Does a New Roof Increase Home Value?
A new roof is often well worth the investment
Highlights
A new roof will almost always increase your home value.
The type of roof you choose will determine how much your home value may increase.
Whether or not a new roof is worth the investment depends on your unique circumstances.
Your roof is one of the most critical elements of your home. If it’s worn or outdated, you’ll likely need to replace it. While a new roof offers many benefits, such as enhanced curb appeal and improved energy efficiency, you may wonder whether it will actually increase your home value.
Another important factor to consider is whether you plan to sell your home or stay in it for the long haul. Let’s take a closer look at how a new roof may affect your new home value so you can decide whether it’s worth the investment.
Will a New Roof Boost Home Value?
In many cases, yes, a new roof will increase your home’s value, but how much depends on the type of roof you choose. While several types of roofs are available, the most common options are asphalt and metal roofs. Let’s dive deeper into the return on investment (ROI) you can expect for each one.
Asphalt Roof Replacement
Asphalt roofs are a popular choice because they’re durable, affordable, and easy to install. Plus, they come in a variety of colors and have a life span of up to 25 years with proper maintenance. If you replace your roof with asphalt shingles, you may increase your home value by about $17,800 or 61%, according to Remodeling’s 2023 Cost vs. Value Report. This figure assumes you opt for a rectangular hip roof with a vented ridge and two regular-size skylights.
Metal Roof Replacement
Compared to asphalt roofs, metal roofs are more durable and energy efficient. Believe it or not, they can last 50 years or longer and often come with generous warranties. With a new metal roof, you may increase your home value by about $23,160, or 49%, according to Remodeling’s 2023 Cost vs. Value Report. This figure is based on 3,000-square-feet of standing seam metal roofing on a rectangular hip roof with a vented ridge and two average-size skylights.
How Much Does It Cost to Install a Roof?
Factors like your location, the type of material you choose, the size of your roof, and the complexity of your project will all play a role in how much you can expect to spend on a roof replacement.
Whether you install a roof yourself or hire a local roofer will also impact the price. On average, asphalt shingles cost anywhere from $4,500 to $20,000. For a metal roof, you may pay anywhere between $5,670 and $17,350. Remember, you can always finance a roof if you don’t have the cash to pay for it upfront.
Reasons a New Roof May Increase Home Value
Out of all of the home improvement projects you can tackle, a roof replacement will lead to one of the highest ROIs. Here’s why:
Improved Energy Efficiency
Since they are better insulated, new, modern roofs tend to be more energy efficient than older, outdated roofs. A new roof can prevent heat from escaping your home in the winter and deflect the sun in the summer to keep your house cool and comfortable.
Enhanced Curb Appeal
You don’t get a second chance to make a first impression on your home. That’s why updated shingles are so important. New shingles can do wonders for your curb appeal and allow your property to stand out in your neighborhood. This is particularly true if your roof shows obvious signs of wear and tear.
Increased Safety
Not only can a new roof boost the aesthetics of your home, but it may also improve its overall safety. Here’s why: Older roofs are susceptible to serious issues such as leaks, mold growth, and a weakened foundation. All of these issues can pose serious safety risks for you and your family. With a new roof, you may gain some much-needed peace of mind.
Savings
While a new roof requires an upfront investment, it can actually save you money in the long run. As long as you maintain it, it can last for decades, reducing your risk of costly repairs in the future. Whether you plan to stay in your home for the long haul or may sell it soon, a new roof does come with a financial incentive.
How to Maximize Your Return on Investment on a New Roof
There are a number of ways you can get the most bang for your buck from your new roof. Depending on your situation, you may be able to remove old shingles and install a new roof instead of layering shingles. You can also choose less expensive roofing materials and prioritize keeping up with your maintenance. If you decide to replace your roof before selling your home, be sure to work with your real estate agent and promote it well in the listing.
Frequently Asked Questions
A new roof is a good investment if your current roof is old, outdated, and can no longer protect your home. Fortunately, this home improvement project often offers a great ROI.
There are several telltale signs that may indicate your roof needs to be replaced. These include leaks, sagging, extensive wind damage, cracked shingles, and ice dams.
If your current roof is in good shape, there’s no need to replace it. However, if there are active leaks and/or the inspection uncovers major flaws, it’s a good idea to replace it before you put it on the market.