The smartest thing a homeowner can do before selling his or her home is thinking of ways to increase the price. Besides tough negotiations, an efficient way to increase home value is by doing renovations with a high investment return like window replacement, adding hardwood flooring, kitchen upgrades and replacing the garage door.
Replacing or renovating the roof can add value to a home, but the return on investment varies for different homeowners and depends on many factors. Here is some information which will help you learn if your home’s value will benefit from roof replacement:
The Condition of Your Roof
If you had the nasty habit of not cleaning the gutters or ignoring mold growth then your roof probably needs to be replaced. Home buyers aren’t blind and most of them bring consultants on the viewings, so if the home buyer doesn’t notice a leaky roof we bet that the consultant will.
If your roof is in a poor state, replacing it is highly recommended. Therefore, you should contact a professional roofing company for roof replacement. A poor functioning roof negatively impacts your price and gives buyers an upper hand while negotiating.
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Statistics
If there weren’t published research papers, we would have to do every calculation by ourselves. Modern times make information available to everyone and here are some interesting facts about roof replacement has gotten from recent research and statistics:
- Recent statistics show that metal and asphalt shingle roof replacement started climbing the ladder and are still going up, currently with ROI of 61% and 67%.
- Remodelling Impact Report showed that 32% of realtors sealed good and profitable deals just because of a roof upgrade or replacement.
- The price for roof replacement and the value that it adds to a home depends on square footage, country and roof material. To check Canadian numbers, visit this site: https://get.homestars.com/roofing-cost/
Follow the Trends
If you start digging deep into ROI project statistic, you will notice that each year those projects have a different ROI percentage. For instance, in 2017, home insulation was one of the top three projects when it came to ROI. In fact, it had an ROI of 108%. Today, however, just 2 years later, insulation isn’t even in the top 10 list. Here is what sticks with buyers in 2019 and makes good impressions:
- Curb Appeal – In 2018, home sellers started to invest in curb appeal since homebuyers were thirsty for homes with an appealing and luxurious exterior. Every project linked to aesthetics and pleasing views was catching buyers’ attention and increasing home value.
- Energy Efficiency – Home buyers started to become more unpredictable and to catch the rise of an upcoming trend requires an eye for detail. However, a thing that will never change is their vulnerability to energy efficiency. Roof replacement and other projects which increase energy efficiency will always increase the value of a home.
What Should You Do?
If you decide to replace the roof, to maximize the gain and profit, consider doing these couple of tested & proven tricks:
- Boost Up on Marketing – When doing a renovation solely for increasing home value, make sure to scream it out from the top of your lungs. Let the buyers know that your roof has been replaced. Make your project a selling point by mentioning the benefits of a fully functioning new roof.
- Transfer Warranty – There have been cases where people bought a new home, but without getting warranties from the previous owners. To make your buyers even more interested, offer to transfer the roof warranty (which can last even 40 years) to their name.
- Consult – Before you start doing renovations, call an expert to help you in finding the best solution. Even schedule an inspection if you must since they will give you more insight and suggestions specially tailored to your needs.
