How Much Value Does a New Roof Add?
Reasons Why You Should Get a New Roof Before Sell
Your home's value is determined based on a number of factors, most of which are evaluated by an inspector. For example, while a flipper might do an excellent job making a home look nice, its value is seriously compromised if it's not functional or has enough structural flaws.
The roof is one of the first factors to consider when estimating a home's value. If the existing roof is in poor condition, the cost to repair or replace it can be subtracted from the estimate to account for any necessary repairs, even if everything else about the home is perfect. For example, a leaking roof can cause significant damage to a home, and an old roof increases the risk of these leaks, which the homeowner would be responsible for repairing before selling the home, especially if the roof isn’t under warranty. Additionally, a roof lacking sufficient insulation becomes a liability regarding air conditioning costs, as an inefficient roof will let heat or cool air into the house, driving up energy bills.
It's not just the physical structure of the roof that affects value, but also its appearance. If a home has an old, discolored roof, mossy, or damaged roof, it can bring down the curb appeal and first impressions potential buyers will have of the property. Conversely, a new roof can do wonders for a home's value, ensuring the property is in good condition and improving its curb appeal.
If you're considering selling your home, it's essential to have a well-maintained roof since it is one of the most significant investments for your home. A new roof adds an average of $12,000 to a home's resale value, while a poorly maintained roof can negatively affect your home's value by up to 10%.
Signs You Need To Repair Or Replace A Roof Before Selling
If you're considering selling your home, you'll want to ensure the condition of your roof is good. A fresh roof can add thousands to your home's overall value and make it sell quicker and easier with fewer demands from a potential buyer.
To ensure a smooth sale, look out for these telltale signs:
- Shingles are curling, cracking, or missing
- Your roof is more than 20 years old
- There are moss or algae growths on your roof
- There is daylight visible through any portion of the roof
- The gutters are sagging or full of debris
- You can see rust on any metal parts of the roof
- You experience any leaks during rainfall
- Your energy bills have increased significantly
Roof Repair And Replacement Options
Once you've determined that your roof needs to be repaired or replaced, several options are available. You can choose to do the work yourself, hire a professional roofer, or hire a roofing company. If you’re experiencing any of these issues, make sure you check to see if your roof is still covered under its warranty. In some cases, you can get a portion of the costs covered if your roof has aged prematurely.
Shingle Replacement
This more in-depth process involves removing the old shingles and replacing them with new ones. Shingle replacement is a good option if your roof shows signs of wear but isn't extensively damaged. Replacing damaged or missing shingles will make your home look more polished and can add value, but it won't be as effective as a complete roof replacement.
Partial Re-Roofing
This process involves removing and replacing only the damaged or worn-out portions of your roof. Partial re-roofing can be more cost-effective than a complete re-roof, but it will still add value to your home. Remember, we don't recommend continuing to re-roof in patches, as this will lead to an uneven roof. This is because roofs are built up in multiple layers, and it can become challenging to line up the seams as the roof ages. You'll need to replace even the redone portions when you get a new roof.
New Roof
Installing a new roof is the most comprehensive option and will involve removing the old roofing material, repairing any damaged areas, and installing new shingles. This is a good option if your roof is extensively damaged, or you want to add the most value to your home before selling. When replacing your roof, you have two main options.
Tear Off
This is the most common and recommended method as it allows for a thorough inspection of the roof decking. Once the old roof is removed, a contractor can repair any damaged areas before installing the new shingles. Keep in mind that tearing off the roof will come at an additional cost and will take more time than a roof layover.
Roof Over
A shingle layover is among the quickest and easiest options, but it's also among the least effective. A roof overlay involves simply placing new shingles over the old ones. While this might be a good option if your roof is only slightly damaged, it's not recommended for more extensive damage since it doesn't address any underlying problems. This Band-Aid fix will buy you a few more years before replacement is necessary, but it won't add much value to your house.
What Type Of Roofing Material To Use
There are a few different roofing materials available on the market, each with their benefits and drawbacks. If you're only doing a shingle replacement or layover, you'll want to match the materials on the rest of the roof. For a new project or replacement, you can choose essentially any roof type from the list below. The most common options are asphalt shingles, metal roofing, tile roofing, and slate roofing.
Asphalt Shingles
This is the most common type of roofing due to its low cost and easy installation. Asphalt shingles are available in various colors and styles, so you can find an option that best suits your home's aesthetic. They're also relatively easy to repair if they become damaged. However, asphalt shingles don't last as long as some of the other roofing materials and will likely require more repairs in their lifetime.
Synthetic Or Composite Shingles
These shingles are made from various materials, including plastic, rubber, and asphalt. They're designed to look like natural materials like wood or slate but are more durable and longer lasting. Synthetic shingles are also less likely to crack or break than their natural counterparts and last on average 20 years longer. However, they can be more expensive than traditional asphalt shingles, and you may easily spend four times the amount on composite shingles.
Wood Shingles
Wood shingles are thin pieces of wood that are cut into a uniform shape and size. Wood shakes are similar but are usually hand-cut and have a more rustic look. Wood shingles and shakes add a natural look to your home but require more maintenance than other types of roofing. They're also susceptible to fire, rot, and insect damage. Wood shingles typically last between 20 and 30 years with proper maintenance, but they cost much more than asphalt shingles on average.
Metal Roofing
Metal roofing is one of the most durable options on the market and can last up to 50 years with proper maintenance. Metal roofs are also fireproof, energy-efficient, and great for severe weather. Despite what you may have heard, they're also relatively quiet in the rain with the proper insulation. However, they're one of the more expensive roofing materials, and the initial cost of metal roofs can be three to four times that of asphalt shingles. Metal roofs are also a bit more challenging to install, so labor costs will be slightly higher than shingles.
Tile, Clay, Or Cement
Tile, clay, and cement roofing are all made from natural materials fired in a kiln. They're extremely durable, with a lifespan of up to 100 years. Tile roofs are also fire resistant and great in severe weather. However, they can be quite expensive, costing as much as five times the price of asphalt shingles. They're also quite heavy, so your roof will need to be reinforced to support the weight.
Slate
Slate is a natural stone that's been used for roofing for centuries. It's one of the most durable materials on the market, with a lifespan of over 100 years. Slate roofs are also fireproof and great in severe weather. However, they come with a hefty price tag, costing up to 6 times the price of asphalt shingles. Slate is also one of the heaviest roofing materials, meaning installation will likely be costly and lengthier than regular shingles or tiles. The end look is worth the investment for many homeowners, though.
The Benefits Of Adding A New Roof To Your Home
A new roof offers many benefits to your home, including improved curb appeal, energy efficiency, and increased resale value. In some states, increased energy efficiency qualifies you for certain tax rebate programs, not to mention what it saves you on your energy bill.
A new roof can also decrease your insurance rates as it lowers the risk of damage to your home. And, if you're looking to sell your home, a new roof can make it more attractive to potential home buyers.
The type of roof you choose will also offer different benefits. For example, metal roofs are great for energy efficiency and fire resistance, while slate offers unparalleled durability. Clay and cement tiles are also very durable but can be quite heavy, so weigh your options carefully before making a decision.
No matter what type of roof you choose, be sure to work with a reputable contractor area who can help you select the best materials and install them properly. A new roof is a big investment, but it will provide a good return on investment.
Legal Concerns
If you're considering replacing your roof, you should keep a few legal concerns in mind. First, check with your local building department to see if you need a permit for the work. In many cases, you will. However, if you hire Mighty Dog Roofing, we'll pull all necessary permits for you.
You'll also need to ensure that your contractor is licensed and insured. This license protects you from any damage that may occur during roof installation. Mighty Dog Roofing is a fully licensed and insured roofing company, so you can rest assured that you're in good hands.
Finally, be sure to get everything in writing before the work begins. This includes the scope of work, the materials to be used, the price, and the start and completion dates. A clear contract will help you avoid any misunderstandings down the road.
If you plan to sell the home after replacing the roof, you'll want to keep all the paperwork and warranty information for the next occupant. Depending on where you're located, you may need to submit all of this information to the broker or real estate agency before you list your home. If you cut corners or misrepresent the state of your roof, you could end up in hot water. To best protect yourself, many real estate agencies recommend you hire a roofing inspector and a general home inspector to ensure you've covered all the bases and can prove the state of the roof when you sell or list the home.
How Does A New Roof Affect Your Investment Return?
A new roof can have a significant impact on your investment return. If you want to sell your home, a new roof will make it more attractive to potential buyers. In fact, according to the National Association of Realtors, a new roof is one of the most cost-effective home improvement projects you can undertake. They estimate that you'll recoup around 62% of the cost of a new roof when you sell your home.
If you're not looking to sell right away, a new roof can still positively impact your investment return. That's because a new roof can help improve your home's energy efficiency, which will save you money on your energy bill each month. In some cases, you may even be able to qualify for tax rebates or other incentives for energy-efficient home improvements.
Of course, the return on your investment will also depend on the type of roof you choose as well as the quality of the installation. Be sure to work with a reputable contractor who can help you select the best materials and install them properly.
A 100 percent return on investment is highly unlikely, but it is necessary as with other home maintenance projects. If you're looking for a greater return, look into solar programs in your area. In some cases, solar panels can be combined with a new roof for an even higher return on investment, especially if you live in a sunny area.
Roofing Cost Vs. Value
Cost vs. value is a report that is published annually by Remodeling magazine. The report compares the average cost of popular home improvement projects to the average resale value those projects retain. The report is helpful for homeowners who are trying to decide whether to undertake a particular home improvement project.
The 2022 report ranked a new roof as the number one home improvement project regarding resale value. The average cost of a new roof was $31,500, and the average resale value was $18,780. This means homeowners who installed a new roof recouped around 60% of the cost when they sold their homes.
It's important to note that the cost vs. value report is based on data from a national survey of homeowners. Therefore, the actual return on investment will vary depending on the region where you live and the specific project you undertake. Additionally, due to supply chain shortages, elevated labor costs, and other recent factors, roof replacement costs are rising faster than the average resale value in recent years. While this may seem discouraging, the truth is that a roof replacement is still one of the best home improvement investments you can make.
Short Vs. Long-Term Roof Value
When considering the value of a new roof, it's important to consider both the short-term and long-term value. In the short term, a new roof will make your home more attractive to potential buyers, and add value to your homes estimate and listing price, which could help you sell it more quickly and for a higher price.
In the long-term, a new roof will help improve your home's energy efficiency, which could save you money on your energy bill each month. A new roof can also help protect your home from weather damage, saving you money on repair bills down the road.
The type of roof you choose will also affect the value of your home. A metal roof, for example, could last up to 50 years, while a shingle roof will need to be replaced every 20 years. So, choose a roof with the longest life expectancy if you're looking for the greatest value.
The quality of the installation is also important. Be sure to work with a reputable roofing contractor who can help you select the best materials and install them properly. A poorly installed roof will not only be less valuable but could also lead to leaks and other problems down the road.
