Replacing your roof isn’t something you do on a whim, but it is necessary for the safety of your property. Whether or not you want to resell, replacing an old and crumbling roofing system can make all the difference in resale value.
Let’s take a look at how a new roof can increase the value of your home.
There are several home improvement and remodeling projects that can increase the resale value of your house, such as a kitchen renovation, bathroom remodeling, deck installation, or bedroom extension. Remodeling Magazine conducted a survey to determine which project had the best investment return. Their research found that installing a new roofing system led to an impressive 62% recovery on installation costs once the house was sold.
According to statistics, a new roof installation can increase your home’s resale value by nearly $12 000. This thus concluded that considering all home renovation and remodeling projects, a new roof adds the greatest value to a home’s resale value.
How A New Roof Affects The Value Of Your Home
A newly installed roofing system not only adds to your home’s curb appeal but it lower’s your utility bills and improves your living conditions. A roof that was installed 20 years ago will most likely be constructed out of outdated materials, which means it won’t be as effective at keeping the cold out in winter or cold air inside during the summer months. Newer roofs have better insulation qualities due to the advances made over time.
When reselling your home, your roof is often the first thing that home inspectors and realtors check for. If your roof is in disrepair, you risk your roof being placed in the “fixer-upper” category, automatically lowering your home’s resale value.
Roofing Cost vs. Value
On average, a new roofing installation will cost you around $7500. This price varies depending on the materials installed as well as the roofing company that you work with. An excellent roofing installation coupled with premium roofing materials can increase the resale value of your home by $12 000, thereby increasing your returns by a couple of thousand dollars.
One guaranteed way to ensure that you get the most out of your roof is to conduct regular inspections and tend to roof repairs as soon as possible.
This article is part of our Cost Series. Learn more about:
- Roof Repairs Cost
- Complete Replacements/ New Install
- Gutter Replacement Cost
- Does A New Roof Increase Your Home’s Resale Value?
Looking for professional residential roofing solutions, give Rhoden Roofing a call today.