Wednesday, August 17, 2022 / by Diane Jacob
Does a New Roof Increase Home Value?
If you’re like the majority of homeowners, you probably haven’t thought about your roof too much over the years because it was functioning fine and fairly out of sight. As you go to sell, however, you might be wondering if its age will be an issue for homebuyers or cause problems during your inspection. And as you weigh the pros and cons of replacing your roof before selling, you’ll naturally want to know what your returns will be if you choose to rip and replace.
Unless an existing roof is brand new, a new roof will almost always increase a home’s value, but not necessarily as much as you want. This is why the majority of homeowners don’t consider a new roof unless their current one is no longer functioning or they’re thinking about selling.
In the case that your roof is in disrepair or not functioning properly, it’s definitely best to get it either repaired or replaced. With that in mind, we’ll focus this post on how much a new roof—put in specifically for resale—will increase a home’s value.
When Should I Replace My Roof to Add Value?
If you search for an answer to how often you should replace your roof, you’ll find variety in the answers. According to Roof Advisor, it depends on your climate and the material used, but roofs made with common materials like composition, asphalt, or wood can last, on average, from 12-30 years. If you also take into consideration that the average homeowner stays in their home for around 13 years (source: NAR), unless your roof was on the new-side when you moved in, you may need to consider a replacement before selling.
IF YOUR ROOF ISN’T FUNCTIONING PROPERLY, THE TIME IS NOW
If your roof is in poor condition or dysfunctional, then a new roof (or at least repairs) are a necessity regardless of whether or not you’re planning to sell soon. Down the road, it will also certainly speed up the sale of your home and increase your sale price.
If your roof is functioning properly, you should wait
If your roof is functioning properly, then you should take the necessary steps to maintain it while you’re living in the home, then discuss the pros and cons of a new roof with your real estate agent before you sell. Roof Advisor suggests regular inspections twice a year. During your regular roof inspections, you or a roof inspector should look for:
- Loose, cracked or damaged shingles
- Missing shingles
- Mold or rot
- Signs of water damage or leaking
- Holes or dark spots
When it comes to selling, your Realtor can partner with Curbio to provide the best advice on whether or not a new roof (or repairs) will increase your home value enough to make it worth it for you. In many cases, if the roof is reaching the end of its time, replacing it is worth the investment because today’s home buyers are particularly wary of homes that might require home improvement projects. If the roof is newer or has been well-maintained, then an inspection and a few repairs may be all that’s necessary to ensure no red flags are brought up during the buyer’s inspection.
How Much Does a New Roof Increase Home Value for Resale?
When considering pre-listing home improvements, homeowners generally want to sell faster, sell for more money or, in a perfect world, both. Without impacting speed and returns, pre-sale renovations really don’t make much sense.
The average cost of an asphalt roof replacement is $22,636. With such a significant amount of money, if you’re replacing your roof to sell, you’ll want to make sure the returns are there. If you go off of Remodeling Magazine’s Cost vs. Value Report, then you might be thinking it’s definitely not worth it to replace a roof right before selling. It’s important to keep in mind, however, that this data is pulled for all home improvement projects—not those done immediately before resale. If you live in a home for 20 years and replace your roof after 10, then by the time you sell your home, that roof is 10 years old. A 10-year-old roof doesn’t provide the same value as a brand new one.
Because of the number of factors involved—climate, maintenance, material, age—we always recommend you work with a licensed real estate agent who will partner with Curbio to determine the cost and returns of a new roof. Your agent can request a free, same-day estimate from Curbio, then discuss with you if it’s necessary to get a new roof to sell, what value a new roof will add, and how much a new roof can help speed up your home sale.
Courtesy of Curbio