Getting a new roof might not be at the top of the list of things you want to do before you sell, but it could be the best decision you make on the selling journey. A new roof could immediately boost the curb appeal and resale value of any home. Having new roofing installed is one of the top-rated ways to list your home for more and secure more interest in the property. If you’re on the fence about installing a new roof, consider these facts in making your decision.
National Averages From Remodeling Magazine
Every year, Remodeling Magazine does extensive research into home remodeling and improvement projects and how they affect the resale value of the property. In 2016, the survey found that roofing replacement added an average resale value of $14,214 throughout the nation. Homeowners who install new roofs can expect to recover an average of 68.8 percent of the costs of installation – a better return on investment than a master suite addition, major kitchen remodel, deck addition, and bathroom remodel.
Increased Energy Efficiency
With a brand-new roof, homeowners can market the property as one with optimal energy efficiency. Maximum energy efficiency can increase the appraisal value of a home, because it equates to greater cost of living savings for the new owners. Other upgrades that can improve a home’s energy efficiency are installing new, low-E windows and replacing old appliances.
Better Curb Appeal
If your home has a roof that’s clearly in need of replacement, buyers will only see dollar signs – money they might not have to spend if they move into a different home. If a buyer must tack on the price of a new roof to the sale price of the home, he or she can easily see the appeal in a different home that doesn’t need a new roof. Replacing the roof can pique buyer interest and make your home stand out in your local market. It could give you the edge you need to keep your time on the market short, or maybe even to start a bidding war.
The Allure of a Transferable Warranty
With the right roofing company, you can get a lifetime transferable warranty on the materials and labor that will pass on to the new buyers. A transferable warranty can mean a lifetime of not having to pay for roofing repairs out of pocket. Buyers may be willing to pay more to move into a house with a roof that will come with this warranty. You may even find that a roof warranty adds more value to a home than one without a warranty – especially if it means the difference between a standard and premium roofing system.
Overall Appeal to Buyers
In a Realtors survey, new roofing came in as the number one most appealing home improvement to buyers. New roofing had a “joy score” of 9.6 on a scale of 1 to 10 in terms of buyer appeal – higher than new windows, new garage door, and new siding. New roofing also ranked in the top five exterior improvement overall for its joy score. Making your home more appealing to buyers with the right exterior upgrades can mean the difference between selling quickly and losing money with extended time on the market.
Standing Out in the Market
Replacing your roof comes with more exciting options than it did in the past. You can drastically improve the look, feel, and functionality of your home with the right replacement roofing system. Metal roofs, for example, last longer than typical shingled roofs, and can keep your home cooler in the summer. Find eco-friendly roofs, green roofs, energy-saving roofs, and much more with the right roofing contractor.
Reduced Maintenance Costs
An old, outdated roof can spell trouble for future homeowners. Old roofs may spring leaks, lose shingles in a storm, damage siding, and result in water damage throughout the home. For a prospective buyer, these potential dangers of an old roof might be enough to encourage them to live elsewhere. Give buyers peace of mind with a roof replacement if the home is overdue for one. This will translate into lesser maintenance costs for the new owners overall – potentially increasing the overall value of the home to the buyer.
Other Factors Involved in the Appraisal
A new roof combined with other home improvements can maximize resale value. There are many variables that go into appraising a home. Give your appraiser as much data as possible. Your appraiser will want to see receipts of the new roof, as well as information about its materials, construction, and warranties. The more information the appraiser has on the roof, the more likely you will see a favorable appraisal. For a free estimate, contact Mr. Roof.