If you’re planning on selling your home, you’re probably wondering what improvements will garner the most return. If you’re staying for a while, you’re probably trying to lower your energy costs.
Whatever your home improvement goals are, a new roof will get you the best bang for your buck. A 2015 study by REALTORS® reported that of five common home improvements under $10,000, a new roof boasted a 105 percent recovered cost at resale.
Here are a few examples of how a new roof will add value to your home.
When you’re selling your home, the exterior plays a large role in garnering interest in your property. Ugly, patchy roofs can stop prospective buyers from ever setting foot inside.
Exterior repairs are often more daunting to homebuyers than interior ones. With new residential roofing options developed in that last few decades, a new roof can add style and uniqueness to your home, beyond traditional asphalt shingles.
Because appraisers often pit properties against similar ones in their area, the increased value of a new roof is variable. If you live in an older neighborhood where most of the roofs are on their last leg, a new roof could drastically improve the comparative value of your home.
New roofing is a preventative maintenance measure expected by homeowners to increase the life of their home. While it may not directly affect the appraisal value, it may affect the home’s effective age (or how long it’s expected to last) which can slow its depreciating value.
If you’re not planning on selling your home or you just bought it, start at the top—with the roof. Energy efficiency is a major concern of homeowners for both the environment and their pocketbooks. Investing in a new roof is one of the easiest ways to cut heating and cooling costs.
Homeowners can start saving now by installing ENERGY STAR® rated shingles. In recent years, appraisers have begun energy efficiency training to learn how to add appraisal value for homes with greener energy and lower energy costs.
The life of traditional asphalt shingle roofs used to max out around 25 years. Changes in technology and construction have provided some contemporary roofs with 50-year warranties. With so much to worry about inside a home, buyers are more apt to choose homes where the roof is not a concern for the duration of their mortgage.
Of course, all of these added values can only be accomplished by a reputable contractor. Make sure you’re choosing quality over price when it comes to the company you choose.