During the home selling process, few things are more important than the roof. Buyers do not want to purchase a home with an old or worn roof.
It is for this reason that roof replacements are such a great investment. In fact, a roof replacement recoups up to 96.3% of the upfront investment cost at resale. This exterior project also helps you sell the home in a shorter period of time.
Read on to learn how much does a new roof adds to home value. Explore topics such as the benefits of a new roof and how much does a new roof cost.
What Are the Benefits of a New Roof?
Your roof is all that stands between your family and Mother Nature. Without an operational roof, you are potentially dealing with heat loss and leaks.
Appearance is another major benefit of a roof replacement. An aged roof does not show well from the curb.
Your neighbors can see the large stains that develop on the roof. The color fades over time and looks old and dreary. At a closer level, visitors can see the asphalt shingles curling and warping.
For sellers, replacing the roof mitigates a major risk to the buyers. Your aging roof is not going to do well under the microscope of a home inspector. They are going to note the presence of every cracked or ripped shingle.
Sellers are going to be relieved that you have a new roof. They can cross this off their to-do list after they move in.
How Much Does a New Roof Cost?
The cost of your new roof depends on several different factors. The size of your roof is the most impactful cost driver.
Larger roofs require additional material and more labor hours for installation. As a result, each residential roofing contractor charges a different labor rate as well.
The type of roof material is another cost variable. For example, many single-family homes use asphalt shingles. However, other homeowners take a different approach based on their locality or budget.
Metal roofs are durable, energy-efficient, and low maintenance. Others prefer to use clay or slate tiles. These styles are selected for their beautiful appearance and low maintenance requirements.
There are other roofing materials such as concrete or wood shake. However, each one carries a different price tag. For example, clay or slate tiles are significantly more expensive than asphalt shingles.
Asphalt shingles are the choice for homeowners on a budget. At the mid-range for cost, you can opt for wood shake roofing. Decay-resistant cedar is going to run you up to $170 per hundred square feet.
Clay and concrete tile are at a higher price range. For a hundred square feet, you should budget up to $500.
How Much Does a New Roof Add to Home Value?
Since roofs are so important, you can expect to recoup up to 96% of the replacement cost. In a hypothetical situation, a $10,000 roof is going to add $9,600 to your home’s appraisal value. Of course, this return on investment percentage may fluctuate depending on your location and buyer demand.
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