How a New Roof Increases Your Home’s Value
Your roof is one of the most important parts of your home – structurally, functionally, and aesthetically. When you’re considering your home’s value, the roof is likewise incredibly important. In fact, there are many ways in which a new roof increases your home’s value. As an investment in your home, few projects have an impact on the value of your home as new roofing because of factors such as energy efficiency, roof quality and durability, and the overall appearance of your home. Let’s take a closer look.
You may not need to install a new roof to maintain the structural and functional integrity of your home. However, it might be a very wise investment to replace an older roof that is prone to leaks. Not only will you save on regular maintenance costs, but the value of your home will benefit from having a new and more advanced roof installed. Some experts estimate that a new roof can increase the resale value of your home but $10,000 to $15,000. This makes a new roof an excellent investment when you compare the cost to the added value it brings.
One of the main reasons a new roof will increase the value of your home is the quality of the materials and advances in roofing technology. Newer roofing materials are designed to improve energy efficiency and there are shingles available today with Energy Star ratings. Plus, many newer materials are built to last longer – you might be surprised to learn that traditionally, asphalt shingles carried warranties of around 20 years whereas newer shingles may be protected by up to 50 years.
Another reason that a new roof increases your home’s value is appearance. Modern roofing materials are available in a wide range of styles and colours, not to mention the vast array of roofing installations to choose from. There are slate and ceramic roofing tiles in addition to wooden shakes and traditional asphalt shingles all of which can be purchased in a range of styles and colours. Little gives a home more curb appeal so it stands out from other homes in the neighbourhood than a new roof.
Of course, you should also consider maintenance savings as an indirect influence on the value of your home. Ultimately, you can view your home’s value not only as its potential real estate listing price, but also the difference between a selling price and the amount of money you’ve put into it. As mentioned, a new roof alone can increase your home’s resale value by thousands of dollars, meaning the investment almost pays for itself – particularly when you consider lower energy bills and fewer repair costs over the lifespan of the roof.
When people are shopping for homes, there is no question that a new roof is a value-added option for them; and now you know why.