There are many joys that come with home ownership: designing your dream home, enjoying precious privacy, and becoming part of a community for years to come.
Maintenance, however, is one of the drawbacks of home ownership. Let’s face it: Keeping your home up and running can be a pain. Not only does it take valuable time and effort, but money too.
Maintenance is especially painful when it’s a large-scale project. Reroofing your home is one such example. And, while keeping a roof in tip-top shape is important, it can be hard to justify the expense.
How much value does a new roof add to your home? Here’s everything you need to know about the potential return on your investment and improving resale value.
What Are the Warning Signs?
The key to improving your house value is making the right financial decisions. But how do you know when it’s finally time to get a new roof?
The best thing to do is to pay close attention to your roof’s wear and tear. Inspect your roof for common warning signs like missing shingles, mold, rot, and leaks.
You might think that you can patch up the affected area. However, that can end up costing you more money in the long run. And remember:
- It can be more beneficial to pay your new roof expense all at once. This way, you don’t have to waste money on future repairs.
- Roofs generally last between 20 and 30 years depending on the type of roof. Wood roofs, for instance, should last around 30 years. On the other hand, asphalt shingles usually last around 20 years. (Community Roofing also uses luxury or dimensional shingles)
- Your roof’s lifespan depends largely on external factors. Storms, snow, hail, and hurricanes can all hurt your roof’s life expectancy.
How Much Value Does a New Roof Add?
You might not want to shell out the big bucks for a new roof project. That is until you consider your new roof return on investment.
Research shows that your new roof resale value is about $12,000. This means you can expect to recover about 63% of the installation cost of a new roof.
And don’t forget:
- Home appraisals evaluate how homes stack up against their competition. In a competitive market, blemishes can make or break a home’s value.
- You can’t hide a damaged roof. An old or worn down roof can significantly harm the value of your home.
- Minor repairs aren’t always enough. Consider a new roof if you’re looking to get the maximum value on your home.
A new roof doesn’t only help your home’s financial value. It has intangible benefits as well.
For instance, your new roof can give your home better curb appeal and make it more aesthetically pleasing. It can showcase your value as a reliable homeowner. Also, some newer roofs are more energy efficient. This can end up saving you big money on heating and cooling.
Your New Roof
How much value does a new roof add? Let’s put it this way: your home resale value will go through the roof.
Are you looking to install a new roof in the Milwaukee area? We can help. Contact us today to schedule a consultation.