When you think about putting your home up for sale, you want to do whatever you can to ensure that it fetches the highest possible price. Replacing your roof is one of the most significant modifications that you can carry towards this cause. What can you expect with a new roof over your house?
Higher Asking Price
Fixing a new roof will cost you a tidy sum, but you can add it right on to the asking price. Compared to similar houses, a house will quote a much higher price after a roof replacement. That new roof feature on the real estate agent’s home listing will increase demand for your home, pushing the price up.
Faster Process
You don't want your house to be on the market for ages. The faster you close the deal, the better. A new roof enhances curb appeal along with the overall quality of the house and makes it more attractive to prospective buyers. You don't have to spend weeks haggling over the price with buyers looking for any loophole to shave off a few thousand dollars. With a brand new roof, your home speaks for itself, and you'll have several reasonable offers to choose from.
Roof Replacement/Repair Options
The extent of work that will be done on your roof depends on its current state. The options here are as follows:
- Replace any individual shingles that are damaged.
- If the roof has damaged sections, you'll need a partial reroofing of these areas.
- Tear off the old roof and install a new one.
This last option is the most expensive, but also offers the most solid results. Every year, over five million new roofs are installed. Many people are opting for this route due to the quality of the finished product.
In the process of removing the old roof, the structure is examined for any problems, which are then looked into before installing a new roof. Fixing shingles onto the structure of the home yields better results compared to fixing them onto the older shingles.
Expected Home Value Increase After a New Roof
Installing a new roof will cost you a tidy sum. You must be interested in knowing if there will be a corresponding increase in the value of your home. Will you be receiving a 100% return on the investment? Well, we can't guarantee that much. Most home improvements only recover a fraction of the money spent. Different sources have attempted to estimate how much ROI you can expect from a new roof.
According to Home 365, a replacement roof can yield 85% or more of its investment costs back upon resale. Another source, Home Light, places the return on investment at 68%. The impact of a new roof on the value of the home varies depending on the material, the size of your home, and where you live, among other factors.
Asphalt shingles are durable, waterproof, and easy to fix. This has made them the most common roofing material. For an asphalt roof, expect an ROI of about 68.2%. If your home is in a colder climate, a metal roof is the better option. Metal roofs are sturdy, have minimal maintenance needs, and have an ROI of 60.9%. From these figures, you can approximate the ROI of your replacement project.
Types of Roofing Materials
To pick the roofing material that best suits your needs, consider the pricing, durability, maintenance costs as well as the climate of your area. Other than those already mentioned, the roofing materials available in the market include:
- Synthetic shingles
- Wooden shingles
- Slate
- Cement/tile
In conclusion, if you were uncertain about replacing your roof, we believe that you're now better informed. Roof replacement is an expensive affair. Does your roof need a replacement? Look out for cracked/buckled shingles, leaks, sagging, ice dams, wind/hail damage, and so on. With such issues, you're better off repairing or replacing the roof entirely before you can put the for sale sign in your front yard.