Are you looking to sell your home soon for a good price? If so, how great does your roof look? If your old roof needs roof repair, then consider replacing shingles. If you want to have a large house sale price, you may wonder – does a new roof increase home value?
You’ll find that an entire roof replacement will lead to a large increase in the full asking price when you sell your home. If you need a new roof installed, you’ve come to the right place. Here, we will detail:
- The reasons why your home sale price will grow
- How much added value to expect
- The costs of a new roof
- The roofing materials and shingles you’ll need
- And more!
If you have an old or sagging roof, you should consider replacing the entire thing before selling your home. That way, you can get more money from the home sale. Are you ready to learn more? Then, let’s get started!
WHY DOES A NEW ROOF INCREASE HOME VALUE?
You don’t want your real estate agent putting buckets in your house to catch the raindrops when showing off your place to potential buyers. Many buyers will not put down a bid on a home with an older roof in poor condition.
Research shows that you will get back 66 to 69 percent of the cost spent on a new roof from the home sale. Your return on investment (ROI) isn’t dollar for dollar, but it will boost home value.
HOW MUCH VALUE DOES A HOME GAIN AFTER A ROOF REPLACEMENT?
A new asphalt shingle roof replacement will increase your home value by as much as $15,247 based on national data from 2019. However, the average national cost of an asphalt shingle roof replacement is $22,636.
However, if you’re looking for an incredibly durable roof with minimal maintenance, you may need to install a metal roof. The average resale value of your home will increase by around $23,526 if you choose metal roofing.
DOES A METAL ROOF FURTHER BOOST HOME PRICES?
A metal roof does increase your full asking price and improve your home’s exterior. It adds as much as $8,279 on average to your home sale value as compared to replacing a roof with asphalt shingles.
However, you should also consider the initial costs of installing metal roofs. The average national cost of metal roofing replacements is $38,600. That price is much higher than the average price of asphalt shingle replacement, which is only $22,636.
HOW MUCH DOES A NEW ROOF COST?
Roof prices vary greatly depending on the roofing materials used, the size and shape of your home, and the location of your property. Wood shingles, metallic materials, and clay tile tend to have a larger price due to their greater durability. Roofing material is key when it comes to price.
When using asphalt roof shingles, on the other hand, the average roof replacement costs between $4,200 to $6,000 for a 1,600-square-foot home. For more superior materials, however, the cost will range between $9,500 to $16,000.
WHAT TYPE OF SHINGLES ARE BEST FOR YOUR HOUSE?
Asphalt shingles are usually the best choice for the majority of houses nationwide, according to Consumer Reports. That’s because these shingles are easy to install, lightweight, and quite affordable. However, if you live in a tropical or hot climate, metal roofs are great at reflecting sunrays, keeping your house cool, and cutting cooling costs.
TOP REASONS FOR A NEW ROOF
There are numerous major reasons you may need a new roof for your house, such as:
- Your roof is leaking
- You have missing, broken, or torn shingles
- You’ve found mold and mildew growing on your roof
- The roof materials have gotten too soft and rotten
HOW TO MAXIMIZE THE ROI OF A FULL ROOF REPLACEMENT
If you have chosen to replace your roof such as a tear-off roof replacement, there are steps you can take to maximize your return on investment. You’ll need to make some upgrades to keep your new roof protected, such as:
- Installing seamless gutters
- Adding gutter guards
- Adopting heated gutter systems if you live in snowy, cold environments
FREQUENTLY ASKED QUESTIONS (FAQS) ABOUT A NEW ROOF
Below, we answer several typical questions about a roof replacement and its associated increase in home value.
HOW MUCH VALUE DOES A NEW ROOF ADD IN 2022?
While you may not have as much ability to get full ROI from a new roof once you sell your place, replacing your roof can add an average of $12,000 to your home’s value. Yet, if you have decided on using metallic material for your roof, you will gain as much as $23,526 on your home sale price.
DOES A NEW ROOF ADD HOME VALUE DURING AN APPRAISAL?
Fixing your old roof with new shingles can add home value to your property during an appraisal. On average, your new shingle roof can raise your home’s resale value by $15,427, according to Remodeling magazine’s Cost vs. Value Report 2019.
When an appraiser considers the overall value of your home, the appraisal will include all home improvement projects, such as a new long-term roof.
WHAT HOME IMPROVEMENTS ADD THE MOST VALUE TO A HOUSE SALE PRICE?
Besides a new roof, several of the biggest home improvement projects that add the greatest value to your home sale price include:
- Finishing a basement
- Adding an extra bedroom
- Installing a new bathroom
- Renovating your kitchen completely
- Partaking in a complete bathroom remodel
So, does a new roof increase home value? The clear answer is yes! A new roof will increase your home’s value, as it will keep your home dry and free of mold. Home buyers prefer properties with new roofs and renovations.
To increase your home resale value, consider repairing the shingles with new ones or replacing the entirety of your home’s roof with metallic materials. Soon, you’ll sell your place for a reasonable price.