Will a New Roof Increase My Home Value?

Looking to sell your home soon?  Strategic upgrades or renovations can increase its value, though none are as important as a new roof.  Most buyers look at the age of your roof before making an offer, so it’s worth investing in a new system with an Arizona roofing company like SUNVEK versus simply patching up any weak spots.

Whether you’re selling soon or a few years down the line, here are a few simple reasons to upgrade your roof:

1. Your roof protects the rest of your home from adverse weather, keeping you and your belongings safe.
2. Your roof is your home’s #1 insulator, allowing you more control over energy efficiency and utility costs.
3. Your roof impacts your home’s curb appeal, which affects your overall property value.

You can start replacing your roof today with a free, no-obligation estimate from SUNVEK.  We’ll discuss options that make sense to you, whether it’s a tile, shingle, shake, or metal roof you need to match any other new upgrades.

If you’re still considering whether a total roof replacement is necessary or if you can even expense a new roof on rental property you own, we have some more details for you below.

How Much Does a New Roof Increase Home Value?

This is one of the most-asked questions we get from homeowners looking to sell, and understandably so.  It’s important to factor in any cost to determine what kind of return you’ll get when you’re able to sell your home.

Like with most renovations, however, it’s difficult to give a straightforward answer. The value you get is determined by several factors; however, we can tell you that recent national averages have been around $12,000—possibly more—which is enough to recover around an average of 62.9% of the installation cost.

In terms of ROI, a new roof may impact your home’s value more than a new bathroom addition or a backup power generator, for example.

How Much is a New Roof?

After seeing how much a new roof installation can increase your home’s value, you’ll likely want to start talking about price (and what that reported 62.9% return would look like for you).

First, you’ll need to understand what goes into the cost of a new roof.  Factors include:

• Selected Materials
• Labor Costs
• Your Location
• Roof Size

From there, you’ll need to decide what type of roof you want to add to your home as you plan to sell it.  Do you want something that will wow buyers?  Or are you looking for a simple, effective option that protects inhabitants and utility costs?  Maybe something in between?  You might want to take a look at other roofs in your neighborhood, to get an idea of what type of roof would work best for your home.

Currently, roof material selections will be the primary indicator of how much you will invest.  Prices can fluctuate anywhere from $5 per square foot to around $40, depending on whether you select basic asphalt shingles or something like clay tile or copper, which have become more prevalent in Arizona recently.

That said, the size of your roof is another important factor in determining the final cost.  If you own a smaller home, you may be more interested in eye-catching roofing material.  If your home is larger, sticking with architectural tiles or corrugated metal roofing may be an option to obtain a great look at a reasonable investment.

More Roof Replacement Considerations

So far, we’ve offered improved resale value and an appealing upgrade as reasons to replace your roof before you sell your home.  But there are even more reasons why you should consider this renovation, no matter what stage you’re in.

• Increased warranties.  The current roof on your home may have a warranty that’s about to run out, if it hasn’t already.  A premium-quality asphalt shingle roof may come with a warranty for as long as 50 years—an appealing figure to a prospective homebuyer.
• New roofing technology.  In recent years, new home seekers have been looking for any way to keep cool during some of the hottest days of our Arizona summers.  Many new asphalt roof shingles now come with an ENERGY STAR® rating you can share with buyers, giving them peace of mind that they’ll be able to reduce cooling costs with better protection from their new roof.  Roof coatings and even some roof tile and metal options also have energy ratings.
• Avoid building inspectors from stopping your sale.  The days of buyers purchasing a home without a proper inspection have passed.  And though a prospective buyer may be ready to extend an offer, all it takes is for one inspector or building appraiser to notice subtle signs of a failing roof system to stop your sale dead in its tracks.

If you own rental property, you’ll have other considerations, including expensing the cost of a roof replacement and how to notify your tenants.  In Arizona, the prices of maintaining your property come with many tax deductions you can claim. However, it has some limitations, such as determining what’s maintenance vs. an overall improvement.  You’ll want to consult your CPA or tax accountant for more guidance on ways to maximize your tax savings.

When is a Roof Replacement Necessary?

There are specific scenarios when replacing your roof before you sell is more of a necessity than a way to increase its value.

Examples include:

• Leaking
• Visibly damaged
• Cracked
• Collapsed or sagging

If this is the case, it’s safe to say that most buyers won’t give your listing a second glance. It could also mean that your home won’t pass inspection. Finally, it may create additional problems for your home, including water damage, mold, and unsafe conditions.

When It’s Time to Increase Your Home’s Value With a Roof Replacement, Call SUNVEK

SUNVEK is proud to offer homeowners services, from inspections and repairs to complete replacements.  We’ve helped many sellers increase their home’s value with asphalt, metal, and slate or concrete tile options to match their desired aesthetic (don’t forget to ask us about our Roof Daylighting service as well!).

Call us today for your free estimate to remove one more item from your selling checklist.  We can guarantee that when the offers start rolling in, you’ll be glad you did.