When you’re planning to sell your home, you’ve heard that upgrading your roof to the most expensive roofing materials is one way to make it gain value. In truth, not really. What you achieve is a roof that has exceptional aesthetics and lifespan, but no buyers. If you intend to live in your property for longer, most expensive roofing options are excellent in prolonging its lifespan and dependability.
However, it won’t add any true value to your property. Your property’s market value can skyrocket outside of your target market because of the value your clay tile or standing seam metal roof added to your property. While homebuyers want to own a property that can last long, they aren’t willing to pay too highly for initial property costs.
For this reason, most Calgary AB roofers with in-depth experience and knowledge highly recommend you use asphalt shingles instead. If you’re restoring a property that is over 50 years, you’ll want to use architectural shingles (which has an in-the-middle price between asphalt shingles and clay tiles). In doing so, you spend less but achieve exceptional market value increase. Achieving this gives you a huge price boost that makes selling your property worth the effort.
IKO has a report on how a new roof can increase your property’s value. Read more about it below.
The research that has been conducted on how much value a new roof will add to your home is somewhat mixed. One study finds that a new roof is a reasonable investment. Remodeling’s 2019 Cost vs. Value Report found that the average American homeowner spends $22,636 on a new asphalt shingle roof of midrange quality. That new roof will increase the home’s value by $15,427, on average. That works out to 68 percent of the investment.
Yet, other research has found that a new roof adds much more to the appraisal value. The National Association of the Remodeling Industry (NARI) released a remodeling impact report that found new roofs provide a 109 percent return, which means you could make a profit on your new roof.
While putting on a new roof is clearly a good investment, how do you know if your roof will make you a 60 percent return or if it will boost your home above its own costs? There are at least three factors you need to consider: the condition of your roof, the housing market conditions in your area and the type of replacement roof you choose.
The Condition of Your Existing Roof
Keeping your roof in good condition is considered a basic part of home maintenance. It’s just like keeping the plumbing in order. Homeowners assume you’ve treated the plumbing well and will find it very off-putting if they discover a leak. Not only will they be concerned about the leak, but they will also wonder if the home has other maintenance issues. Roofs are the same in a buyer’s eyes. Most home buyers will expect the roof to be in good condition, and, if it’s not, they’ll be very reluctant to buy. Few have the money and energy to undergo major roof repairs after they’ve purchased a home. (Continued)
Always remember to use a trustworthy Calgary AB Roofer dedicated to delivering the results you need. If you have yet to find one, you can count on us at No Payne Roofing. Contact us today to learn more about everything that we can achieve with you.