How Much Value Will a New Roof Add to My House?
As a homeowner, the money you put into your home's upkeep is an investment in one of your most valuable assets. Even before you own your home outright by paying off your mortgage loan, you have a financial stake in your home that makes it worthwhile to spend money on improvements. A major improvement, such as a new roof, can quickly add value to your home.
The value of a new roof on your home can vary widely based on a number of factors. In general, a new roof can add between 15 and 40 percent to the value of your home. This means that a $100,000 home can become a $140,000 property simply with the addition of a new, modern roof. It also indicates that the more a home is worth, the more value it stands to gain from a new roof.
Many variables contribute to exactly how much a new roof increases a home's value. They include the condition of the old roof it replaces, with more dramatic upgrades doing more to increase the appraised value of a home. Homes in higher price ranges will also gain more value since buyers will be willing and able to pay more for a home that won't need a new roof soon after moving in. The style of the new roof also matters, with roofs that add architectural interest enhancing value more than traditional roofs that may cost less but fail to help the home stand out in the eyes of potential buyers.
Another way that a new roof can add value to your home is by improving the house's energy efficiency. A new roof that has adequate insulation and is made from efficient materials prevents hot air from escaping as it rises to the attic, reducing your need for home heating. This saves money on heating fuel and helps the environment since you'll use less gas, oil or electricity to keep your home warm. A new roof that includes solar panels provides you with free electricity from a renewable source and may make your home even more attractive to the right buyers.
Other Forms of Value
A new roof can add extra value to your home in several ways that are difficult to measure. A new roof that attracts more buyers will allow you to sell your home sooner, reducing the cost of maintenance, marketing and real estate agent fees. Your house will also gain value once you repair any damage caused by leaks in your old roof, and the repairs will be preserved by the new roof construction.