increase of about $12,000.
Factors such as roofing material and quality, local market conditions, and appraisal and insurance implications should also be considered when determining how much value a new roof will add to your home.
While installing a new roof does come with costs ranging between $5,132 and $10,023 on average for homeowners in the United States, it is often worth investing in this upgrade before selling your house.
Ultimately, getting a new roof is not only about increasing home value but also ensuring your roof’s condition and its long-term durability. If you’re considering selling your home or simply looking to improve its overall condition, investing in a brand-new roof can prove to be both financially beneficial and aesthetically appealing to prospective buyers. Contact Rankin County Custom. They offer free and same-day evaluations and 24/7 emergency services on roof repair and roof replacement, which is a huge selling point.