The exterior of your home is one of the first things a potential buyer sees. It might not seem like it, the roof is a large portion of the exterior. You want to make sure the roof looks great, because a roof in poor condition is a red flag for most people. Having a roof in disrepair will also affect the overall value of your home. Not only will you get fewer offers, but the offer price is going to be greatly reduced.
So, the best option is getting a new roof to raise the value of your home. But just how much does a new roof increase home value? Let’s find out.
The Value of a New Roof
If you look at your current roof and think, “Wow, that looks bad,” then it is time to consider purchasing a roof replacement. This is all the more vital when you plan to sell. The thing is that you will never see a total return of investment. There are very few home improvements that offer 100% return. But that doesn’t mean it is a worthless pursuit.
According to the 2019 Cost vs. Value Report from Remodeling, the value of your home goes up an average $14,000 when you install a new roof. Yet, depending on the kind of roofing materials you choose, that could change.
Asphalt shingles are extremely popular throughout North America. If you plan on getting a new asphalt shingle roof, it costs an average of $20,000. The average resale value was around $15,000. That means you have a return of investment (ROI) of around 68%.
Another option is low maintenance metal. It is a wonderful option for houses in snowier regions. The average cost of installing a metal roof is around $38,000, and the resale value is about $23,500. That gives you an ROI of 60%.
Should I Replace The Old Roof Before Selling?
Replacing an existing roof before putting your home up for sale is a great strategy. Not only will you recoup at least 60% of the cost, but you will find that more people are willing to visit or make a bid.
This will give you many more options. You can then choose the highest bidder, potentially making even more money on your home than anticipated. It will also work in your favor if other houses for sale in the area have roofing in poor condition.
Additionally, you need to think about the curb appeal of a home with a neglected roof. The following issues can affect the appeal of your home or even be flagged by a home inspector:
- Lost granules
- Cracking or buckling shingles
- Sagging portions (could mean deck rot)
- Ice damming
- Hail or wind damage
- Overgrown trees
- Signs of pests
Buyers won’t want to pay the asking price if these issues are ongoing.
Anyone planning on selling their home should take a look at their roof. An old roof or one in poor condition will only hurt your effort to move. So, consider replacing your roof. Not only will you get more curbside appeal, but you will receive more offers. After all, no one wants to deal with roof problems after just moving in!