Being a homeowner means there’s a lot to think about your property and the value that it holds in the present and in the future. How much a home is worth is often dictated by the different components that make up your property. Although most look at the landscaping or the interior first, one of the first things that may be noticed when standing in front of the house is the roof.
Covering the whole home, the roof dictates how the home’s architecture looks all across the board. It can greatly affect the general appearance of the house, but does the roof also shape the property value that you currently hold?
The short answer would be yes. Roofs do have a say in the value of the property that you own. In reality, there are a lot of factors that would have to be explored and considered before really gauging the property value.
If you’re interested in learning more about how a roof affects your property’s value, keep reading this thorough guide. Let’s explore roofing’s impact and any benefits that would come along with the change.
The Effect of a Roof on Home Value
What your roof is like can either positively or negatively affect the home value of your property. A roof that’s in decent shape will most likely keep the property value as-is until other factors are assessed by an appraiser. Most would often determine the home’s appraisal based on the current market conditions, how old the roof is, what its current state is, and so on.
Good roofing that is expertly installed can actually increase the property value of your home. If the material is still pristine and durable, you can expect a higher property value. It’s worth noting that some home buyers also look for certain features on the roof. It could be strong asphalt roof shingles or a functional gutter system that would lessen the likelihood of water damage.
Bad roofing does quite the opposite. Instead of increasing the price, it drags down the amount. Whatever high home value had been established based on other parts of the house may diminish due to the condition of the roof. The issues can range from roof aging, roof leaks, missing shingles, and even more.
Professional appraisers do look at the exterior home with extreme detail. It’s the main reason why elements like the roof are recommended to be in much better condition. When appraisers see that there’s work to be done, the overall value is usually reduced.
The Effect of a New Roof on Home Value
It’s only natural for homeowners to seek out a good roof and home value for their own interest, but this can spark questions about whether or not the appraisal value would change. And, sure enough, it does. From getting an upgrade from your broken, dusty, and old roof, the appraisers wouldn’t have to take into account any necessary repairs that would have been a deduction.
Not only would a new roof bring the home value back to a decent amount, but there are higher chances of increasing the appraised value even further. Most homeowners would be surprised at the $5000 to $15000 mark-up that they can get from installing a new roof onto their house. Other upgrades can be made to the property to increase the value more.
Granted, there are the installation costs that would have to be covered to replace your old roof with a new one. Roofing services may also just recommend roof repairs, which is still an expense at the end of the day. The National Association of Remodeling Industry’s 2019 Remodelling Impact Report reassures that there is a high return on investment of up to 109%.
Other Benefits of Getting a New Roof
Revamping your roof to improve your home value is already quite the reward. However, there are several other advantages homeowners will find to getting a new roof, alongside a set of particular perks for having a higher appraisal. If you were looking for several more reasons for getting a roof replacement, here are several other benefits to consider:
1. Better Protection from Bad Weather
An old and damaged roof doesn’t do your property any favors. It’s supposed to be the first line of defense for the structural integrity of the whole home. Any leaks or brokenness in the midst of bad weather does the exact opposite of what it’s meant to do.
Getting a new roof would allow you to have better property protection in the future. Whether it’s rain or snow, the house and all its occupants will be snug and safe from whatever is going on outside.
2. Nicer Air Quality and Temperature
Although it may not seem like it, the air quality and temperature of a home can largely depend on the roofing system that you have. Certain roofs were made to optimize the property’s overall energy efficiency and insulation to lessen emissions.
If the roof replacement you’re eyeing has those specific features, you can look forward to cleaner indoor air quality and a more regulated temperature during any extreme periods. It’s great for securing the health of your loved ones.
3. Improved Security for Critters
Roaches, raccoons, mice, spiders, and other pests are experts at climbing on top of the roof in order to look for a passageway and sneak in. This can spiral into property damage and several other complications that can be hard to pay out of pocket.
To prevent such a mess from occurring, a roof replacement would ensure that the house’s top can withstand any damage that the critters would inflict. Some of the animals wouldn’t be able to get in at all, too.
4. Increased Curb Appeal
Another benefit to having a new roof is the potential upgrade that your property’s appearance would have. Having a roof replacement means that your home’s cover is still fully new and attractive in color, composition, and other elements.
Increased curb appeal usually means that you get bragging rights about having one of the best homes or roofs on the block. It also entails the aforementioned increase to your property’s home value.
Other Benefits of Having High Home Value
Running through the benefits of having a new roof can be extremely exciting, as it seems like there’s so much to gain from getting a replacement. The advantages don’t completely stop there though, as there are still several perks for achieving a better appraisal from that replacement. Here are several points on why higher property value is good for homeowners:
1. Higher Price Tag
An increase in the home value of the property usually means that the price tag of the actual house would follow suit too. The larger amount can come in handy if you’re hoping to finally sell the place and reap your investments for cash.
The roof replacement is a great justification for why the house is priced at the amount that it is. It’s better to take other parts of the home into consideration as well when finally deciding on a bench price and considering offers.
2. Ideal Control After Negotiations
As mentioned above, homeowners with increased home value can sell the property for a higher price thanks to the roof replacement. Certain home buyers will try to sway the price lower in order to favor their budget.
Negotiations for the home will normally split the control into two. However, with a higher appraisal, the seller usually has the upper hand in steering the conversation about what the final price would be. Buyers still have the option of walking away, though.
3. More Home Equity
A higher appraisal usually means that you would have better home equity. Home equity is an interest a homeowner has in their home, which can be calculated by taking the pending amount you have on your mortgage away from the appraised value.
Home equity loans can be quite beneficial for homeowners to borrow, and generating larger equities would be advantageous for you as there’s more to take. You can use the cash to make other home improvements to your roof and the overall property.
4. Flexible Loan Arrangements
If you’re hoping to get more loans out of your roof replacement and increase appraisal, one thing to look forward to is how you can apply for other loans. Home equity loans are the only kinds of loans that use the home as collateral.
Apart from that, refinancing options are also open when your home’s values are higher. If you want to change your mortgage terms by replacing the old loan with a new one, it’s definitely plausible.
What to Consider Before Getting a New Roof
Reading through this article will let you feel as if it’s definitely time to get a new roof and increase the property value of your home. Before jumping into that whole replacement process, though, it’s more ideal to assess the situation in the present. Count and check different points that can affect your roofing project. Here’s what you should consider before getting a new roof:
1. The Roof’s Current Condition
What your current roof is like can really contribute to how the replacement will have to go down. Terrible roofing will take a much longer time and will require better skills in order to renew.
Again, a roofing service may recommend roof repairs in place of a roof replacement if the extent of the damage isn’t too bad. Do whatever it takes to upgrade the appearance and functionality of your roof to help in increasing your appraisal.
2. The Housing Market’s Prices
Unless you’re in an isolated and rural area, your home is likely to be one of plenty in a room. If you’re solely getting a roof replacement for an appraisal, do remember that an expert will take into account the prices in your local housing market.
The average home value can differ from area to area. If you understand that the housing market in your area is higher, you should be able to tell whether a roof is worth it or not. The data can also help you determine whether you should invest a lot in your roofing.
3. The Replacement Roof Choice
Before you get a new roof, be sure to pick out what kind you’d want beforehand. This change is a great opportunity to explore stronger and better roofing materials, such as the shingles that go atop your home.
Try to ensure that whatever replacement roof you end up choosing will still complement and go with the entirety of the property. Curb appeal can be influential in what the home value will be, so take care of things and give the house a good look.
4. The Budget For Installation
Pricing is something that you’ll have to consider before you get a new roof and improve the home value of the house. Roof replacements and installation are by no means cheap, so it’s important to see how much you can spend and how you’ll afford it.
Not only are new roofs a little costly, but you would also have to think about the timetable of when the replacement process would go underway. Investing both time and money may seem like a lot, but the benefits listed above should be more than enough reason.
5. The Roofers You’ll Hire
The finished outcome of the new roof will really depend on how skillful the roofing services are at installing or repairing your house’s top. If you end up with a shady team of roofing contractors, that doesn’t bode well for the final look of your home.
Be sure to work with reputable roofing experts in your area who understand what they’re doing. Checking out the reviews and getting a quote should help you find the ideal roofers for your property.
To sum it up, a new roof does increase and decrease your home value. It can depend on the condition of the roofing, its features, its curb appeal, and so on. If you’re hoping to get a high appraisal for your home, make a few considerations beforehand and look forward to the future benefits that you get to enjoy after the replacement process!
Looking for roofing companies near Fayetteville, NC? Southern Premier Roofing tends to residential and commercial properties that are in need of roofing, siding, and gutter services. Get in touch with us today!