The roof of your home isn’t something you think of often. That is, you don’t think of it until there’s a problem.
A new roof can cost as much as $30,000, depending on the materials used. If you’re thinking about a roof renovation, you need to think of the return on investment.
Will it pay for itself when you sell the home? It can, but there are several factors at work that determine how much value you can get from a new roof.
This guide covers all you need to know about a new roof and the impact on the value of your home.
How Old Is Your Roof?
When homebuyers are analyzing the cost of a home, they look at potential repairs and maintenance costs. They’ll try to figure out how much time they have before they need to replace the roof.
The average roof lasts for about 20 years. If your roof is about 15 years old or more, they will consider that when they place an offer on the home.
They’ll offer less because they’re going to have to spend thousands more within the next 5 years on a roof replacement.
If you have a roof renovation done, then they know that they won’t have to worry about any roofing issues for many years. They’re more inclined to bid more for the home, increasing the home’s overall value.
A new roof also helps potential buyers because it’s much easier to get a loan approved for a home with a new roof than an old one.
Use Reliable Roofing Materials
Should you move forward with a roof renovation, you need to know how the materials you use impact the return on investment.
The most expensive materials like slate and clay cost much more than standard asphalt shingles. You would think that if you use high-end materials, that would make the home value go up as well.
Not so fast.
If your home is the only one on the block that uses high-end roofing materials, it won’t impact the home value that much. You need to match what the other homes have.
In neighborhoods that have all asphalt shingles, stick with that material. They cost much less, and you’ll see a greater return on investment. You can also work with a roofing company like this service to better understand what materials will work best.
What Homebuyers Care About
The impact a roof replacement has on your home’s value largely depends on your market. In areas where there are strong storms or a lot of snow, a new roof matters more to homebuyers.
There are areas where a new roof doesn’t matter much at all. You should talk to a couple of real estate agents in your area to get a sense of market demands.
Roof Renovation and Home Value
If you want to get the most value for your home, a roof renovation can make a big difference. It has the potential to increase your home’s value, but it depends on the age of your roof and your local market.
Head over to the Home and Garden section of this site for more great home improvement tips.