A new roof is a major investment, and even if you’re getting ready to sell your home and move on to the next, it may still be worth considering.
That’s because a new roof can actually add quite a bit of market value to your home, increasing its likelihood of getting offers (or multiple offers in some real estate markets). The National Association of the Remodeling Industry (NARI) noted in their 2019 remodeling impact report that new roofs can provide a 109% return on investment. That same report states that 39% of realtors suggest that their sellers replace their roof before trying to sell their home, and 33% said that a new roof helped close a sale.
Even if a new roof does not give you a one-for-one return on investment, it can help with the marketing and quick sale of your home. New homeowners usually aren’t able to take on a major renovation right after spending money on the down payment and closing costs of their new home. For this reason, lots of new homebuyers are looking for a home that is “turn key” – in other words, one they can walk right into without having to do any work themselves.
When looking at two homes in the same price range, a home buyer is going to be more likely to make a generous offer on the one that has the most recent repairs and updates, because they know it will save them money in the long run. If they are looking at a house that clearly needs a new roof, buyers will mentally tack on thousands of dollars to the listing price.
Of course, if your roof is failing or has incurred damage, you will need to replace the roof before selling, regardless of the return on investment. In many states, it’s a legal requirement to disclose any damage or structural issues in a home to the buyer. Even if it’s not, if the buyer or mortgage lender requires a home inspection prior to closing, the issues will quickly be found and could dead-end a sale, wasting time and delaying your sale.
So how much should you invest in a new roof if you’re preparing your home to sell? This is a great conversation to have with your realtor, as they will know the market value of your home with and without a new roof, and guide you in how to choose materials that make the most sense for your budget. In most cases, installing a typical asphalt shingle roof is enough to make a buyer feel secure and good about the update. But some markets, neighborhoods or price ranges may require the homeowner to invest a bit more in architectural shingles, cedar shake, metal roofing, or a combination of materials for a higher-end look. Again, a realtor can help you make this decision based on comparable sales in your neighborhood and price range.
Even if you aren’t trying to sell your home, NARI’s research shows that 75% of homeowners report feeling “a major sense of accomplishment” after finishing a reroofing project and 49% say they have an increased sense of enjoyment when they’re at home. Your own happiness and comfort is definitely worth the investment.
If you’re preparing your home for the Hampton Roads real estate market and need a new roof, contact Andrews Roofing. We have decades of experience in the Tidewater region, and can help you choose the best materials and look for your budget, home design and style. We also offer a guarantee on our work and use materials with excellent transferable manufacturer warranties, to put your buyers’ minds even more at ease. Contact us today for a free estimate.