Are you planning to sell your home soon? You might think a roof replacement project is a smart idea to increase the value of your home. This is because most prospective home buyers are interested in buying a house with a new roof to save them from replacing the roof themselves.
However, this may not be true for every homeowner. As such, it’s important to consider other factors, such as the state of your roof, the quality of your shingles, and the housing market conditions. To learn more about these factors, take the time to read this article from Summit Roofing & Restoration, Inc.
State of Your Current Roof
As a dedicated homeowner, it’s important to keep your roofing system in good condition. If your current roof is experiencing issues, such as leaks, it will reduce your home value. Keep in mind that most home buyers are not interested in purchasing a home with a poor roofing system.
However, this does not necessarily mean you have to replace your roof. When it comes to minor roof damage, a simple roof repair may be the best cost-effective solution. In addition, if your roof is fairly new and still in good condition, a new roof may be unnecessary. As long as your roof is functioning properly, most home buyers will be comfortable enough to purchase.
Quality of Your New Shingles
Home renovations should match the aesthetics of your neighborhood. Thus, the quality of your new shingles may also have an impact on your home’s resale value. For instance, if your neighbors have less expensive shingles, you may not want to invest in designer shingles as you’re unlikely to get the full value back. There’s no point in purchasing a luxury home feature because your home value can’t rise much above your neighbor’s home value.
The opposite is true for upscale neighborhoods. If you live in a high-end community, you need to invest in designer shingles to match the style of other materials used on the home’s exterior and interior. Prospective homebuyers may be discouraged with traditional shingles if they can get a home in the same neighborhood with nicer high-quality shingles.
Housing Market Conditions
Replacing your roof does not immediately increase home value in every market. Remember that general housing market conditions affect the value of all home renovations. For this reason, you should seek the advice of your roofing contractor or real estate agent to understand the market conditions.
Additionally, in Remodeling’s 2019 report, a new roof adds the most home value to appraisals in the New England region, at 77% return. On the other hand, a new roof adds the least value in the East North Central region, at a 65% return on investment. Since your specific market may be different from the region average, be sure to consult a real estate agent in your area.
For more roofing inquiries, get in touch with Summit Roofing & Restoration, Inc. We offer quality roofing services, including replacements and repairs. For residents in Dyersburg, call us at (731) 206-3821. For residents in Atoka, call us at (901) 676-7449. You can also fill out our contact form to set an appointment.