A roof represents a significant value to your home. If you are selling your home, your existing roof can make a difference for better or for worse. An old roof can decrease the value of your home, especially if leaks are discovered.
On the other hand, if the roof is well preserved or you installed a new one, it might show potential buyers that the roof—and by extension, the home—is safe and secure. A new roof can increase the value of your home from hundreds to thousands of dollars, depending on the materials and its quality.
However, Big Al Roofing Contractor recommends that you should pay attention to three key factors that can tell how your roof will affect your home’s value.
Condition of Existing Roof
Homebuyers usually don’t want the hassle of fixing or repairing a roof when buying a home. This is why it’s essential to thoroughly check your roof before selling. If leaks are present or there are other significant damages, they can be off-putting for potential buyers.
Since the roof is an essential part of any home, any problems will make buyers suspect that your home might have other issues. Local appraisers will also adjust your home value accordingly if the roof is poorly maintained.
The market conditions are crucial to analyze before selling your home. Sometimes, a new roof might not increase home value in certain markets. Appraisers and real estate agents might be able to help you understand market conditions and decide if it’s a good time to sell or not.
Market conditions will affect the value of your home no matter what you do. A new roof typically adds the most value in appraisals, but it depends on your location. The general view is that a new roof will usually have a 60% return on investment or more.
Another important aspect that increases the value of your home is what type of roof you have installed. Metal roofing, for example, is expensive and can be tricky to install, but it offers added protection, value, and durability since it won’t need to be replaced for a long time.
In many instances, metal roofs can increase a home’s value by up to 6%, at least when compared to asphalt tiles. However, you have to consider the neighborhood you live in and what types of roofs your neighbors have.
For example, you might not make a profit if you decide to install a more expensive roof in a neighborhood filled with cheaper roofs. At the same time, installing a new, more affordable roof in an area where most houses have expensive roofs might also backfire on your investment.
You have to see it from a buyer’s perspective, and in the end, most buyers don’t want to deal with reroofing when buying a home.
The roof of your home definitely affects the appraisal. The condition of your roof, the market condition, and your roof type all have a role to play. Installing a new roof can boost the value of your home in many cases.
It will also help you sell your home faster as potential buyers don’t want to deal with roofing issues, and a new roof is always a strong selling point for any home. Contact a roofing contractor to learn more and see how and what type of roof might increase the value of your home.