How Much Property Resale Value Does a New Roof Add to Your Home?
For homeowners that may be moving in the near future, repairs are always a consideration. One of the biggest and most noticeable of these comes by way of the home’s roof itself. It’s visible from the street (think “curb appeal”), and poorly functioning roofs can wreak havoc on a home’s energy efficiency and safety. So, it’s worth considering whether your house needs a new roof before you list the home on the market, as well as the cost effectiveness of doing so. Since this is such a big decision and there’s many factors at work, let’s take a look at each one in turn so you can assess your home and repair decisions effectively.
Does Your Home Need a New Roof Right Now?
The first thing to consider is whether your home actually needs a new roof right now. For most homeowners, though, they likely don’t know what to look for. Because of that, we’ve put together a list of some of the most common reasons you should look into a roof replacement for your house.
Things to Consider When Replacing Your Roof
- Shingles that are dark, dirty, excessively wet, cracked, broken, or even missing completely.
- A large amount of shingle granules in your gutters.
- Any major wear and tear around your roof’s objects or openings.
- Exterior paint that’s peeling or blistered.
- Staining on your home’s interior walls and ceilings.
- Leaky attic after rain or storm.
- A sagging roof deck.
- Light coming into your attic from outside.
- Unexpectedly high energy bills.
Any one of these may be a sign that your roof needs repair or replacement. If you notice one or more of these issues, get in touch with a roofing specialist to do a proper on-site inspection and assessment to be safe.
Will a New Roof Add Resale Value to Your Home?
Once you’ve inspected your roof and considered the reasons for repair or replacement, it’s also worth investigating the overall cost benefits of replacing your roof.
For some homeowners, the roof will have to be replaced regardless of whether they’re considering moving, simply due to safety issues. If your roof is not structurally sound, then it may not be safe to be there. This is not likely to be the case for most homeowners, but it is something to keep in mind.
On the other hand, some roofing repairs or roof replacements are less critical in the moment. In other words, they can wait. In these cases, it’s worth asking how much a reroof costs and whether that expense will add significant value in the local housing market.
How Much Does a New Roof Cost
For starters, you might wonder, “How long do roofs last on houses?” The answer depends primarily on the materials used, with asphalt shingle roofing lasting roughly 20 years.
For overall cost, the numbers will also vary widely based on materials, home size, geographical location, extent of repair/replacement, and other factors. As far as materials alone are concerned, you might also wonder, “How much does a metal roof cost compared to shingle?” In general, a metal roof typically runs anywhere from $120-900 per 100 sq.ft., while asphalt shingles tend to cost somewhere in the $100 to $200 range for the same area.
So, what about an entire roof? Well, according to one major home repair and renovation website, a new roof will likely cost somewhere between $5,410 – $11,095. To narrow the range down a bit, you can simply consider the square footage of your home. If you have a large home, then you’re going to pay more because the roof is necessarily much larger. If your house is on the smaller side, then your cost will likely be less.
While this is by no means exact, price-per-square-foot is the most common method of pricing out a new roof, so it’s a good estimate of overall cost. More house means more roof. Plain and simple.To learn more about how roofing companies estimate their prices check out our blog on Roofing Squares.
How Much Value Does a New Roof Add to a House?
Once you have a general idea of how much a roof will cost for your home, you need to look at the value added by doing so. In other words, will the added resale value be more than the cost of the roof replacement?
As it turns out, the answer here is often not in the homeowner’s best interest. In fact, one report found that, on average, an American homeowner spends $22,636 on a new asphalt shingle roof, which in turn only increases the home’s value by $15,427.
When you run the numbers, that’s just 68% of the investment cost, meaning that the home’s value did go up, but it did not go up as much as the investment of the roof replacement itself.
Is It Worth Replacing My Roof Before Selling My House?
This is the main question of the article, and based on the numbers above, the answer is basically, “No.” The return on investment (ROI) simply doesn’t match up to the initial investment cost on the part of the homeowner.
So, should you replace your roof before selling your house? You should consult with a professional roofer to be sure you do not have any active leaks or reasons for immediate replacement and consult with your realtor about the anticipated impact of not replacing your roof
Does a New Roof Help an Appraisal?
A related question is whether a new roof will help with your home’s appraisal. The answer here is Yes and No. According to one source, lack of preventive maintenance can actually lose a home up to 10% of it’s value. So, if your roof is in need of serious maintenance, then it may cause your home to lose value during an appraisal or home inspection.
Prevent headaches now!
To prevent issues from coming up during the sale of your home we do recommend having routine preventive inspections and maintenance. This way, you can have peace of mind for you and your family’s safety, as well as knowing that a home inspection isn’t likely to bring up unwanted issues. Give us a call or email to have a roofing specialist come take a look at your home today.