Does a New Roof Increase the Appraisal Value of a Home?
Will a New Roof Increase Appraisal Value
But just how much are you going to recover from the cost of the roof replacement? The report shows that homeowners recoup an average of 63 percent. This means you will get back $63 for every $100 you spend on installing a new roof in terms of increased home value. That may not sound like a lot on the outset based on a 100 percent scale.
However, when you realize how much money you can also lose on your home resale value without a roof replacement when needed, the scale tips in your favor. You can use this average to help you determine, based on the cost of your particular roof replacement, whether or not it is the best investment for you.
Why Would I Want to Get a New Roof
In some instances, you want to get a roof replacement before putting your house on the market. If your existing roofing leaks or disrupts the integrity and safety of your structure, then you will want to get a roof replacement to ensure the safety of the new occupants. In most cities, you are required to get a home inspection prior to selling your home. If your roof does not pass the inspection, you will need to get a roof repair or replacement in order to satisfy the requirements of a mortgage lender or banker. Otherwise, the future homeowners will be unable to close on your house.
In the case that you are able to secure a sale on your home without having a roof that passes inspection, you are at risk of losing money. The potential buyer will want to negotiate in most instances—and not in your favor. The buyer will want to bring down the asking price for the house in order to account for how much they will have to spend on a roof replacement. If you are still on the fence on whether you need to install a new roof, here are a few more reasons:
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Bottom Line: A New Roof is a Good Investment
If you are interested in getting a roof replacement as a way to improve your home resale value, then a new roof is the way to go. However, you also must factor in the cost of a new roof, as well as the time and energy spent dealing with finding the best value on roof replacement options. Start by choosing a solid roofing company that will work with you to decide on the best roofing solution for your housing type, neighborhood, and budget.