Does A New Roof Improve Your Home's Value?
Installing a new roof isn’t the first thing that homeowners think of when they want to improve their home’s value. Oftentimes, they’ll think of revamping their bathroom, kitchen, windows and their exterior since it’s a prominent part of their home. However, new research shows that having a new roof installed can significantly improve your home’s resale value.
How Much Does a New Roof Increase Your Home’s Value?
According to the Remodeling Magazine’s 2019 Cost vs. Value report, an average American homeowner would spend around $22,636 on asphalt shingles of acceptable quality. In turn, installing a new roof will improve the home’s value by $15,427, which is around 68% of the original investment. Other types of roofing systems yield different results, but a new roof will add more to a home’s appraisal value. The National Association of the Remodeling Industry (NARI) shares that new roofs can provide a 109% return on investment (ROI).
Important Factors to Keep in Mind
Your roofing company will tell you that installing a new roof is a worthwhile investment, especially if you have an old one that is about to give out. However, there are some factors that you’ll need to consider whether your investment can net you a 60% return on your investment or if it can go beyond that.
- Your Roof’s Condition
If you have a roof that is around five years old, it will still probably be in good condition, provided you have it inspected and maintained regularly. As such, getting a new roof won’t improve your home’s resale value tremendously. It’s a good investment if you have a damaged roof, but if there are minor repairs to be done for it to be in good condition again, then you can simply have it repaired.
- The Quality of Your Roofing Shingles
Normally, home renovations need to suit those around you, especially if you live in a homeowners association run neighborhood. Don’t invest in luxury roofing materials if you live in a starter house since your home’s resale value won’t exceed the neighborhood’s value. This is a good move to make if you live in an upscale neighborhood.
Looking for reliable roofers for your project? At Punum Roofing of Houston, Inc., you can only count on us for quality residential roofing services. Give us a call at (713) 466-4447, or fill out our contact form to get a free estimate.
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