ROI of putting a new roof on your home
A lot of work goes into selling a home. While the bones of the house need to be in good condition, you can’t really skimp out on the exterior of the home. And one of the first things someone will see outside of your home is your roof.
Perhaps a few damaged shingles won’t send a potential buyer running, but if the roof is in a noticeably poor condition, it’s going to impact anyone’s view of your home overall. If people see something wrong with the roof, it could lead to fewer offers, a lack of offers, or stalled negotiations while the buyers try to get you to bring in someone for a roof repair or work the cost of future repairs into the sale.
The roof is a vital part of any healthy home. Obviously, it protects everything inside. It also acts as a major insulator for your home. Some newer, high-tech roofing materials can help reflect summer heat off the roof instead of absorbing it, which can be a big help in keeping down utility bills and in keeping your home comfy even during the most extreme swings in that crazy Northwest climate.
How much return will a new roof bring to your home
Very home improvements will bring a 100 percent return on investment in terms of home value, and a new roof is no exception. The way a lot of people say to look at these issues is by measuring the estimated cost vs. value, which aims to look at a renovation project’s cost compared with its overall benefit to your home’s price.
Dating back to 2002, Remodeling Magazine and its online counterpart, Remodeling Online, publish the Cost vs. Value report. The set of home remodeling estimates has become an industry classic. The report takes in information from all throughout the country and breaks it down nationally, as well as in smaller regional markets. Remodeling surveys thousands of realtors from the National Association of Realtors and RemodelMAX, a publisher of remodeling cost estimating tools.
The report comes out each December and can be a help when trying to sort through the ROI on something as big as putting on a new roof. Here’s what the most recent report had to say about what a roof replacement means for your home’s value: (Here’s a link to the most recent report so you can link to it if you want: https://www.remodeling.hw.net/cost-vs-value/2022/pacific/ )
The report breaks down roof replacements into two categories: asphalt shingles and metal roofs. When it comes to asphalt shingles, the national report averages a roof replacement at $31,535 with an added resale value for the new roof at $18,780. That gives a 59.6 percent return on investment.
Those numbers look a bit better in the Pacific region breakdown from the report, where it estimates a roof replacement costing $35,606, and the added resale value for the new roof at $24,722. That means a 69.4 ROI regionally for the roof replacement.
The metal roof replacement numbers followed the same pattern. Nationally, the Cost vs. Value Report said a replacement cost $51,546 for an added resale value of $28,196; gives an ROI of 54.8 percent. In the Pacific region, a metal roof replacement cost an estimated $59.863 for an added resale value of $36,330. That gives an ROI of 60.7 percent.
Now, those roof replacement numbers seem a bit expensive, and it can be just who Remodeling Magazine surveyed and who responded. Most places average out a typical roof replacement somewhere in the $8,000 range, depending on the size of the home and materials used. Even if your roof replacement project is closer to that $8,000 figure, you can still expect somewhere in the 60 percent ROI for your home.
Should you replace your roof if you’re looking to sell?
If it’s time to sell or think about selling, you’re probably going to have a lot of projects to get done before it’s time to hand over the keys. If those numbers above look good to you, or if your roof is in rather a dire condition, a roof replacement can be a real draw to buyers.
The roof is going to be one of the first things an inspector looks at when a potential sale is already in process. If you can see buckling or cracked shingles, a sagging roof, lost granules, or leaks in your roof, it’s not a bad idea to have the experts at 4A come out to look at your roof. We have the knowledge and experience to know whether a full replacement or just some repairs would be better for your home.
If you have an older home, a new roof is a great idea. Older homes and roofs used now outdated materials that can be potentially harmful, or just didn’t make your house run as efficiently as possible. Certain current roofing materials can better insulate your home and improve the structural stability of a house.
At 4A Roofing, we offer quality workmanship backed by a five-year water-tight warranty and have experience with just about any issue you can have with any and all styles of roofs. Whether you’re in need of a repair up there or a full replacement, we’d be happy to take a look and see what the best option for your home is. Give us a call today at 360-558-1572 for an estimate for your roofing needs.