If you’re planning to sell your home, does it make sense to replace your roof to increase its resale value? Based on the 2019 Cost vs. Value Report by Remodeling Magazine, new asphalt shingle roofing will increase the resale value of a home by $15,427 on average. Taking into account that the average amount spent on a new roof is around $22,636, the homeowner may be able to recoup at least 68% of their investment.
Cost on Average
Another study conducted by the National Association of the Remodeling Industry puts the recoupment of investment even higher at 107%. However, note that in their survey the average cost of a roof replacement is pegged at $7,500 based on NARI members’ cost estimate, and the recovered cost is around $8,000 based on REALTORS® estimated cost recovered.
Both studies, despite the difference in amounts, show that a new roof can indeed increase a home’s resale value.
When to Get a New Roof
Whether you should go ahead with a replacement for residential roofing is another question. When you have a relatively new roof–say, five years old–with no known issues, it might be more practical not to have it replaced. Most buyers will be more willing to buy a home with a roof in good condition than to pay extra for a brand-new one.
On the other hand, if your roof is old and leaky, you’re better off having it replaced because most buyers won’t want to spend money on a roof replacement right after paying for a house. In this case, a new roof is needed to increase the chances of a sale along with potentially increasing the home’s resale value.
For your residential and commercial roofing needs, turn to Royal Roofing Construction. Call us now at (714) 680-0015 for a free, no-obligation quote. We serve clients in Anaheim, CA, and nearby areas.
