Does a New Roof Increase Your Home’s Value?

New roofing isn’t the first thing that springs to mind when thinking about home improvements that increase home value. However, research shows that having a new roof installed can have a significant impact on the value of your home, especially when it comes to resale value. 

How Much Does a New Roof Increase Home Value?

You may be wondering, "how much does a new roof increase home value"? according to remodeling magazine’s 2019 Cost vs. Value report, the average American homeowner spends $22,636 on a new asphalt shingle roof of midrange quality. On average, that new roof will drive up the home’s value by $15,427, which translates to 68% of the investment. Other research has shown that a new roof adds much more to the appraised value. The National Association of the Remodeling Industry (NARI) released a report that states new roofs can provide a 109 percent return.

Important Factors You Need to Consider

According to a reputable roofer, while new roofing is undoubtedly a good investment, reading the below points will help you to know exactly how much does a new roof increase your home value. There are at least three factors that dictate whether it will make you a 60% return on your investment or it will boost your home above its own costs.

  1. The condition of your existing roof -
    If your current roof is five years old, for example, and in relatively good condition, a new roof won’t offer you much benefit. If you’re trying to sell a residential property with a damaged roof, replacement is a secure investment to make. On the other hand, if your roof has relatively small issues, it may be more cost-effective to have it repaired than replaced completely.

  2. The conditions of the market -
    General housing market conditions also affect the value of home renovations. It’s best to refer to a trusted real estate professional in your area to get their advice about how roof installations are performing in your neighborhood.

  3. The quality of shingles you’ve chosen -
    Generally, home renovations need to match your community. There’s no sense in investing in luxury features in a starter house because the home value can’t rise above the neighborhood’s value. If you happen to live in an upscale neighborhood, high-end or designer shingles may be expected to match the style of your home’s exterior.

Wortham Bros Inc. is one of the leading residential and commercial roofing companies in Dallas and McKinney, TX. Our team offers services such as roof repairs, storm damage restorations, new roof construction, roof replacement and roof maintenance. Call us at (972) 960-3135 or complete our online form to request a free estimate.

Categories: 
Related Posts
  • Important Roofing Questions You Need to Ask as a Home Buyer Read More
  • Commercial Roof Management: Important Questions to Ask Read More
  • 4 Important Questions to Ask a Roofing Contractor Read More
/