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How Much Value Does a New Roof Add?
The housing market is hot right now and as sellers are prepping their homes, the question arises: "Is it worth it to replace a roof on a home you will be moving out of soon?" Many variables come into play, but one of the initial deciding factors should revolve around the aesthetics of the roof. The first thing potential buyers see of your home is the outside. This means that you want your yard to be well kept, the paint to be in good shape and – you guessed it – your roof to look presentable. Think of your roof as a marketing tool. It's an opportunity to make an impression and leave buyers wanting to see more. Heed these home seller tips regarding your roof and get your home sold as quickly as possible!
Why Roofs are a Deciding Factor
Investing in a functional and aesthetically pleasing roof doesn't just make potential buyers take a closer look at your home, it also closes the deal. But why? Firstly, a roof is a necessity. While a buyer may compromise and buy a home with a smaller bathroom or outdated paint, a deteriorating roof isn't something that people are willing to settle on. Selling a house that needs a new roof can cause problems when an inspector releases this information to the possible buyers. According to Home Advisor, a roof ranges from $5,351 - $10,834. That's a pretty penny and one that most new homeowners aren't willing to spend shortly after purchasing their new home.
It's More Than Money
Money is a huge factor in a lot of decisions. In fact, Remodeling claims that you can receive 66-69% of the cost of a new roof back in home value. This means that if the cost of your new roof is $6,000, your home value could increase by approximately $4,140! It makes a roof replacement more achievable and results in a win-win situation for the buyer and seller. However, it really isn't all about the money. You wouldn't just be saving money. You would be saving time, effort, and frustration. Why? Because there are some surprising drawbacks of putting your home on the market with a roof in need of replacing:
- Fewer offers. Curb appeal is a real thing and when your home doesn't have it you will have fewer potential prospects and in turn, fewer offers.
- Prolonged sale. If the home inspection reveals a faulty roof, negotiations come into play and can become a tedious process for the buyer, seller, and real estate agent. If everything comes out clear after the home inspection, then you will be on a fast track to closing on your home.
- Reduced offer. If your roof isn't in good shape, your buyer is likely going to reduce their offer so they can pay for the necessary maintenance or replacement. It's a hassle for your buyers and results in you having less money in your pocket.
Tips and Tricks
After years of experience in the roofing industry, there are some options that other homeowners have had luck with. Some of these include:
- Shingle Replacement for damaged or lifted shingles.
- Partial reroofing for sections that may have damage if your roof is otherwise in good shape.
- Full replacement of roof.
As you prep your home, keep in mind that a quality roof naturally increases the value of your home so you don't want to mark your asking price way above the standard to get your money back for your roof. Since a roof is a basic necessity, people shouldn't have to pay a significant price just because your home is equipped with the very thing that makes it a safe place to be.
Your roof is important in so many ways. If you invest in it, you will reap the benefits.
