If you’re thinking of renovating your home with the intention of adding more to its market value, then upgrading the roof might not be the first thing that comes to mind. Some people may prefer to improve their home’s curb appeal, which is usually done by adding beautiful landscaping, to achieve that goal. But do you know that a roof can also do just that and a whole lot more?
The two major reasons why roof renovation is a good investment may surprise you, as you may not have thought about them in the same way before. According to an arlington roofing company, improving the roof can actually generate results that are comparable to remodeling bathrooms, finishing basements, installing new decks, replacing windows, and adding garages. The two main reasons why you should renovate your roof are to increase its resale value and to improve your home’s energy efficiency.
Of course one of the first things you need to do is identify if you need a new roof. There are ways to know you need a new roof besides waiting for leaks to appear. The article at Maximum Real Estate Exposure does an excellent job of summarizing them.
INCREASED RESALE VALUE
Remodeling Magazine, a reputable publication that focuses on home improvements, made two surveys about roof renovation – one in 2013 and another in 2016 – to determine how a new roof can create a huge impact in a home’s resale value. In 2013, reports show that installing a new roof can increase your home’s value by almost $12,000. They arrived at that figure by comparing the home’s latest cost in the market versus the results they obtained from the survey. Generally speaking, a homeowner who chooses to renovate the roof will most likely recover around 62.9% of the money he or she spent on installation through the increase in the property’s resale value.
When they did the same survey again in 2016, the values obtained went even higher. From a $12,000 value, new roofs now add $14,000 to the property’s value. As for recouping, homeowners can now enjoy up 69% return, a few notches up from 62.9% in 2013.
Homes with new roofs enjoy an undeniable appeal to possible buyers. When surveyed, buyers tend to give a home with a new roof a joy score of 9.6, with 10 as the perfect score. They think that a home with a new roof is better than the one with new windows, garage doors, or sidings. This is the reason why roofs belong to the top five exterior improvements for homeowners.
Believe it or not, new roofs can also add to your property’s curb appeal. So if you’re really bent on improving your landscape, a new roof for your home should be a part of the deal, as its worth is practically similar to adding a deck. Buyers know if they are likely to spend thousands of dollars on a new roof. So unless they’re assured that they won’t do any roof repairs or anytime soon, they won’t buy.
Additionally, the new roof will make your house stand out in the local market. That will almost assure you that your real estate agent will spend the least possible time in selling your property. Your house might even command a bidding war against two or more interested buyers because of its well-maintained roof. Now that’s how you can really maximize the resale value of your property.
IMPROVED ENERGY EFFICIENCY
Improved energy efficiency is the other of the two most popular reasons why every home needs a roofing upgrade. Shifting from a clay roof to an asphalt roof can save you a lot of money on energy costs in the long run. Unbeknownst to many, asphalt roofs carry the famed Energy Star rating, as they can reflect solar heat, which means that homes with such kind of roofing enjoy reduced cooling costs.
Asphalt shingles can lower the roof’s surface temperature by up to 50 degrees Fahrenheit. This goes without saying that the demand for air conditioning in your home will be decreased by 10% to 15%. When coupled with the right design, insulation, and other factors, more energy savings are realized.
Aside from decreased energy costs, there are tax credits given to homeowners who make energy-saving improvements to their home, and the use of Energy Star roofs is included. Such credits can amount to as much as 10% of the total cost of the roofing materials used. Just be sure that your accountant is aware of such an upgrade so you can file for it accordingly. Tax credits are approved faster if you choose qualified Energy Star materials.
OTHER FACTORS TO CONSIDER
But while some experts believe that roofs do command a higher value for properties, others may think otherwise. This is an ongoing debate that may not see its end very soon. Even so, every rational homeowner can see the logic behind improving the roof to take advantage of all the benefits listed above. A new roof means less maintenance for the new buyers, which is definitely a plus factor when selecting properties in the market. And can also save them money on roof replacement costin the future.
Possibly, the concern is in that minimal loss of investment. If you’re looking to spend some $20,000 on a new roof, you will only get 69% or $13,800 back. So in essence, you’re not really adding to the value, you’re losing $6,200. But that $6,200 can be recovered elsewhere, like in the tax credits and the decreased energy costs you’ll enjoy. But then again, one is not likely to spend that much on re-roofing a typical home.
When renovating the roof of your home, the most important factor to consider is the timing. Renovate your roof one to three years before selling it in the market so you’ll have enough time to recover the difference. A new roof can last anywhere from 20 to 30 years. So if you renovate that roof new, you have plenty of time to enjoy its benefits. If you intend to sell your home in the near future, the new owner won’t be bothered for roof renovation within that time frame. Your real estate agent also has greater marketing edge with the new roof and improved curb appeal. Adequate planning is important as the right strategy will most likely lead you to the right path as far as property preservation and selling are concerned.