If you are considering making home improvements in order to increase your property’s value, the topic of return on investment ROI is an important one. Because home improvement projects can be quite costly, most people hope to recoup the money they have invested in the home when it comes time to sell.
Unfortunately, many home improvements simply will not provide you with a comparable dollar to dollar increase in value.
The good news is that some upgrades do result in a high rate of return – such as new hardwood floors, or new garage doors.
But according to a recent study by the National Association of REALTORS® and the National Association of the Remodeling Industry (NARI), one of the best upgrades you can make in regards to ROI is to replace your roof.
What is the Average ROI on a New Roof?
According to the aforementioned study, installing a new roof on your home results in a 105 percent rate of return. That means that you can expect to recover a bit more than you spent on the roof, should you sell the home soon after the roof is installed.
Note: A new roof will also help your home to appraise higher if you are looking to refinance.
An obvious reason that the roof carries such a high ROI is due to its role in the home structure. After all, while a new kitchen may be beautiful, it can’t protect the home from the elements.
Interior features can be upgraded as you go, but a leaking, old roof can’t be ignored.
More reasons a new roof is a great investment:
- Better Insurance Rates: In the Sarasota area, hurricanes and major storms are always a possibility. An insurance company will give lower home insurance rates and greater discounts if the roof is new, built to the latest building code, and includes the best hurricane-resistant features.
- Long Lasting Protection: Using the latest materials and processes, you can expect a new roof to easily last three decades. If you are selling your home, the buyer will likely not have to deal with this expense, and is a great selling point – well worth the price of the roof.
- It Protects Your Whole Home: The ROI is reflective not only of the fact that the roof is new, but that your whole home has less risk of damage.A leaky roof can cause warped framing and roof structure, mold and mildew throughout the attic and walls, damage to dry wall, and can even short out the electrical system. In a serious case, the furniture, flooring, and personal possessions may be damaged.Therefore the cost of the new roof can help to prevent a whole host of other home maintenance problems.
- It Helps with Curb Appeal: Although aesthetic value is not the driving force behind the strong ROI of a new roof, it does play a role.Home buyers often make up their mind about a home within the first 10 seconds, so a warped, discolored or mismatched roof may disrupt the sale before they even get out of the car. If the roof looks shoddy, many consumers assume there may be hidden issues, both on the roof and under it.A new roof alleviates that concern, and looks great as well.
There are many reasons to consider a new roof, and ROI is just one of them. If you are selling your home and your roof is near the end of its life, this may be one of the best improvements you can make. Not only should you see your money come back, but your buyers won’t be concerned about costly roof repairs in the future. I
f you are unsure as to if a new roof is necessary, call the experts at Avery Roofing Services. Whether you need a small repair, a roof cleaning, or a new roof installed – we are the local Sarasota roofing company you can trust for superior expertise and customer service.
Your Local, Trusted, Sarasota Roofer
