A new roof gives a homeowner the opportunity to cut cooling and heating costs while also increasing resale value and curb appeal.
While a new roof is not the first thing that comes to mind when homeowners think about increasing their home’s value through various home improvements, research has shown that installing new roofing can have a big impact on a home’s resale value.
Cost Versus Reward
When remodeling various parts of their homes, many homeowners consider the return on investment. Sometimes, certain remodels simply are not worth the cost. When it comes to a new roof, however, the return on investment is promising.
Installing a new roof, on average, increases the resale value of a home by $12,000. Additionally, homeowners can expect to recover around 63% of the roof’s installation cost through the home’s increased resale value. These numbers translate to a higher return on investment than other popular home renovations like bathroom remodels and the installation of backup power generators.
Five Reasons for Installing a New Roof
- Installing a new roof increases home’s value by close to $12,000.
- Your home’s appearance matters. In addition to the home’s exterior walls, garage, front door, and lawn, your home’s roof is one of the first things people see when they approach your home.
- Old warranties for basic shingles made of asphalt used to last around 15 to 20 years. Higher-quality asphalt shingles, however, have warranties that last as long as 50 years.
- Newer asphalt shingles on the market come with an ENERGY STAR® rating, because they have been designed to reflect solar heat; this reduces a home’s overall cooling and heating costs.
- Whenever someone puts a house on the market, the roof is one of the important parts that appraisers and inspectors observe. A roof that is in poor condition or that needs serious repairs can potentially stop a home sale completely. Replacing a roof avoids problems like this from occurring.
A new roof can be a large investment. However, in the long run, it is a worthy investment. If you are planning on selling your home in the near future, consider replacing your roof for a greater return on investment and to avoid any inspection snafus that usually occur when a roof is not in prisitine condition.