How Much Does the Cost of the House Depend on the Roof?
Whether you invite guests to a home gathering or potential buyers to an open house, the roof will give a big first impression. Your home’s exterior is one of the first details of a house someone sees from the street view or near the driveway or front lawn. According to residential roofers, a roof repair is recommended if cracked, old, or worn shingles are seen on the roof. However, if the entire roof is in very poor condition, you’ll need to consider a roof replacement.
A new roof can be expensive, but fixing your roof can considerably increase your property’s overall value. The keywords “curb appeal” and “first impressions” are strong signals in real estate from a buyer's perspective. A brand-new roof has a surprisingly big impact on how much someone is willing to commit to purchasing a home.
How Much Value Does a New Roof Add to the Final Sales Price?
Before you officially put your home on the market for sale, you will see that a new roof will increase the resale value of your home. According to Remodeling Magazine’s Key Trends in the 2022 Cost vs. Value Report, a new roof can increase your home’s value by $18,780, based on the national average. The report also shows that when you install a new roof (asphalt shingles), you can recover 60% of the installation cost through the increased value.
For example, if your home is valued at $395,000 in its current condition and you decide to replace the whole roof, you can expect an improved resale value of $413,780. A new roof will yield a return on investment (ROI), yet it won’t be 100% (but this doesn’t mean you shouldn’t consult with a roofing contractor and start on a roofing project).
In addition to enhancing the value of your home, a new roof can also optimize its functionality, particularly in terms of drainage. Proper roof drainage is essential to prevent water accumulation, which can lead to serious structural issues over time. To understand the best solutions for your home, you can explore roof drainage types here, ensuring that you choose the right system to complement your new roof installation and prolong its lifespan. Investing in a high-quality roof and drainage can save you money in the long run by preventing potential damage and repairs.
Consider the Cost of a New Roof
As a first step, you need to calculate how much it will cost to install a new roof on your home, and several factors contribute to the price. To do this, you need to research the materials, know your roof size, consider any roofing obstructions (vents, solar panels, chimneys, etc.), and labor costs. For the lowest price, asphalt shingles make a great option since they are a popular, affordable choice and are the most common type of roof shingle.
Homeadvisor.com says the national average to replace a roof is $8,988, with a price range between $5,708 and $12,310. Roofing costs such as installation fees and roofing materials will contribute to the bulk of the price (with house size and location being factors as well). But when you decide to replace your roof, you can expect a lifespan of 20 to 30 years.
Consult with a Professional Roofing Contractor for Estimates
Do you need some assistance getting started on your roofing project? After talking with your real estate agent or financial expert, the best way to understand whether or not you should install a new roof before selling your property is by talking with a professional roofing contractor with years of experience. Obtaining an estimate from a roofing contractor before you put the for sale sign on the front lawn will give you an idea of the cost of your roof, and once the project is complete, you can leverage a larger selling price.
