Does a new roof add value to an appraisal? How much does the roof impact the value of a home? Many people overlook the importance of the humble roof in contributing to a property’s value. Your roof not only protects your home and everything inside, but it’s one of the largest, most obvious features that people see when looking at and forming an impression of your home.
So, the question is how much does your roof impact on the value of your home and what investments should you be making in it to ensure it holds its value? This article explores the question of whether roof restoration or installing a new roof can increase your property’s value.
Does A New Roof Add Value To An Appraisal?
Depending on your circumstances, a restored or new roof can be a worthy investment to boost your property’s value in the real estate market. As the foundation of your house, the roof is crucial to the integrity of your home’s structure and it ranks as one of the most reliable and effective ways to contribute positively to your property’s value.
Both buyers and appraisers will inspect your roof thoroughly before evaluating your home’s worth and what they are willing to or expect to pay. When an appraiser compares two similar properties — one with a newly restored roof and one with an older roof that has not been properly maintained — the property with the newer, well-maintained roof will almost certainly appraise for a higher amount.
In fact, a poorly-maintained roof can harm the value and buyers’ perceptions of your property. A well-maintained roof is expected as a given with any house and buyers are likely to perceive a roof in disrepair as a serious and expensive flaw. As a result, a poorly-maintained roof can decrease a house’s value by more than the price it would cost the current owner to replace or update the roof. In contrast, a new roof will typically add between 15 and 40 per cent to the value of your property.
Many variables contribute to exactly how much a new roof will boost your home’s value. These include:
- The condition of the old roof it replaces – Significant upgrades will increase the appraised value of your home more dramatically than smaller upgrades.
- Properties in a higher price range will gain more value from a new roof – Buyers in these neighbourhoods will expect a better quality roof and be willing to pay more for a home that won’t require a new roof soon after moving in.
Bottom line: Ignoring roof damage can really take a toll on the value of your property. It’s best to keep your roof in good condition with regular maintenance or replacing a problematic roof if the condition of your roof has significantly deteriorated.
4 Ways A New Roof Can Improve The Value Of Your Home
#1 Aesthetic Beauty
Many potential buyers prioritise and seek to acquire a property with a stylish, elegant roof design. Having a well-maintained roof or replacing your old roof with a new roof can significantly enhance your house’s curb appeal or visual attractiveness.
By restoring your roof, you make your property as attractive as possible, allowing you to sell your home faster and reducing the cost of your marketing or real estate agent fees.
If you decide to update your roof to make it more marketable, it’s best to choose a new design carefully. Updating its style, colour or material can enhance its aesthetic appeal significantly. Generally, stylish roofs that add architectural interest will enhance a home’s value more than traditional, less distinctive roofs that cost less.
#2 Longevity and A New Warranty
If your roof is in poor condition, having your roof restored or a new roof installed will dramatically increase the longevity and desirability of your roof. A new roof will increase your roof’s warranty, ensuring its lifespan for 20 to 50 more years. The more you invest in ongoing roof maintenance, the less likely it is you will need to fix significant structural damage with a brand new roof.
#3 Energy Efficiency
A new, well-designed roof can add value to your property by improving the house’s energy efficiency. Many buyers seek a home that has been designed to be as energy-efficient as possible and will pay more for a house that has been designed to be environmentally-efficient.
Since roofs can vary in terms of their energy efficiency, it’s worth asking yourself:
- Which roofing material is best suited to your local climate? Energy-efficient roof materials like ceramic, slate, concrete or stone tiles help your property maintain a constant, comfortable temperature.
- How will the roof help ventilate your home?
- Can you paint or clad your roof with materials that both release and reflect solar energy?
- Would solar panels make your house more attractive to buyers in your desired price range?
#4 Prevents Damage and Pests
Maintaining your roof will help prevent damage from leaks, mould and pests. Without roof maintenance, your roof may deteriorate with rot or harbour pests that can decrease your home’s value. If your house’s roof has been damaged, your house will gain value once this damage has been repaired.
Final Thoughts: How To Increase Your Home Value For Appraisal
As a homeowner looking to sell your property, the money you invest in preserving or upgrading your home’s roof can help you achieve a better sale price when it comes time to sell. A house whose roof is in poor condition will have a hard time attracting buyers, while a house with a brand new or well-maintained roof will be quicker to sell — and attract a higher sale price. This means that if your house’s roof is in poor condition, a roof restoration will add significant value to your property.
It’s important to choose a professional roofing contractor whose skills and credentials you trust. Their workmanship should include high-quality materials and before they start, they should provide a plan on how they intend to restore your roof effectively.
Repairing your roof can dramatically boost your property equity. If you’re looking to sell your house soon, a well-maintained roof will make your house much more marketable and attractive to buyers.
Want to renovate your tired old roof and boost the value of your home? Contact us on (07) 3623 4422 for a quote.