Does a New Roof Increase the Value of My Home?
Every year, real estate and home improvement experts assess the true value of home improvements such as a brand new roof replacement. What is typically defined as value is the amount that your home would be worth if you were to sell it after making the roof renovation. While the estimated new value is often stated in monetary terms, there are also other considerations that experts make when assessing the value.
For instance, a home improvement project often gives your property the facelift it desperately needed, making it more attractive to buyers or investors. The value of your home can also be assessed in areas such as extended warranties, efficiency, low insurance rates and safety or security. Let’s take a closer look at each of these areas to determine the potential ROI of a new roof on your home.
There is no doubt that a new roof is a huge selling point to a potential buyer. Homebuyers do not want to close on a house only to find out that they have to spend more money on the roof within a couple of years. How much resale value does a new roof add to your home?
According to Zillow, here is what you can expect:
Asphalt Shingle Roof
- Average replacement cost: $22,000
- Average resale value: $15,000
- ROI: 68%
- Average replacement cost: $38,000
- Average resale value: $15,000
- ROI: 60%
Zillow also reports that nearly 20 percent of home sellers upgrade their roof before listing their home.
Whether you are selling your house or just want to improve your property’s curb appeal, there is no question that a new roof adds to the overall aesthetic value of your home. Today’s modern roof offers far more design and material options than ever before. You can choose your favorite patterns, shapes, colors or textures.
Furthermore, improved construction and design now make many roof options durable enough to handle coastal environments. Aluminum, Tile and some metal roof options, are designed to withstand the salty air, hot sun and high winds during a hurricane. If you want to revitalize the look of your home, then start from the top down with a new roof.
The virtue of extending your home’s warranty continues to be debated. Proponents of extended warranties say that they protect against expensive and unforeseen repair. They are also major selling points with home buyers, as they reassure the potential buyer that everything in the home is in good working condition. Critics of warranties contend that they are expensive and easily void if you do not maintain your roof or the rest of your home.
One thing that everyone can agree on is that you are more likely to get an extended warranty if you add a new roof to your house. This is assuming that you have been living in your home for an extended amount of time and you want to extend an already existing warranty. If your old roof is in poor condition and you have not scheduled maintenance in a while, then your chances of renewing your warranty are almost zero.
Energy Efficiency & Cost Savings
If energy rates stayed exactly the same over a period of twenty years, you would still slowly see an increase in your heating and cooling bill (particularly cooling in Florida). Why? Because as your roof gets older, it loses the ability to provide an adequate barrier against sunlight and heat transfer. As a result, your entire home becomes more inefficient to operate.
When you install a new roof, you will notice a decrease in your energy bill. Why? Because a newer roof provides:
- A greater thermal barrier
- Elimination of leaks
- More adequate ventilation to prevent thermal buildup
- Greater overall insulation to protect your ceiling and the walls
Although the figures vary, most experts agree that a new roof can reduce your energy costs by 30 to 50 percent. In Florida, where cooling costs can skyrocket during the summer months, a new roof can reduce cooling demand by 15 percent, giving you greater annual savings.
Get a Free Roof Estimate from Quality Roofing Solutions
Quality Roofing Solutions offers premier roofing services for homeowners in Pensacola, Milton, Pace, Gulf Breeze and the surrounding Gulf Coast area. To find out more about our roofing solutions, call us at 850-378-3757 or fill out the quick form on our contact page.