With 40 years of experience supplying custom roofing solutions to discerning homeowners, we’re often asked, “Does replacing the roof increase the resale value of your home?” Of course, we’re not in the real estate business, but because we regularly observe both the satisfaction to homeowners and the value to properties that new roofs bring, we feel we’re in a unique position to objectively answer that question.
What’s so interesting is that, when looking at the reports and factors concerning the value of a new roof, the multiple reasons for a high return on your investment are both timeless and cutting-edge. From increasing the time-honored curb appeal of a home to alleviating energy loss and UV penetration through modern roofing materials, there's typically a host of reasons why a new roof can positively impact the resale value of any property.
Let’s take a closer look at some of the most valued reasons why putting a new roof on your house is such a smart investment.
According to a remodeling and home improvement report conducted by the National Association of REALTORS®, of all repairs to increase the resale value of your home, a new roof scored number one. Remarkably, while other reports estimate the average return on investment for a new roof to be somewhere between 70 and 75 percent, this report found that a $7,600 investment in a new roof recovered 105 percent of its cost upon resale.
Naturally, every home’s value, like its resale price, is defined by a fairly unique set of circumstances. Plus, any report’s numbers should be looked at as merely a rough indicator of market trends and not a guarantee of a specific ROI. However, even when compared to homeowners’ satisfaction of other remodeling projects, a new roof also came out on top.
We’ve all heard about curb appeal, but what does it actually mean when it comes to a home’s roof influencing the potential buyers of a home? The term as it relates to a home’s roof means that any signs of a roof aging — or, worse, being in dire need of repair — could potentially scare away prospective buyers. At the very least, it might cause them to think about how much any repairs would cost them and, therefore, make an offer that reflects incurring those expenses.
On the other hand, when buyers see a new roof adding to the aesthetics of a home, they are immediately given the impression that the entire property is well-maintained. As a result, they’re far more likely to make offers that match or, in some competitive markets, even exceed the asking price.
Improved Health of Home and Residents
Issues with mold growth and trapped dampness can cause a plethora of problems with any structure’s integrity, as well as to the health of those who live there. Even the Centers for Disease Control and Prevention lists the prompt repairing or replacing of an old, damaged or leaking roof as one of the biggest controllable factors in bringing down the risk of poor air quality through mold growth in homes.
And since we all know how breathing issues such as asthma can be aggravated by mold and prolonged dampness, seeing a new roof on a prospective property can be a big plus in terms of safety for informed homebuyers.
Reduced Sale Time
Let’s face it — anything that can prevent a home from spending a prolonged amount of time on the market is an important advantage. Smart homebuyers know that a home that’s been on the market for too long usually indicates there’s a problem either with the asking price or some structural feature. On the other hand, if a home has a new roof, then there’s already an indication that there won’t be any roofing inspection issues to hold up its sale.
And the quicker your home sells, the fewer overall fees you’ll wind up being hit with from advertising, marketing campaigns and other time-sensitive realtor fees.
Increased Energy Efficiency
Did you know that a metal roof can help reduce heating and air conditioning bills by as much as 25 percent? And that’s just the benefit of one type of roofing material! What this means for families looking to buy a house is that, depending on the type of material a roof is made of, there’s the potential for significant savings.
It also means more comfort and protection throughout the year, as increased reflection of solar rays and more efficient insulation can all be supported by a new, well-installed roof. It’s also good to know (and attractive to homebuyers) that many new roofing materials, including a variety of premium roofing shingles, come with an ENERGY STAR® rating as part of the EPA’s energy efficiency program.
Increased Resale Price
To put all of the above points together into one statistic isn’t easy, but there’s one point to consider. Statistics show that, in general, a majority of resold homes with a recently-installed roof will see an increase in their overall value of somewhere in the range of 15 to 40 percent.
What this means is that if a home that’s appraised at $200,000 has a new roof installed before its sale, it could bring in a resale value of $280,000 simply due to the installation of the new roof — and that’s an ROI that’s hard to match under any circumstances.
Huber & Associates: Preserving Value and History
Since most homes represent much more to their owners than a resale value, we also know that a roof is more than a simple top to a place of shelter. That’s why, at Huber & Associates, we specialize in installing the most architecturally pleasing roofs to some of the world’s most renowned homes and structures. From durability to eye-catching detail, we can be trusted to bring out each building’s unique characteristics in every roofing project we undertake. And in the long run, that also means we’re highly experienced in maintaining and improving the value of any property we work on.
To learn more about our expertise and services, simply contact us today.