Thinking about buying a new roof for your home? It may seem like a daunting and expensive task, but there are some monetary advantages to getting new roofing on your home. This includes reduced utility costs, a beautified exterior, and also a better real estate value. Yes, you read that correctly. The value of your home could increase with a new roof.
Sounds like a dream come true if you are planning on putting your house on the market. But there are some things you should consider before hiring a roofing contractor for the project.
Relevant: How To Estimate The Cost of a Roofing Job
How a Roof Affects a Home’s Value
A roof is meant to protect everything within your home from damage. It also acts as insulation, reflecting the summer’s heat and sealing in warmth during the winter. That means that it also affects the cost of comfort and utility.
Not only that, but your roof plays a role in the overall appearance of your home. Whether you plan on selling or not, replacing an old ramshackle roof is going to enhance curbside appeal and the structural soundness of the house. You can rest easy knowing your home looks fantastic while keeping moisture and pests out.
When to Replace a Roof?
If you are planning on replacing your home’s roof to try and get more money when selling, then there are a few questions you should ask yourself first.
How Soon Do You Want to Sell?
This is the most important question, because it gives you a time frame. If you want to sell sooner than later—within a few months or few years—then purchasing a new roof is a smart choice. But if you want to hang around for another 5-10 years, then you do not need to go out of your way to get a new roof immediately (unless there is some irreparable damage). Keep in mind that your roof will lose value over time, so you should wait for the opportune moment and maximize that ROI.
How Old is Your Current Roof?
The other thing you need to think about is the age of your roof. If your roof is only a few years old and has little wear and tear, then its value will not have diminished that much. On the other hand, if you have been hanging onto the current roof for over 25 years, or if it looks damaged and is dragging down your curbside appeal, you should consider a roofing replacement.
Keep this in mind: the older the roof, the greater the chance that it is negatively impacting your home’s value.
Should You Get Repairs Instead?
A roof that has about 20-30 years left to its lifespan but looks drab may simply need some repairs, which will cost you far less than a new roof. Rather than investing time and money in new materials, hire a professional roofer to fix up those cosmetic problems. Doing so will boost curbside appeal, as well.
But if your roof is old, as mentioned previously, and cannot be fixed easily, it is wiser to invest in a replacement.
How Much Does a New Roof Cost?
Now, the next question that comes to mind: “What’s it going to cost me?” A new roof isn’t cheap, but you knew that already. Of course, there are several factors that influence the final cost of the project. Roofing materials are one thing to consider. For those who are working with a tight budget should consider asphalt shingles, since you can get a wide range of colors and types without spending much on labor. Luxury shingles, such as clay tiles or slate slabs, are significantly more expensive.
Next, think about the size of the roof and the grade of the slope. Some materials will only work on a certain slope, while others look good paired with other materials (and are less costly that way). For example, you might like the look of copper but only want it on some sections of the roof. Since the size and steepness of a roof also affect labor, factor that into the cost equation as well.
Cost of a New Roof vs. Return of Investment
Presently, the average cost of a new roof is around $8,000, though it could range from $4,000 to $10,000 or more, depending on previously discussed factors.
The good news is that a new roof, regardless of how much it will cost you to install it, will add up around $14,000 to a home’s value. When you consider the additional curbside appeal, the value increases further.
Some things do impact the ROI, though. Neglected shingles lose value faster, so do your routine roofing maintenance. Also, consider the shingles of the houses around you. If you are on a road where every other house has asphalt shingles and you opt for wood or metal, that could work against you.
How Does Re-Roofing Compare to Other Home Renovations?
Considering everything that can increase your home’s value, you might be wondering if there is something else you can do in place of getting a new roof. While any kind of renovation might bring about a return of investment, such as painting the exterior, replacing windows with something more energy efficient, or adding a new bathroom, a new roof can help you sell.
Why is that?
Because prospective buyers understand that a roof is a major investment. A neglected roof also means that there could be plenty of problems hidden within the house that you don’t know about. So, even if you cover up those issues with other renovations, a damaged, worn roof is only going to sour your chances of selling.
Of course, if your roof is still in good condition with plenty of life left, you can do other renovations (minor bathroom and kitchen remodels, garage door replacements, new appliances, security) that will be a better investment in the long run.
Is it Time to Get a New Roof?
If it is in your best interest to purchase a new roof, then what are you waiting for? Replacing old shingles will boost curbside appeal and energy efficiency, as well as the overall value of your home on the market. Even if you don’t plan on selling, having new shingles could be a blessing! Of course, you should carefully weigh certain factors, such as your budget, the age of your current roof, and your future plans, too.
When you are ready, make sure you hire a professional roofer for the job. They can help you choose the correct materials and install everything correctly.
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