The simple answer is yes, a new roof can increase the value of your home. I’ve researched the correlation between new roofs and premium home prices. The condition of your current roof is a big factor in determining whether it needs replaced. If you are trying to sell your home, it’s advantageous to install a new roof, as it will significantly help you make extra cash in the transaction.
Home Buyers and Roof Issues
One type of home buyer wants everything new or in working order, while someone who flips homes for a living looks for homes “as is” priced lower than what the market value could be if everything damaged were fixed. It doesn’t always follow that people who can afford a new home can afford a new roof. Many home buyers want their new place to be a solution rather than a new problem, such as a leaky roof.
In some states homeowners are legally required to disclose roof leaks to buyers. The problem with leaks is that if they aren’t sealed right away once discovered, they can lead to very expensive repair work down the road. If your roof is damaged by a natural disaster like a storm, there’s a good chance your standard homeowners insurance plan will pay to replace it.
Industry Statistics on Roofing Value
A 2019 Cost vs. Value Report by Remodeling published interesting statistics that should help clarify how important a new roof can be to homeowners looking to sell their homes. The report found the cost of a new asphalt shingle roof for the average American homeowner is $22,636. Research showed such a new roof increases a home’s value by $15,427.
Another industry report, released by the National Association of the Remodeling Industry (NARI) found a new roof can yield a 109 percent return on investment. So even if the money comes out of your own pocket to buy a new roof, it can be a profitable venture.
Why a New Roof Boosts Home Value
A primary reason a new asphalt roof raises a home’s value is because it improves curb appeal, contributing to making the neighborhood look better and well managed. But just as important, its makes the home safer and free of air or water leaks. Home buyers expect an incredible bargain if they have to invest extra money in a new roof.
If I were you, I would talk with an experienced roofing expert who can give you more detailed information about how much a new roof would increase your particular home’s value. Speaking with a real estate agent as well can give you deeper insights.
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