Your home is most likely your most valuable asset. All the money you spend on upkeep and maintenance is an investment. Many perceive these regular repairs as a way to just sustain their home’s value. Did you know that new roofing can actually increase your home’s value? It is true according to a recent report.
This past December, the National Association of Realtors and the National Association of the Remodeling Industry published their Remodeling Impact Report. They ranked new roofing as the No. 1 exterior improvement to add value to a home at resale. They also ranked new roofing as the exterior project with the most appeal to home buyers. It kinda makes sense, right?
A roof’s condition is on every buyer’s checklist. Even if there are no leaks, a roof that shows signs of age, cracking and curling brings worry. In today’s real estate market, home buyers want to make a worry-free purchase. Who wants to buy a new home, and then almost immediately have to spend thousands on a new roof?
The good news for homeowners is the report found a new roof will pay for itself. They report for a roof costing an estimated $7,600 the recovery was $8,000 at the time of sale. This is an amazing 105 percent cost-to-value ratio. It is extremely rare when something considered a regular maintenance item brings this kind of return on investment.
The top reasons for installing a new roof included:
- Replacing worn out materials,
- Improved energy efficiency, and
- New material durability.
Many projects don’t add any value to your home, especially in a competitive real estate market. Knowing which home improvements add value brings peace of mind. If you would like to talk more about new roofing, or need more information, please contact us.