You will hardly meet a homeowner that hasn’t at least once considered installing a new roof. Some have gone through with the project and at least have an understanding of what it entails. Others have less experience with roof management and are probably unsure whether investing in a new roof is profitable. To help shine a light on this surprisingly complicated subject, we will try to answer the question of ‘Does a new roof increase home value?’. Furthermore, we will go over how the value of your roof can change over time and whether investing in a new one is always a good idea.
How does a new roof increase home value?
As a general rule, adding a new roof will increase the value of your home. Even if you installed one in the past couple of years, there is simply no substitute for branding your home as having a new roof. So, does this mean that you should install a new roof every time you plan to sell your home? Well, not quite.
For instance, while a new roof can increase the value of your home, that value might be smaller than the cost of roof installation. In this case, while your home will be more valuable, you will experience a net loss.
Apart from this, time is also a factor to consider. The longer your roof sits on your home, the less value it brings. So, the longer your wait, the more need there is to install a new one.
An important aspect to consider here is roof quality. Namely, cheaper roofs tend to lose value rapidly as they are more prone to issues and require frequent repairs. On the other hand, more costly roofs tend to maintain their value over long periods, especially if the materials are suitable for the local climate. An expensive, well-made roof can easily last you a lifetime without any significant issues. Therefore, their value hardly changes.
When should you consider getting a new roof?
There are two distinct situations when people consider getting a new roof. They are either selling their home and want to get a better price for it. Or they are looking to improve their overall living conditions. While these may seem similar at first, there are some important distinctions to keep in mind when handling them.
Preparing your home for selling
When you are selling your home, your primary goal is to increase its value. Every investment, renovation, or modification serves this purpose. Now, the process of getting the most out of your home doesn’t only include adding new things and investing money. Your home needs to have a clear theme behind it and a clear idea of who your potential buyers are. With every price increase, you change your potential buyers. So, if your home is suitable for a middle-class family (and their budget), you should refrain from investing in it so much that it can only be sold as luxury property.
Here you will see how important it is to have a realtor that has a good understanding of the local market. With them by your side, you will first outline which home improvements and alterations make financial sense. If they have the necessary funds, people tend to go overboard with home investments, thinking they’ll all pay off. But, in actuality, there is a fine line between increasing the value of your home and losing net value.
One of the things we should mention here is that people can be surprisingly difficult when listening to realtors’ advice. Instead of following their lead, they try to incorporate their ideas, as they are excited that the homes are getting changed and that they will make money. To avoid this, it is usually a good idea to pack and move your family while the house is on the market. You can hire a moving company and have the moving and packing process done in no time. That way, you will avoid confusion and give yourself the best chance for a good sale.
Improving your living conditions
If you are replacing your roof to improve your living conditions, we advise you to keep long-term costs in mind. Namely, roof installation is rarely cheap. With the average price being around $8.500, people are often motivated to save as much as possible. This leads to poor choices when it comes to roofing materials and even hiring subpar contractors. Both of which are serious mistakes to avoid.
Long-term value is also something you should account for. While it may seem financially savvy to get a relatively cheap roof, know that it will soon lose its allure. It is easier than ever to find cheap roofing materials that look expensive but don’t retain any other quality. By using them, you are not only losing value at a much quicker rate – you are also condemning yourself to various issues and repairs. Investing in quality roofing material tends to be the best course of action, whether or not you plan on selling your home.
By now, it should be evident that while a new roof can increase home value, the decision to install one should not be taken lightly. If you are selling your home, you need to consider how the increase in value will affect the selling potential. Furthermore, you need to see how your new roof will fit the overall design of your home so that it is presentable to potential buyers.
On the other hand, if you are installing a new roof solely to improve your property, you need to think of long-term effects. A quality roof maintains its value for a much longer period. And, if you invest in heating cables, gutter guards, or metal protection, your roof can become practically indestructible. So, does a new roof increase home value? The final verdict is – yes! But, there is always much more to consider.