How Much Value Does a New Roof Add to Your House?
Thinking about a new roof? While it might not be as popular a project as remodeling interior rooms, a new roof has definite advantages including improved resale value, a nicer and newer appearance, lower utility bills and improved warranties.
However, there are several factors to consider as you ponder a new roofing system over your home. Let’s look at some of the more pressing matters to think about.
How your roof affects your home’s value
Most homeowners are concerned mainly with having their roof protect all the valuable stuff under it. However, it’s also a major insulator, and if you’re using some of the newer, high-tech roofing materials, the summer heat is reflected off the roof instead of absorbing it, which is a great relief in terms of cost (utility bills) and comfort.
While the roof serves in an obvious functional manner, a new roof looks great, even if its just new asphalt shingles. However, there are many options out there, including natural wood, which for some homeowners, can’t be beat for it’s natural beauty.
Home inspectors make a beeline for the roof when they come to a property, because the health of a roof is a big factor in determining a home’s value. For example, a new or updated roof has been found to offer an excellent return on investment as it vastly improves the overall “health” of a home.
If you’re selling your home and the roof is need of repair, it can be a big negative on the appraisal value of the property and it will put your property firmly in the “fixer-upper” category and could actually kill a sale.
Do you need a new roof?
Replacing your roof is no small feat. While professional roofers can get in and out fairly quickly, there is a cost involved. If your roof has been frequently inspected and maintained, you’re able to 20 or more years out of it. However, if your region has been exposed to severe weather over the years, all the care in the world can’t save it from an eventual need for total replacement.
Here are some telltale signs that your roof might need to be replaced:
- Sand-like granules collecting in your gutters
- Mold along the edge of the roof
- Dented shingles
- Missing shingles
- Torn flashing
- Daylight showing through into the attic
- Dried out caulking under the flashing
- Blistered ceiling paint and/or stains on the interior of the home
The benefits of adding a new roof to your home
It’s not all about resale value – if you’re not planning on selling, consider the improved energy efficiency. In fact, energy efficiency is one of the top reasons homeowners choose to have a new roof installed.
Did you know asphalt shingles have the ability to lower the surface temperature of your roof by up to 50 degrees? This can help make your air conditioning more efficient. You can also get tax credits when you make these eco-friendly improvements.
Another benefit to adding a new roof to your home is that you’re getting an updated layer of protection that keeps everything under it safe and sound.
Short vs. long-term roof value
The short-term value of a new roof is something akin to that “new car smell.” A new roof gives a home a facelift, so to speak. It gives it a curb appeal that is undeniably attractive.
While the short-term value is attractive, roofs are made to last, and it’s the long-term value that all homeowners are hoping to gain from a new roof. “Long” is a relative term, as “long” for asphalt is going to be somewhere around 20 years. “Long” for a slate roof can be between 75 and 200 years, depending on the quality of the slate (soft slate will last around 50 years).
To improve the long-term value of a roof, be sure to have it inspected regularly so any necessary repairs can be attended to promptly.
When selling, how much value does a new roof add?
You will increase your resale value on your home if you add a new roof. Remodeling Magazine says that from its survey regarding cost vs. value, a new roof can increase your home’s value by around $12,000. The survey also shows that when you have a new roof installed, you can recover around 63 percent of the installation cost through the increased value.
How much does a new roof cost?
There are several things to consider when determining how much a new roof will cost. First, think about what materials you’ll use, because if you’re working on a tight budget, asphalt shingles will be the go-to material, as it’s the lowest cost. For luxury materials, such as slate and tile, your budget will have to be able to handle $1,500 for every 10 by 10 foot area.
Next, consider the size of your roof. The larger the roof, the more material will have to be used to cover it. You also have to take labor into account, as a larger roof will take longer to complete.
Finally, how steep is your roof and are there many obstructions, such as skylights, vents, etc.? A steep roof is more difficult to work on, so that will impact labor costs. Working around obstructions will also add to the cost.
Roofing cost vs. value
The average cost of a new roof in the U.S. is about $7,500. This figure is for a roof on a 2,000 square foot ranch home. When it comes to cost vs. value, you’re looking at between $2.40 to $3.75 per square foot. Essentially, something in the mid-range, around $3 per square foot, offers the best value.
The trick is to find a contractor that uses the right materials, provides excellent installation services and offers a competitive price. This can land you with extreme quality at a low cost, which means the cost vs. value ratio is vastly improved.
How does a new roof affect the return on your investment?
In Remodeling Magazine’s 2017 report, it’s said that a new roof can add $14,000 to a home’s value. Add the extra curb appeal you get with a new roof and now you’re able to see why replacing the roof should be a higher priority on the list of projects for your home.
Some older homes have roofs that include asbestos in the material. As we all know, asbestos, though commonly used decades ago, is a massive health risk when people are exposed to it. Therefore, having that professionally removed and replaced with safe materials adds a health value that can’t be quantified.
Several factors can impact your return on investment. For example, most contractors will try to avoid layering shingles, as it can shorten the roof’s life by up to 40 percent. Furthermore, it will trap heat and add too much weight to the roof. So, if you have a new $5,000 roof placed atop an existing layer of shingles, your return on investment will be lower.
Regularly maintaining your roof will also impact your return on investment over time. For example, if you’ve just been hit with a big storm, have your contractor come out and do a thorough inspection, because small dings and dents that can be repaired easily now might be a bigger problem later.
Also, the materials you choose can impact the return on investment. Let’s say you put an asphalt roof on a home in a division where every other house has wood shingles – you’re going to be devalued for that, especially if you’re looking to sell any time soon.
It’s time for a replacement – what materials should I use?
New shingle technology is not only durable, it’s also making roofing materials more attractive. Asphalt shingles are no exception, and they are among the most popular materials on the market today due to their affordability and ease of installation, as well as their durability.
For shingles made 20-plus years ago, the average warranty was between 15 and 20 years. However, thanks to the high-grade shingles being made today, some manufacturers will boast a warranty of up to 50 years.
Another popular choice is cedar shake roofing. This material is resistant to the damaging effects of severe weather, and it is incredibly attractive. Furthermore, it’s pest resistant and when installed properly, will age gracefully from a natural wood tone to an attractive gray, silver-like tone.
Choose only the best roofing contractor
At VIS Exterior, we’ve got many years of experience with a variety of roofing materials. Our multi-step process includes all pre-project work, which involves the inspection of the old roof and consultation with the client on materials and costs.
We will remove the old roof (if needed), expertly install the new roofing system, completely clean up all clutter and debris, and perform a final inspection during the job completion process.
Contact us today and let’s talk about the value you’re going to get out of having your roof replaced by our team of professional roofers. You’ll find out quickly why we’re among the top locally owned and operated roofing companies in Illinois.