Will Replacing The Roof Increase The Value of Your Property?
As we work on a few properties this spring, you may notice that we’re doing some major renovations. You can keep up with the process here.
We recently posted a blog on foundation repair, and as the renovation process has continued on this property, now we’re taking on the roof:
A home’s roof is an important structure for obvious reasons, namely because it keeps the elements away from you and your belongings! A house that doesn’t shelter you from the rain isn’t much more than a few walls.
A question that we hear often is, “How much value can I add to my property by replacing the roof?”
The answer, unfortunately, is, “It depends.”
What it depends on, specifically, is why you’re replacing the roof, how long you intend to live in the home, and what type of roof you plan to install.
The first question to answer is whether or not the roof needs replacing to begin with. If it does, then your priority should be replacing the roof as a practical matter. Once you decide that, or if you’re replacing the roof out of aesthetic or durability concerns, then you need to choose which type to install.
If you’re on a budget, and are replacing the roof out of necessity, composite asphalt shingles are the most common choice. They come in a wide range of styles and colors and easily fit into a wide range of budgets. Their downside is that they’re pretty vanilla in terms of style and have a limited lifespan. If you’re trying to make your home stand out on the market, they’re probably not the way to go.
You can add some style to your roof by implementing a natural material like wood shake or wood shingle roofing. You can count on wood roofing to last around 20 to 25 years. Cedar, in particular, is resistant to decay but considerably more expensive.
If you want a higher-end look, clay or ceramic tiles like slate are heavy and durable. These kinds of roofs are known to last 100 years or more. Their downside is that they’re heavy and will require reinforcement to support all the weight. This will naturally increase installation costs on top of the already pricier materials.
The trade-off here is that more durable materials are naturally more expensive, but wood and asphalt shingles don’t differ too much in terms of longevity. So you have to consider the initial cost vs. the expected windfall in terms of pricing your home.
Your home could command a higher value with an aesthetic choice like wood, mostly because of its contribution to the property’s curb appeal. Beyond that, a buyer may be further enticed by the durability of metal or stone shingles, but you need to get a feel for the local market and buying power of interested parties before accepting that as truth.
The bottom line is that a decaying asphalt roof, which can start to display signs of wear in as little as ten years due to algae buildup can severely limit curb appeal.
Most homebuyers know what a problematic roof looks like, so if the roof looks rough, replace it as a matter of course because even if the buyer can’t see the signs of wear, an inspector who discovers the roof has been in place for 8 or 9 years is likely to communicate its age to prospective homebuyers as well as the fact that this will mean an imminent roof replacement.
The payoff for installing a stone roof can be considerable, but you need to factor in the initial cost and average home prices in the area. If you plan on staying in your home for the next 30 or so years, then installing a low-maintenance, durable roof may save you both money and headaches in the long run.
For more perspectives on real estate investment and home ownership, check back with us each week as we post new blogs and be sure to sign up for our Priority Access List for advance listings and market updates. You can also keep up with us on Facebook and Twitter!
– Get It Right Solutions