Anyone planning on selling his/her home wants the maximum price for the property. Financially savvy homeowners may renovate their property with the intention to drive up the value. Installing a new kitchen or bathroom could increase property value. What about installing a new roof though? Few think about replacing a roof, but doing so might be a good idea when selling a home with an aged top.
The Expiration Date Soon Approaches
A roof installed 30 years ago may not be in bad shape, but question marks surround its future. Sure, the roof could pass inspection now. A few more years of harsh winter weather could change all that. Do you plan on retiring, selling the home, and moving to a new state in 8 years? If so, installing a new roof now might not be a bad plan. Remember, when the roof's condition degrades, the value of the home drops with it. Installing a new roof eliminates such a problem.
Increases in Property Value vs. Repair Expenses
Remodeling Magazine states the 2018 national average for a roof replacement costs just under $21,000 and yields an increase in home value of about $14,320. To some, the costs won't be acceptable when planning to sell a home within a year. Again, those planning to sell in the near future might have a different perspective. Perhaps a real estate boom may take place in the coming years. The boom and a new roof could wipe out the "loss" associated with the installation.
The impact on the value of a home might not even be the main benefit of a new roof. Two other factors may come into play:
- Cutting Delays on the Sale
Don't dismiss how the new roof might move the sale. The longer you own the house, the longer you pay expenses. Think about taxes and homeowner's insurance costs. What if you hold onto the house for a full year before finding a seller? All those annual costs, essentially, drag down the profit margin on the final sale price.
- Eliminating Other Damage
If the roof suffers damage from age, leaking water could cause further problems in the home. Your ceiling could get wrecked. Mold removal might be required. All this costs money. Again, anything money you put into the house detracts from the eventual sale price. A new roof won't likely cause the expense an aged one does.
Make the Comparison
Ultimately, you should look at the cost of a new roof and compare the figure to rewards. Each homeowner's situation is different. Discuss the situation with roofers and a realtor to make a proper decision.Share