Many homeowners will wonder, is a new roof a good investment? In order to get a good answer, we must evaluate the roof replacement ROI or return on investment. The 2022 Remodeling Impact Report helps show cost vs value report of home repair projects. This indicator is used to help homeowners make smart investment decisions in their homes and make sure they will get their money back if they sell.
Does a Roof Replacement Add Value to My Home?
The short answer is yes, a complete asphalt shingle roof replacement will add value to your home. If your roof is visibly run down with moss growth or missing and punctured shingles, then your roof is depreciating the value of your home.
According to the 2022 Remodeling Impact Report by The National Association of Realtors Research Group, the highest percentage of cost recovered on any exterior remodeling project was the roof. This means that the value of your home is primarily determined by the integrity and age of your existing roof.
How Much Does a New Roof Increase Home Value?
According to the 2022 Remodeling Impact Report, a complete roof replacement costs approximately $12,000 and the cost recovered on the investment is 100%. This is great news for homeowners because their roof investment is directly increasing their property value.
Not only does installing a new roof provide a financing advantage, but it also causes a psychological benefit with a joy score of 9.2 out of 10. According to the 2022 Remodeling Impact Report, 87% of homeowners have a greater desire to be home since completing the roofing.
Should I Replace The Roof Before Selling?
Replacing your roofing is not a one-size-fits-all solution to selling your home. As stated before, the ROI on roof replacements is 100% meaning you will get your money back when selling the home, but you may not profit. If you would like to replace your roof before selling, make sure the roofing labor and materials have a transferrable roof warranty for the next homeowners. Transferring peace of mind by using a highly rated roofing contractor may make selling your house easier.
It's absolutely possible that potential homebuyers may bid higher on your home knowing that they will not have to replace the roof for decades. Every individual homeowner has to consider the personal benefits of a roof installation and whether the construction process is worth the time, energy, and investment prior to selling.
Maximize Your Home’s ROI with Feazel.
At Feazel, we specialize in exterior remodeling for our valued customers. Our customers choose us time and again for maximum ROI on all exterior remodeling projects including the following:
New Siding (Vinyl and Fiber Cement)- Upgrading your home’s exterior with new siding will bring an ROI of 82% for vinyl siding and 86% for fiber cement. Siding replacement will increase the selling point of your home, which can be helpful when it comes to selling your home.
Windows (Vinyl and Wood)- Vinyl windows 67%. Wood windows 63%. Not only do the new windows look great, but they also have a joy score of 9.6 out of 10. Think of it like this, often times homeowners wait until the windows absolutely need to be replaced. This may include replacing windows that have failed seals and are in bad condition. Not only will the new windows look great, but they will increase the energy efficiency of your home.
Storm Damage Restoration- storm damage could cost homeowners the opportunity to sell their home. Whether it be roof, windows, or siding issues. Storm damage left unrepaired will lead to costlier repairs and damages.
Additional Exterior Home Improvement Projects That Have A Positive ROI
Exterior Painting- Painting the exterior of your home is high on the joy list at nearly 10 out of 10. While the ROI is unknown and average cost can vary, it is a wonderful way to increase curb appeal for potential buyers of your home.
Front Doors (Steel and Fiberglass)- Walking up to a home can really sell a potential buyer. A new steel or fiberglass door can enhance the overall appearance of a home. While there may be pros and cons of getting a new door, the ROI is where it counts. If your front door needs some TLC, you can expect a 60-63% ROI on a new steel or fiberglass front door.
Garage Door Replacement- While we’re on the subject of door replacement, how does your garage door look? Does it match your front door? Sun, cold, and more can cause your garage door to become discolored and warped. A potential buyer sees an unsightly door that needs to be replaced sooner than later. A garage door replacement project has a 100% ROI for homeowners.
We also specialize in commercial remodeling including roofs, windows, gutters, siding, and storm damage restoration. We have been rated A+ by the Better Business Bureau for our excellence in the industry since 1988. We will help you achieve your maximum ROI on all exterior remodeling projects. Contact us today to schedule a free inspection!
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