For most people, the single biggest investment they can make is in their home. From the cost to buy, upgrade and or maintain, a home comes at a significant cost. Engaging in major upgrades that improve the quality of life you enjoy in your home can reap potential rewards down the line.
A roofing system is a major cost when looking at a replacement roofing system and a roof replacement may be a one-in-a-lifetime investment as most modern roofing systems last 25 years. But the question becomes: Will we recoup our investment in a new roofing system dollar for dollar or will the cost be a sunken expense for the homeowner?
A home’s value is rated on a number of different conditions and part of the valuation is determined by overall condition of the home and what the curb appeal might be for the home that is being appraised.
If you are selling your home with a roof that has seen better days, you’re likely to receive a less-than-market offer for the property due to the costs associated with the installation of a new roofing system. Consequently, the curb appeal of your home declines when a roofing system fails to meet the average condition of homes in the area and that can create a less-than-market value offer for your home.
The roofing system of any home is probably the most important feature of the structure because it serves many different purposes associated in home maintenance and use. A roofing system protects a home and contents from the elements, provides energy efficiency through attic insulation, and keeps rodents from accessing your home through damage that could be created by the rodents as they seek shelter.
Another factor that you need to take into consideration when evaluating your roofing system is the eye-catching nature of your roof. When someone comes to your home the roof is extremely noticeable and a roof in a good state of repair indicates the homeowner has taken care to make investments in their asset and that creates curb appeal.
Updating a roofing system can mean changes that will enhance the curb appeal like changing the colour of the shingles or the style of shingles used increasing the equity in the property as a whole.
On a dollar for dollar basis, most if not all home improvements do not return the investment in that fashion. You could add a new pool or new kitchen or bathroom and the money spent will not be recouped. The same holds true for a new roofing system, but that comes with a twist.
When you stack up your roofing system against other homes in the area, it is important to be in the same ballpark on the condition of your current roofing system. If you aren’t, a new roofing system is likely to improve the value of your home rather than hurting it with a roofing system that is sub standard by comparison.
In order to get an accurate assessment of how much value a new roofing system will bring to the equity of your home it is important to consult an expert or call a local real estate agent to get an idea of home pricing for your area.