Will a New Roof Increase Property Value?
Odds are your home is the most valuable single asset that you have to your name. Even if you do not currently own your house outright and are still paying off a mortgage, you do have financial value in your home. This makes spending money on maintenance, upkeep, and improvements to your home one of the safest investments that you can make. Major improvements or renovations can significantly add to the property value of your home; a new roof is a premier example of the kind of long term investment that can greatly increase your home’s financial value. The fact that a new roof makes your home look nicer and also makes it more comfortable to live in is a nice added bonus!
How Much Value Does a New Roof Add to a Home?
Adding a new roof to your home can add a significant amount of value to your home. How much it adds often depends on a number of external factors. However, it is generally accepted that a new roof can add anywhere from 15 percent to 40 percent of the value of your home. Putting that into easy to visualize figures, a $200,000 that has a new roof installed could increase in value up to anywhere from $230,000 to $280,000. The higher the starting value of your home, the more value a new roof adds.
What Variables Should be Considered When Investing in a New Roof?
There are three main variables to consider when purchasing a new roof. These include quality of the upgrade, efficiency of the roof, and architectural design.
Quality of Upgrade:
This is an obvious factor in the value added to your home when investing in a new roof, however, it is still the most important. If you had a new roof put on your house 3 months ago, getting another new one isn’t going to do anything for you, except waste your money. However, if your current roof is old and in rough shape overall, investing in a new roof is both great for your home and your financial investment.
Efficiency is everything these days. Nobody wants to buy a home where they will end up paying three times the amount that they should for heating and cooling. You will want to make sure you are discussing efficiency with your contractor’s and getting the best roofing materials that you can. While it may cost a little more upfront, it will save you a great amount of money in the long run, while simultaneously making your house more attractive to potential buyers in the future.
While it may not matter to every potential buyer out there, a well-designed roof that stands out with its design can add greatly to property value. When purchasing a new roof for your home make sure you are discussing the design with your contractors. Do they only deal in standard roofing or do they do custom or decorative designs as well? Don’t be afraid to ask for exactly what you are after, a good contractor can usually find a way to make it happen for you. Another thing to consider with the design of your roof is the implementation of solar panels or green roofing elements. Green roofing is a very trendy and popular concept right now. Solar panels also can save you plenty of money on their own in the long run on electricity bills, while making your home look even better for potential buyers.