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THE MRN JOURNAL

How Much Value Does A New Roof Add?



Your home’s exterior is the first thing neighbors and buyers see — and your roof is part of that equation, especially if you plan to sell your home. Getting a new roof installed has a number of benefits, but the biggest one is the increase in property value. In this article, we’ll answer one of the most frequently asked questions regarding new roofs: just how much value does a new roof add to your home?


Should I Have My Roof Replaced If I Am Selling?


If you think your existing roof will cause issues during your home sale, then you should replace it before listing. According to the Zillow Group Consumer Housing Trends Report 2018, 18% of sellers reported replacing or repairing their roof before selling. While a new roof can be expensive, it might be worth it when you consider the negative impact your current roof could have on your sale:

  • Fewer offers: A home that needs a costly repairs or work won’t appeal to buyers looking for something move-in ready.

  • Longer sale process: Buyers will want to negotiate the sale price, or they may request a roof repair or replacement before closing.

  • Reduced offer price: Anticipating the cost of replacing the roof later, buyers may try to take that estimated cost out of the sale price.

When Does My Roof Need /to Be Replaced?


If you consider all of the things your roof does, it makes sense why it has such a big impact on the overall value of your home.

  • Your roof is one of your home’s primary insulators, and a quality roof can lower your utility bill.

  • Your roof also protects you from the elements—rain, wind, sleet, snow, hail, and more.

  • Aesthetics - your roof also impacts how your home looks from the outside. The foundation and bones of a house may be beautiful, but if it has a roof that’s degrading and falling apart, no one’s going to pay attention to anything else.

Believe it or not, the health of your roof is one of the biggest factors in determining the overall value of your home. If you see the following signs of damage, these can negatively effect your home's curb appeal, passing inspections, or selling your home in the future:

  • Buckling shingles

  • Cracked shingles

  • Sagging roof (which could indicate underlying deck rot)

  • Lost granules (found in gutters and downspouts)

  • Leaks

  • Recent wind or hail damage



Return on Investment


And finally, lets discuss ROI. How much of a return on your investment will you see on a roof replacement? Here are average costs for two of the most common roof replacement types, according to Zillow(1).

Replacement – asphalt shingles

Asphalt shingles are one of the most widely used types of roofing materials. They’re sturdy, waterproof and relatively easy to install.

  • Average national cost: $22,636

  • Average resale value: $15,247

  • ROI: 68.2%

Replacement – metal

Metal roofs are durable and low maintenance. They’re most commonly found in snowier parts of the country.

  • Average national cost: $38,600

  • Average resale value: $23,526

  • ROI: 60.9%

All-in-all, a new roof will likely give you a return on investment of about 60-68%, depending on the condition of your old roof and quality of materials used. A new roof will increase your home’s resale value by about $12,000 based on the national average.(2)


Will Insurance Cover My Replacement


The answer, in some cases, is yes. Depending on your policy, your insurance will cover repairs and replacements to your roof within a certain time period if storm damage is found. It's important to perform regular inspections to ensure your roof i


So, for ROI purposes, that means you pay $1,000 for your roof replacement and increase your resale value $12,000 - $15,000 on average!

So, let MRN perform a free inspection on your home today and let us provide a roof evaluation and help you determine your ROI today!





Sources:

1 https://www.zillow.com/sellers-guide/should-i-replace-my-roof-before-selling/

2 https://www.homeadvisor.com/r/add-value-with-new-roof/

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