How Much Value Does a New Roof Add to Your Home? Know It Here
Guessing that you are among the usual consumers that pay attention to the condition of your living space, you may always be looking for ways to increase the value of your home.
One way to do that is by installing a new roof. Good roofing can add thousands of dollars in value to your home, so it’s definitely worth considering if you’re in the market for a new one.
In this blog post, we’ll discuss how much value does a new roof add to your home and some of the factors that influence that value. We’ll also provide some tips on how to get the most out of your roof! Let’s go!
How Does Short-Term Roof Value Vary from a Long-Term Perspective?
A new roof’s short to mid-term market value is quite comparable to a “new car scent,” as it provides a property a facelift. It provides an undoubtedly appealing curb appeal.
Whilst short-term bargaining is appealing, shingles roofing is built to last, and all owners want to get lengthy value from a roofing system. “Lasting” is a matter of perspective, since “long” for asphalt shingles will be roughly 20 years. The term “long” for slate tiles might range from 75 to 2 centuries, but all of these are dependent on the prior quality of materials used.
To help increase your roof’s long-term market value, get it evaluated on a regular basis so that any essential maintenance can be addressed as soon as possible.
To Address the Big Question, a New and Good Roof Can Increase Your Home’s Value by How Much?
The study as to the numbers of value that good roofing can offer to your property is fairly conflicting. According to one study, quality roofing is a fairly good investment. According to Remodeling’s 2019 National Data regarding the Roofing Cost vs. Market Value Index, the average homeowner spends around $22,000 on asphalt-based shingles of moderate quality. On estimate, a novel roofing system will improve the value of a property by $15,427about $16,000. This equates to approximately 70 percent of the initial investment.
However, other studies have revealed that a new roof directly contributes more to the appraised value. According to the National Association of the Remodeling Industry’s renovation bump-up reports, newly put up roofing generates more than a hundred percent return, which implies you might even receive indirect profits on the matter.
While setting up a good roof is obviously a great option, how would you determine if that investment will provide you a 60% yield or whether it will increase the value of your home over its expenditures? There are at least 3 aspects to consider, which we will go through in the following section.
Factors to Consider on the Numbers Your Roof Can Offer to Your Property’s Value
#1. Roofing Material Utilized
One of the most important factors in determining the value that a new roof adds to your home is the materials that are used. If you choose high-quality materials, such as metal or slate, you can expect to see a higher return on investment than if you choose cheaper options like asphalt shingles. The type of roof you choose will also affect the value, so be sure to consult with a roofing expert to find the best option for your home.
#2. Current Roofing State
Another important factor to consider is the condition of your existing roof. If your roof is in good condition, a newly installed roof will likely add more value to your home than if it’s in poor condition. This is because potential buyers will see a high-quality roof as an upgrade, and they’ll be willing to pay more for your home as a result. If your roof is in poor condition, however, you may not see as much of an increase in value. In some cases, it may even decrease the value of your home if potential buyers are concerned about the condition of the roof.
#3. Current Market Conditions
Finally, the location of your home also plays a role in how much value a novel roof will add. If you live in an area with a high demand for housing, such as a major city, you can expect to see a higher return on investment than if you live in a more rural area. This is because potential buyers are willing to pay more for a home in a desirable location.
If you’re thinking about installing a new and good roofing system, be sure to keep these factors in mind. Such an endeavor can add significant value to your home, but the amount of value will vary depending on the materials you choose and the condition of your existing roof. Keep these tips in mind to get the most out of your new roof!
But when it’s time for a roof installation, here’s what we can recommend:
Opt Only for the Best Roofing Contractors Around!
Guys like the Mighty Dog Roofing professionals are the best examples of this. They’ve worked with a range of roofing materials for many years. Their collective approach includes comprehensive pre-project preparation, such as an assessment of the previous roof and material and financial assessment with the customer. They also offer a comprehensive range of services that can put your mind at ease.
They will get rid of the old roofing (if necessary), professionally install the roof, thoroughly tidy up all debris and waste, and do a final inspection before the task is completed. Contact or visit them today to get a free estimate!
A newly put up high-quality roof is a great investment for your home. It can add curb appeal, energy efficiency, and value to your property. When choosing a prospective roofing system, it’s important to partner with an experienced contractor who can help you select the right materials and install them correctly. The Mighty Dog Roofing team has the experience and expertise you need to get the most out of your new roof. Don’t drag around and get your home’s value bumped up now!