A roof replacement can improve a lot about your property: curb appeal, protection of your valuables, increased weather resistance, energy savings, and more. But if you’re looking to sell your home at some point, you might be wondering: Does a new roof increase home value? Will you get something back from this investment (aside from the other benefits listed above?)
There are several factors to consider when determining the answer to that question. What is the condition of your current roof? How competitive is the market? What kind of shingles will you choose?
A Review of Roof Status
Prospective buyers look at your home with dollar signs in mind. They aren’t just thinking about how much money this house will cost them now, but how much they’re going to need to invest immediately to get it in the condition they’d like.
A roof at the end of its life, with loose shingles and other damage, will send up red flags for buyers. They know it’s going to be expensive to install new roofing. Beyond that, if your home has a leaky roof, they’ll wonder if any other important maintenance has been neglected in the home. Instead of choosing your home, they might go with another option nearby with fewer necessary renovations.
Housing Market Conditions
The housing market is fickle. Home renovations never decrease the value of your home, but the exact amount a new roof replacement increases your home’s value depends on each region, city, and even neighborhood. Remodeling’s 2019 Cost vs. Value report says the average roof replacement increases home value by around $15k.
If your market is particularly competitive, buyers might be willing to let some needed repairs slide just so they can get a house- any house. But if there are many homes available for sale, getting a roof replacement could bring you an excellent return on your investment.
Your New Roof Shingles
The type of shingles you choose for your new roof installation can also make a difference in how much your home’s value will increase. The location and style of your home should inform your renovation choices. For example, most homes in a neighborhood will have similar shingle styles. If you’re looking to install a new roof on a starter home surrounded by similar houses, it makes sense to go with mid-range shingles rather than luxury styles, as even the best shingles won’t increase your home’s value enough to justify the selling price. Those luxury shingles could be a great roofing investment in a more upscale neighborhood, however.
So does a new roof installation increase home value?
In general, yes. But it’s best to make an informed decision and consider all of your options before making a major investment like a roof replacement. Work with a roofing contractor that knows your neighborhood and your market. They can help guide you through the process and make getting your home ready to sell a little less stressful than it might otherwise be.