Unless a tree falls on your roof, it may be unclear whether it’s the right time for a roof replacement. But you may be surprised by the return on investment, or ROI, that a new roof can offer. Homeowners often consider a new roof to be a straightforward maintenance project. However, that’s not the case. Unlike adding a new room or updating the landscaping, it may not seem like a new roof can add value to a home. The National Association of Realtors reported in their 2022 Remodeling Impact Report that you could receive 100% of the project’s cost recovered when you sell your house. They estimate up to $12,000 in costs of a new roof can be recovered when you sell your home. For the ROI to be so high, the study noted that the materials must be durable and long-lasting. A new roof can be an excellent investment that will pay off when you’re ready to sell.
Reasons Why a New Roof Makes Financial Sense
Real estate agents agree there are many reasons why replacing an old roof can make a home sell more quickly. They include:
New roofs look clean and attractive, especially compared to older roofs that are stained and cracked. When the roof is fresh, prospective home buyers often think that the homeowner has taken good care of the rest of the house.
Easier to Pass Inspection
While this isn’t directly related to a roof return on investment, the reality is that it’s harder to sell a home that won’t pass an inspection due to a leaky roof. Time is money, and fewer inspections add to the overall ROI.
Better Sale Price
Most directly, a new roof can increase the sale price of a home. Home buyers know they won’t have to worry about replacing the roof for 10 to 30 years, and that peace of mind can translate into a better bottom line for you.
Material Options for Strong ROI
In general, you can use two types of materials for your new roof. You’ll need to decide between asphalt or a metal roof replacement. While there are many reasons that one may be better for your home, they both have a similar return on investment.
Asphalt roof shingles on a typical rectangular hip roof with a couple of skylights and a vented ridge can increase a home’s value by around $18,780. A metal roof is more expensive but will increase a home’s value by around $28,196.
Both offer a return on investment somewhere around 54 to 59%, meaning you’ll get that percentage back from the project’s costs.
Do the Math to Determine Your Roof Return on Investment
When you’re ready to replace a roof, you can calculate your return on investment. To simplify the process, work with professionals like Spicer Bros. Construction.
With offices in Salisbury, MD and Lewes, DE, we’re a one-stop shop for home maintenance and improvement projects with high ROI. To schedule a conversation with an expert, contact us online today.