The real estate market in Central Florida is hotter than ever with home prices up by an average of 15%. Sellers are making a fortune! The ones who are getting the most for their homes are the ones who have made value-add investments over the past few years.
If you’re getting ready to sell, you’ve probably started brainstorming up a list entitled, “How to add value to my house.” The truth is that while buyers will appreciate just about any renovation or project, not all of them will have a strong ROI.
What about your roof? Does having a problem-free roof come with a strong ROI? How can a great roof add value to your home?
Read on to learn everything you need to know about your roof ROI and see how roofing services can boost your home value.
If your roof needs repairs, potential buyers will notice right away. Without knowing how serious these roof issues are, they may go into viewing your property with a more negative outlook.
When your roof is in great condition, it will make a great first impression. Curb appeal refers to how inviting and well-maintained your home looks from the outside. Things like lawn care and a fresh coat of exterior paint can also help, but nothing will make or break your curb appeal like a new or well-maintained roof.
Energy efficiency is one of the things that homeowners are most concerned about nowadays. Whether buyers are looking to shrink their carbon footprint or lower their utility bills, energy efficiency is key.
New roofing materials are designed to reflect light away from the top of the home. A new roof will also keep comfortable, conditioned air inside, rather than letting it escape. This is key in states like Florida, where our air conditioners have a big job to do in the spring and summer.
Buyers tend to have a threshold for what they’re willing to take on. In other words, most buyers are willing to accept a few flaws here and needed repairs there. When those needed repairs stack up too high, buyers back out.
The roof is one of the key structural components of any property. It protects the interior from things like water and sun damage. It even protects other key structural components from deterioration.
When the roof doesn’t need any work, buyers are less likely to feel deterred by smaller renovations and projects your home may need. Things like outdated fixtures, fading paint jobs, and old light fixtures won’t scare off your potential buyers when your roof is in great shape.
Buyers benefit from new roofing in a number of ways and one of them is the transferred warranty. When you have brand new roofing materials installed, you typically receive a warranty for anywhere from two to six years. If that warranty is still in place at the time of the home sale, you can almost always transfer it to the new owner.
That means that if your buyer has to make any repairs in the near future, they’ll likely access those repairs at a lower cost. This can make for a great bargaining chip when buyers want to start negotiating.
If you’re trying to decide between repairing a roof and installing a new roof, it’s time to take a look at the facts and figures. What is the return on investment when you install a new roof before selling? How much can a new roof raise your overall property value?
On average, a new roof has an ROI between 60% and 69%. That means that if you invest approximately $22,000 to install a new roof, your property value can rise by as much as $16,000.
It’s also worth noting that the inverse is also true. Let’s say a home inspector finds significant damage when looking at your roof. If they tell your potential buyer that a new roof will be necessary, your potential buyer is looking at a future investment of about $22,000.
So, should you take that investment on or should you leave it to the buyer?
First thing’s first: you can’t hide something like roof damage. In the state of Florida, it is a legal obligation to disclose things like roof damage to your potential buyers. The only way this isn’t an obligation is if you don’t know about the damage, yourself.
However, buyers nowadays don’t purchase a home without getting an inspection first. In the end, that damage will come out, and it will affect how much your buyer is willing to pay.
In fact, a need for roof replacement can lower your property value more than it would cost to replace the roof. Oftentimes, buyers don’t just ask for credits or price drops in the amount that a renovation will cost. They also want additional money off to make up for their time and effort.
In the end, you’re going to get a lot more (and sell a lot faster) when you tackle roof repairs or replacement, yourself.
New or repaired roofing can help you maximize your property value and snag a great ROI.
Curious about what we do and how we provide the best roofing services in Central Florida? Take a look at our Roofing 101 section for more information.
Looking for a roof inspection or thinking about a new roof? Call us for a free quote: 844.784.7663.
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