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March 21, 2024

Does a New Roof Increase Home Value in Atlanta?

When you’re considering putting your home on the market, you’ll want to do all you can to ensure you land an offer around or beyond your asking price. For most people, this means completing different home improvement projects they believe will significantly increase their home’s value.

One such home improvement project is installing a new roof. Does a new roof increase home value?

Atlanta’s expert roof replacement company will delve into the details in this post.

New Roof Investment and Home Resale Value

A new roof significantly impacts your home’s value. Most savvy real estate agents will tell you that buyers appreciate a new roof because it saves them the stress of worrying about reroofing the property for a decade or more.

The last thing a buyer wants is to take on a large expense, like installing a new roof, shortly after making the huge financial investment of paying for a new home. So, they are more likely to avoid any homes they believe they will need to fix the roof.

Thus, many experts believe a new roof can improve your home’s value. But to what extent?

Home Appraisal and New Roof Correlation: How Much Does a New Roof Increase Home Value?

Over the years, different researchers have completed findings on the impact of a new roof on property value. Remodeling’s Cost vs. Value Report from 2019 is one of the most widely quoted.

According to the report, spending $22,636 on a new midrange-quality asphalt shingle roof can increase your home’s value by $15,427, a 68% return on investment.

Another study by The National Association of the Remodeling Industry (NARI) shows that you can expect even higher returns. According to their research, a new roof can yield a 109% return, which means you can expect to make a profit on your new roof.

So, how much does a new roof increase your home value? The level of increased home worth due to a new roof will vary. However, going by the research, you can expect the value to increase by 60-100% of the value of the roofing project.

Factors That Will Influence Value Enhancement with New Roof Installation

Before you set plans in motion for adding value to your home with a new roof, you need to know the factors that will determine how much value you can expect from the project (if any). They include the following:

The Condition of Your Current Roof

Potential buyers and local appraisers will notice if your roof is not in good shape. This will lead to a drop in the home’s value or, at the very least, in the number of sustained inquiries you receive. You can expect a decent return from your roof replacement project in that scenario.

However, if your roof is barely five years old and in excellent condition, installing a new roof will not change your home’s value. You’ll almost certainly end up selling your home for the price you would have still sold it with the five-year-old roof in excellent shape.

So, if your roof looks good and is likely to last, the average buyer will have no issues with it. It doesn’t matter if it’s brand new or not.

The Type of Roofing Material

The roofing material you choose will have a significant impact on how much ROI you can expect from replacing your roof. According to Home Advisor, the national average for a replacement roof is $9,350. The higher you go above this average, the lower the returns you can expect from your investment.

This explains the disparity between the results in the research from Remodeling and the NARI above. The homeowners surveyed in Remodeling’s research spent more than double the national average on their new roof ($22,636). Those in NARI’s report spent less than the average at $7,500.

The Prevailing Market Conditions

A new roof may not move the needle as far as your home’s value is concerned in a buyers’ market. You need to speak with local real estate agents or appraisers for a professional read on the current market before you choose to proceed with your roof replacement project.

Get Expert Roof Replacement Services From Rock House Roofing

Does a new roof increase home value? Yes. However, you’ll need to explore your options carefully. You also need to work with an experienced roofing company for error-free roof replacement. The last thing you need while preparing to sell your home is spotting roof leaks even after a roof replacement.

Call the Rock House Roofing team in Atlanta, GA, to discuss your roof replacement timeline.

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