Does a new roof installation increase the property value of your house?
If you notice that your roof is near its end of life cycle, you might be thinking about repairing it or even installing a new roof altogether. And if you are selling your house during this seller’s market, it might even be a great way to increase the value of your property.
After all, Indianapolis new buyers will not want to make expensive purchases after buying a home such as a new roof installation and prospective buyers might not want to put in an offer on a house that has what appears to be an older roof that could bring trouble down the road.
When deciding whether a new roof(and what kind of materials, from asphalt or metal) will add value or not, let’s take a look at some factors.
Does the property value increase with a new roof?
Well, the results seen are somewhat convoluted. According to the website credit karma, 2020 cost vs. value report found that the average homeowner spends around $20k on new asphalt roof shingles of a mid-range quality. In contrast, this new roof will increase the home’s value by $15k on an average.
When looking at the National Association of Remodeling Industry(NARI) research, it has been found that a new roof adds more value during a home appraisal. The research found that new roofs provide a return of 109 percent, meaning you can make a profit on installing a new roof.
Let’s take a look at other factors that affect your roof installation.
The Condition of your Indianapolis Home Roof
As a homeowner, keeping your roof in good condition should be part of every home maintenance. It helps with curb appeal and avoids leaks or any other damage to your home. Knowing the age of your roof is essential, if the roof is near its end age then its best to contact a roofing contractor for an estimate. If you think your roof is near its last stage, then contact your expert Indianapolis roofing company at Oscar Roofing for further insight. Near all of the homeowners who we have serviced had a new roof installed because their old roof was in a poor condition.
However, if your roof is around five to ten years old, then you probably don’t have much to worry about and will probably not add much benefits from a new roof. If a leak is found or there are a couple of missing shingles, a repair might be more beneficial and cost effective. Of course, asking a roofing professional to inspect your roof is the easiest way to know your options.
The materials you put on your roof will have an effect on your home value. There’s no reason to choose luxury shingles unless you want to. Looking around your Indianapolis neighborhood and getting an idea of what kind of shingles are installed around you is a good starting point for getting ideas. If you live in an upscale neighborhood, then some HOA’s do require a certain type of shingles or have restrictions. Higher-end shingles will most likely be expected.
Consulting with your roofing contractor and getting samples is an essential part of choosing the right shingle color.
Metal Roofs as Another Option
There are always other roof options. An increasing popular option for homeowners is metal roofs. These can be cost effective in the long term while providing sturdier support and less headaches. However, if you are selling your home, you need to consider how a new homeowner will feel about a metal roof. As metal roofs are less common(depending on where you live) prospective homeowners may not feel so comfortable when buying a new house.
Metal roofing is on average, more expensive than asphalt shingles. Metal roofs also add less value to an appraisal than other roofing materials. The positive of metal roofs is that they will not bring trouble down the road, you will probably not have to worry about leaks or any other issues after installing a metal roof.
New Roof as a Selling Tool
While a new roof won’t raise the home value as much as expected, would it help you as a selling point for your home? Well, according to many real estate agents, the value of a new roof is definitely an effective selling tool that you can use when negotiating with prospective buyers. According to the NARI report in 2020, 32% of realtors have stated that a new roof was the driving factors in finalizing their sale. So, not only does it make your home look more polished, it helps to bring in more prospective buyers who are willing to put in lucrative offers for your home. Its a win-win.