Simply put, a roof replacement makes a positive impact on the results of an appraisal. This is confirmed in “2018 Cost vs. Value Report” by Remodeling Magazine, a trusted resource for remodeling professionals. According to this extensive survey, some projects add value to a property, allowing homeowners to recoup at resale a percentage of the jobs’ total costs. Here’s a sample with percentages of costs recouped for some common projects:
- 68.4% for roofing replacement
- 59.9% for bathroom addition
- 59% for major kitchen remodel
- 47.6% for backyard patio
Home enhancements such as a new roof offer plenty of benefits. But the question is: Should residential homeowners shell out hard-earned cash for such a big expense? What if we told you that it was totally worth it. Still not convinced? Let’s take a closer look at home appraisal value and how you can increase it with a roof replacement.
What is a Home Appraisal Value?
Home appraisals are conducted by licensed or certified professionals. They’re trained to formulate a number based on the exact value of a property. This evaluation is completely unbiased and is based on several factors, including the home’s location, age, structural condition, amenities, upgrades, etc. Then, it’s compared to recent sales of similar homes in the neighborhood. An appraiser’s only agenda is to produce an objective report for clients.
Who Should get a Home Appraisal?
An appraisal is a good starting point when you want to understand a property’s fair market value. Those who typically purchase one include:
- Owners. Those who own a house may want to get an appraisal value if they wish to refinance a mortgage or challenge a property tax assessment.
- Sellers. Those putting a house on the market may want to hire an appraiser in order to set a realistic price, especially if they’re For Sale by Owner sellers. They may believe their dwelling is worth more, so it’s important to get an accurate description and detailed analysis of comparable homes nearby.
- Buyers. Those interested in a property want to know that they’re only paying what it’s worth and not a penny more. The results of an appraisal will steer them in the right direction.
If the appraisal comes back high, the house probably has lots of great features. If it comes back low, it may need some work.
The Value of a New Roof
Improvements to a home always make living in it more enjoyable. For example, a wood deck addition adds extra living space, while new vinyl windows save money on energy bills. And, according to Remodeling Magazine, the costs of these types of projects can be recovered at resale.
Let’s face it, there’s not much pleasure taken from an old or damaged roof – it may even lower the selling price because of maintenance issues. A properly working roof system keeps you and your family safe from the elements, but how fun is it when you see water stains on the ceiling from leaks caused by loose shingles? A new roof is a big deal, but its return on investment goes beyond just recouping the cost of replacement. It also:
- Makes an old home look new again
- May increase the selling price
- Offers unbeatable curb appeal with a classic look from 3-tab shingles or a premium look from architectural, metal or tile shingles
- Increases energy efficiency and decreases energy bills
- May include a manufacturer’s limited lifetime warranty if installed by a certified roofing contractor
- Adheres to the latest building codes and standards
- Ensures peace of mind knowing that the contents and occupants are protected