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When you think about value-boosting renovations, a new roof might not first come to mind. Instead, you might consider starting in the kitchen or bathroom. While such projects certainly help, Remodeling Magazine names a new roof one of the biggest value drivers for a home.
In fact, the publication estimates a new roof can add an average of $12,000 to a home’s resale value. That’s roughly a 63 percent investment recovery and comprises anywhere between 15 and 40 percent of the total property value.
Prospect buyers form first impressions on a home from the moment they step foot over its property line. The roof can greatly affect how someone perceives the condition of a house. This is called curb appeal. Signs of damage may cause the buyers to suspect poor maintenance in other areas of the home.
A new roof saves buyers from having to invest in one themselves for ten to twenty years—longer than they may even live there. Plus, many manufacturer warranties are longer and more extensive these days, which can assuage concern over unexpected repairs.
A new roof promises recurring energy savings. Depending on the materials and insulation used, a new roof can better contain heat generated within the home and more effectively reflect solar rays.