Installing a new roof is a big and worthwhile investment that can boost curb appeal, elevating the look and feel of your property. That’s all good and well, but in terms of return on investments, you may be unsure if you made a good choice. Can a new roof boost your home’s cost? Yes, it can. The extent of the boost in value is dependent on factors like the kind of roof replacement, state of the housing market, and roof condition. How much value does a new roof add? Let’s dig a little deeper to answer that question.
Roof Impacts Your Home’s Value
The resale value of your home can improve when you replace your existing roof because the roof will be newer, perhaps nicer than the old one, or more energy-efficient. Your roof does a bit more than protect your valuable belongings. It insulates and helps to keep the home cool during the warm months and warm during the cold months. Installing a high-tech roof that reflects UV rays, for example, provides energy efficiency that will help to reduce energy costs and improve the comfort of your home. Additionally, a new roof is typically a healthy roof, and the health of your roof affects the home’s value. It’s also an indicator of the overall “health” of a home and a boost of the appraisal value of the home.
The Value a New Roof Adds to Your Home
What sort of a bump will a new roof add to the value of your home? Remodeling Magazine cost vs. value survey establishes that a new roof can increase a home’s value by roughly $17,147(cost $28, 2560, or you can gain roughly 61% of the installation cost through the increased value. Your ROI can be affected by how the shingles are installed. For instance, if your roofing contractor layers the new shingles on the old layer of shingles, this will add weight to the roof deck and trap heat. This layering can cut your roof’s lifespan. As a result of this, ROI will likely be less because of the method employed in installing the new roof.
Roof’s Long-term ROI
Proper maintenance of your roof cannot be stressed enough if you are to get the most out of your roof and maximize ROI. Perform a yearly roof maintenance check to ensure that your roof is in good condition and still able to carry out its intended function. Also, in the instances where you experienced a significant storm(hail, snow, etc), it doesn’t hurt to get your roofing contractor to thoroughly inspect your roof to spot any damage, hidden or otherwise that needs to be repaired, avoiding a worsening situation. You could have a roof that outlives its specified life expectancy, which is a big ROI.
If you are planning on replacing your roof, Nor’easter Roofing Inc. is your number one local roofing contractor. Your roofing needs are our priority and we deliver top-quality services that you can depend on. Nor’easter Roofing Inc. can provide you with a new long-lasting roof.