If you’re planning on selling your home in the near future, you may be wondering what improvements to make that will increase the home’s value beyond the cost of the improvements.
According to RedFin, home prices in NH were up 11.6% compared to last year. Many homeowners will choose to replace essential items like appliances or hot water heaters. Some will have the home painted, or the carpets replaced. Other sellers may choose to repair or replace the home’s roof before putting it on the market. Roofs can be costly, though. So does it make sense to install a new roof in the hope of increasing the home’s value?
The answer will differ depending on several factors. Let’s examine them.
How much work does the roof need? You may find that if it’s just a few shingles that need replacing, the amount of money you spend will be minimal compared to what an intact, updated roof will earn you on the home market.
What type of new roof job does the home require? If you’ve determined that the roof needs to be replaced, it’s important to remember that there are two types of roof replacement: “roof over,” which means laying a new roof on top of an old one, and a “tear-off,” which means ripping off the existing roof and starting from scratch. The costs will differ on these two projects, so the type of reroofing job you need will affect whether it makes economic sense for you to do so.
When are you planning on selling the home? If you’re looking to put the home on the market tomorrow, it may not make economic sense for you to redo the roof. If the roof needs replacing and you plan to live in it a while longer, it’s possible you can recoup most of the cost of a new roof in a future sale, so there’s no need to live under a leaky roof for the foreseeable future.
It’s also important to understand that it’s not just about dollars and cents. While the cost of a new roof may exceed what it gains you in selling value, if the roof is in poor condition, it will induce potential buyers to drive on by and not even consider buying your home. Curb appeal is one of the most important factors buyers consider.
If you live in a historic home, a redo on the roof that uses modern materials that mimic traditional roofs (slate, for example, or tile) may increase the character of your home and entice buyers looking for a heritage home.
Consult with an Expert
To determine whether replacing the roof makes sense for you, consult with a roofing company that gives you an accurate picture of the state of your roof, what type of work it needs and how much it will cost.
Marquis Roofing is a professional, experienced, and insured roofing contractor, with over 20 years of experience in New Hampshire roofing. Services include residential roofing, commercial roofing, asphalt shingles, metal, and flat roofing. Our team of professionals provides roof replacements, roof cleaning, and roof repair throughout Southern New Hampshire, in the Nashua/Manchester/Concord region, up through Central NH, and the Lakes Region. We have now expanded into Massachusetts. For more information or an estimate, visit our website or call 603-463-0219.