A new roof adds value to your home and can deliver a Big return on investment.
First thing first: we’re not suggesting you go out and buy a new roof willy-nilly. That said, if you are in the near-to-mid term market for a roof, it might sense to pull the trigger on a replacement, particularly if you are planning to sell your home in the next few years.
That may sound counterintuitive. However, the data backs it up. According to the industry trade group Remodeling, in 2022 the average cost of a new asphalt roof was $31,535. The return value was $18,780. That’s a return of 59.6% on the initial investment. You might even get more. The National Association of the Remodeling Industry found in 2019 that a new roof contributed 109% (!) of value to the average appraised value of a home. That means the roof replacement actually made money for the homeowner.
For our purposes, let’s stick with the more conservative 59.6%. That’s not enough to make replacing your roof a no-brainer if you want to sell immediately (assuming your roof is in decent shape). But what if you are looking to sell in a few years? If you need a new roof now, you can get the benefits of years of quality protection and then reasonably expect to get a large percent of your money back at the sale of your home.
It’s not just your home value, either. A new roof adds tremendous curb appeal and can increase demand for your home, pushing up what people are willing to pay for it. You know how it would go: “It’s a great house but let’s offer $50k less because the roof will need replacing soon.” Wouldn’t it be better to sell the house at a higher price, recoup more of your money, and enjoy the new roof in the meantime?
We think so! We’re a bit biased, but the numbers don’t lie. If you’d like us to take a look at your roof to help determine if a replacement is right for you, contact us today! We offer free, no-pressure consults and estimates.