Does a New Roof Raise Your Home’s Appraisal Value?
Spring is the time of year you might plan to tackle those home remodeling projects the winter rains kept at bay. Or, you may be looking at an even bigger change, selling your current home and moving to a new one.
If that is the case, you could be weighing your options to improve your home’s resale value. One question may come to mind. Will a new roof increase my home’s appraisal value?
Return On Investment Depends On More Than One Factor
According to Marin realtor, John Skinner, different factors need to be considered:
“Even if a roof is older, if the roof is in sound condition and looks good, other projects may be a better resale investment, such as an upgraded kitchen or bath. However, if the roof is old and shows signs of wear, it could discourage potential buyers by hurting your curb appeal, in addition to looming as a big investment to repair or replace.”
A quick look at the Remodeling’s Cost vs. Value Report 2019 estimates that the national average of a complete roof replacement with asphalt shingles at a job cost of $22,636, has a resale value of $15,427, so you recoup 68.2% of your investment. A replacement using metal materials at a job cost of $38,600 has a resale value of $23,526, so you would recoup 60.9%.
How to Avoid Surprises
Various improvements and upgrade projects fare better and some fare worse than a new roof. However, curb appeal and return on investment are not the only considerations.
Bruce Raful, a San Rafael appraiser said:
“If the roof that you have looks great and is in good shape, that is one thing. If your roof looks worn to the untrained eye, has curled up shingles, or broken tiles when you walk around and look up at the roof, that could provide the potential buyer with leverage to talk down the price.”
He continued, “A worn roof may well mean that the roof has experienced leaks. I always suggest that a seller engage a roofing contractor to conduct a thorough inspection, so they are knowledgeable about the issues. If a roof has leaked it may have caused damage inside the walls and the damage could be worse than you can see without an inspection. A seller will be in a much better position knowing what the issues are. I recommend a series of inspections, in various areas of the home, so the seller doesn’t experience any surprises.”
A seller who knows about any potential problems will be in a better position to make decisions about investing in needed repairs or preparing for potential buyer negotiations.
If you have concerns about the condition of your roof and want to be sure you don’t experience any surprises prior to selling your home, we’d be happy to schedule an inspection with one of our professionals. Contact us today for your free roofing estimate!