The definitive answer is…yes! Well…and no.
It’s generally believed that a new roof often won’t increase the value of your home unless the current roof is in poor condition. And even then, a new roof may not increase the value of the home enough to cover the cost. This occasionally comes as a surprise to home sellers expecting their newly-installed roof to garner a proportionately higher sales price for their home.
So is replacing the roof on a home that you plan to sell automatically a bad idea? Not necessarily!
While a new roof may not increase the assessed value of your home, it will likely make it more attractive to buyers and could therefore result in a speedier sale. A brand spankin’ new roof, particularly if a different color or type than other homes in the neighborhood, can make your home stand out like Brad Pitt surrounded by Danny DeVitos! If, on the other hand, the roof is old and delapidated, besides creating a poor first impression, it’s also going to mean that the buyer will need to go to the expense of replacing it in short order. No one wants to buy a house knowing that they’re soon going to have to dish out thousands of dollars on maintenance.
In addition to boosting curb appeal, a new roof can be an indication to buyers that the house is probably in good shape overall and is safe to live in. A leaky roof can create the perfect breeding ground for mold and mildew, which can potentially lead to serious health issues for the inhabitants. Even the smallest of openings in a roof can serve as gateways into the attic for disease-carrying birds and rodents. And generally speaking, a shoddy, poorly-maintained roof is going to give potential buyers little confidence that the REST of the house is in much better condition, even if it looks okay at first glance.
Certain roofs can actually save the homeowner money. Some of the more reflective roofing materials are energy efficient, resulting in cooler roofs in warm climates, and subsequently, lower electric bills. Other roofs do a great job of keeping the heat IN when it’s cold outside, which is equally friendly on the electric bill. It’s also possible that having one of these energy-efficient roofs will further benefit the homeowner in the form of a tax deduction. Some roofing materials are considered “impact-resistant” by your insurance company and can save you up to a 10% on premiums. Now, all else being relatively equal, who wouldn’t choose a home with a money-saving roof over one that isn’t?
So when considering whether to replace the roof on a home you have for sale, it’s important to look beyond the surface. There are many factors that determine whether or not a new roof will add value, so due diligence is in order. If you do have a roof installed, make sure that your real estate agent is aware of the benefits of your particular roof type and that he/she does a good job of marketing those benefits to potential buyers. You might find that your new roof will allow for a much faster sale, and at a more favorable selling price, than you might have expected.