How do you know it’s time to consider replacing your roof – especially if you are considering selling your home in the near future? Is it when your attic floods during every rainstorm, saturating your ceiling? Is it when your shingles decide to take flight during heavy winds? Or is when you literally fall through your roof putting up holiday decorations?
If any of these scenarios or other haphazard issues concerning your roof plague your mind and checkbook, it’s time. Many home improvement/real estate experts even report a new roof can increase the value of your home between 15 and 40 percent – which means a $100,000 home can increase in worth to $140,000 simply by adding a new roof.
According to Remodeling Magazine’s Cost vs. Value Report, a new roof increases home resale value by nearly $12,000. The survey also showed that homeowners who have new roofing installed can recover an average of nearly 63 percent of the installation cost through increased home value – perhaps even more if they decide to sell their home.
According to the National Organization of Realtors, a new roof’s return on investment when selling your home is one of the best home upgrades a seller can make. This upgrade can return 71.6% of your investment.
A roof that has been recently replaced will also enhance your home’s curb appeal and make a stellar first impression for possible buyers. A new roof can help you sell your home quickly in a competitive market, getting the best offer – and possibly giving you an advantage over comparable properties in the area.
In addition, a new roof can save the rest of your house from indirect damage. A leaky roof can cause thousands of dollars in water damage to walls, floors, ceilings, and more – not to mention the mold water damage can incur. All of this would have to be disclosed during an inspection or seller’s agreement for complete transparency. This damage, although repaired, could have an adverse effect on the asking price of your home.
In addition, a new roof can save thousands of dollars in heating and cooling bills over time. A more “secure seal” ensures heated air in the winter and air-conditioned air in the summer don’t escape your house. This savings is another selling point to an interested buyer looking to get the most out of his/her new home.
Many home renovation experts say that fall is the best time for a new roof since roofers will be coming off their busy summertime season and wanting to get a few more jobs in prior to the onset of winter. This timing sets you up perfectly for the following spring/summer home buying season, allowing you to boast about a shiny new roof – and adding to the value of your home. It also allows you to save a few dollars on ensuing winter heating bills.
If you’re looking to sell your home in the near future, look around and see what needs upgrading on your property to get maximum value. Chances are, if your home is more than 25 years old, the roof may need a timely upgrade. A roof replacement could make or break you at closing.