A new roof can be a negotiating tool for new homebuyers and the seller. However, a new roof doesn’t always lead to a good ROI. There are several factors that a seller must consider before investing in a new roof on their home.
Curb appeal
When it comes to presenting your house to the public, being up front with what the house provides is important. A roof that looks like it’s going to collapse will not increase foot traffic to your open house. That said, the shiniest new roof that doesn’t fit the house’s aesthetic will also make people wince.
When a potential buyer looks at the house, they will want to know that they shouldn’t expect the roof to fall apart in the near future. Replacing a damaged roof is necessary in this case. However, going overboard with a roofing material that doesn’t match the house can also be a drawback. It can also make the potential buyer wonder what else in the house was redone for the sake of the sale. Even when the roof replacement is necessary, choosing the wrong roofing material will make the potential buyer suspicious.
For this reason, the rule of thumb is to make the house presentable and usable for the next owner. Make the repairs that need to be done but avoid going overboard in ways that don’t matter to the structural integrity of the house.
How old is the current roof?
If your roof has years of life to it, springing for a new roof will likely not lead to a high rate of return. Most potential buyers don’t want to worry about their roof for at least a few years. Unless the roof needs to be replaced or repaired, the new roof will likely not be appreciated by the owners as much as you would hope they would.
In addition, if they find that other things in the house need to be replaced, they will knock the asking price down to help them cover the costs once they purchase the house. In this case, you will have lost some of the leverage you would have expected to get thanks to the new roof.
Is everything else usable and in good condition?
A new roof can be a selling point, but if there are structural issues to the house, such as a sinking or cracked foundation, a new roof will not encourage people to buy your house. Potential buyers who are looking for a move-in ready house will not appreciate your investment in the new roof if they will have to tear down walls or rebuild. It is more important to make sure that the house is liveable for such buyers. For those who were planning to demolish the house altogether, the new roof won’t do much good for them as well. A new roof is a selling point if everything else is move-in-ready.
Can you do a roof repair vs a replacement?
Not all roofs need to be replaced and can be repaired before they expire. If your roof has some minor damage, ask a roofing company if the roof can be repaired instead of replaced. You may save a lot of money doing so. In addition, the potential buyers will appreciate that they don’t have to worry about doing the repairs themselves.
What type of roofing materials are you using when you replace the roof?
If your roof needs to be replaced, it is advisable to do some research about roofing materials. In some cases, it may be a smart idea to invest in a metal roof because of the net benefits for the homeowners. You can potentially recoup the cost by including it in the sale price. The potential buyers will appreciate the longevity aspect of a metal roof as well as the energy savings. However, if you live in an area with an HOA, splurging for a metal roof may not be on the table. The HOA may require that you use traditional roofing shingles.
In sum, depending on the situation of the house, a new roof can increase the home’s value to the extent where you can expect a return on investment. There are several factors to consider. Speak to Go Roof Guys as well as a real estate agent to determine what makes sense for you and the future of your home.
