From finding the right realtor to no-show open houses and lowball offers, selling a house can be a frustrating experience. The real estate market has turned into a game, where everything about your home matters in the final sale, including your roof.
Many homeowners wonder, “does a new roof add to home value?” The short answer is yes, but maybe not as much as you think. Many prospective home buyers won’t risk buying a home with an old roof as it means more work for them down the road, so a roof replacement could be a worthwhile investment for you before selling. Without a new roof, you risk:
- A drawn-out sales process
- Fewer offers
- Lower priced offers
But how much does a new roof add to home value? And what are your options as a prospective seller? Let’s take a closer look.
Additional Home Value From New Roofs
A brand new roof will absolutely raise the value of your home, but you might not see a full 100% return on your investment (ROI). Usually, the return rate is in the 60-70% range. But even this percentage is impressive because very few home improvement projects offer a full reimbursement of money paid.
Even without a 100% return rate, a new roof replacement offers benefits in the home selling process, including:
- Getting your full asking price
- Smoother negotiations
- Less time on the market
Let’s crunch some numbers.
The two most common roofing materials are asphalt shingles and metal. According to a 2019 cost vs. value report, this is how shingle and metal roofs perform in resale value:
Asphalt Shingle Roof Replacement
- Average national cost of a replacement: $22,636
- Average national resale value: $15,247
- ROI: 68.2%
Metal Roof Replacement
- Average national cost of a replacement: $38,600
- Average national resale value: $23,526
- ROI: 60.9%
This data tells us that while you likely won’t get a 100% return on your investment, a roof replacement will absolutely increase the overall value of your home by a significant percentage. However, a roof replacement isn’t always necessary before selling your home, especially if it was replaced a few years ago or has a very impressive lifespan.
Signs You Should Replace Your Roof Before Selling Your Home
While it’s not always necessary to replace your existing roof before listing it on the market, there are certain tell-tale signs that signal that a roof replacement would be a very wise idea.
If you notice any of the following signs on your roof, they can be a red flag as they decrease your curb appeal and signal to prospective buyers that the home isn’t in the best shape.
- Cracked shingles
- Ice dams in winter
- Sustained wind or hail damage
- Buckling shingles
- Sagging roof (this can indicate underlying deck rot 😬)
- Lost shingle granules (found in downspouts and gutters)
If you only have a minor case of one of these issues, you can maybe leverage a roof repair instead of an entire replacement. However, if you have multiple of these issues or an extreme case of one, you’re likely best off with a full roof replacement.
Considering the importance of curb appeal when selling a home, having an old or damaged looking roof could leave potential buyers with a lower home value than what it is actually worth. This is why calling an honest roofing contractor to perform a free inspection is the best way to learn what your roof needs and how you can capitalize on your investment.
Roofing Materials & Their Selling Power
If you opt to replace your roof, you have options when it comes to materials. Even though asphalt shingles are the most popular roofing material, other materials are available and could be a huge selling point if they’re within your budget.
Asphalt shingles are the most commonly installed roofing material across the nation. Anywhere they go, prospective buyers will recognize the look of a classic shingle roof. This material has good selling power because it’s so easily recognizable.
Asphalt shingles are so popular because they’re affordable with a decent lifespan. You can expect a new asphalt shingle roof to last between 15-25 years.
Metal roofing is growing in popularity because it not only lasts up to 50 years or more, but it looks incredibly aesthetically pleasing. Metal roofs have come a long way with design, and they can now resemble other roofing materials like shingles, slate, and tile.
Metal roofs are bonuses in areas that get frequent snowfalls because the slippery surface sheds snow easily.
Tile or Clay
A clay or tile roof won’t really be a selling point in the Midwest, but they are common (and even expected) on Spanish-style homes in western desert climates. Clay tiles have impressive longevity— commonly lasting from 50 to 100 years! While this material will boost your property value significantly, keep in mind that they cost about 3 times as much as asphalt shingles.
Slate shingles are made of real stone and can last over 100 years. Impressive, right? However, this investment will only attract very specific prospective buyers. This material isn’t as popular simply because slate is very heavy and expensive. It can cost up to 20 times more than asphalt shingles. (Ouch.)
Consult With a Roofing Expert Before Selling Your Home
In most cases, a full roof replacement isn’t necessary to sell your home at a good asking price. However, if your existing roof is nearing the end of its lifespan or has damages that could cause expensive issues down the line, you’re better off getting a new roof before listing your home.
Reach out to our honest and trusted roofing team for a free inspection in Indiana. The Heartland Builders will give you our expert opinion on the state of your roof and suggest the service that makes the most sense for selling your home. Contact us today!