Maybe you have recently decided to get an appraisal on your house. There are many things that can add value to your house or take away from it. You might be wondering what a new roof will do to the value of your appraisal. Let’s take a look at how this can affect the value and whether it’s worth it to have your roof replaced.
Reasons to Replace Your Roof Before an Appraisal
- The age of the home or roof: The longevity of a roof can vary based on the type. If you have had the same roof for 20-30 years, it’s likely time for a new one.
- Your home’s style: Compare your roof’s appearance to the rest of your home’s exterior. If you have recently updated your home to look more modern, you might want to get a new roof. This will help your home to look completely up-to-date.
- Any damage, leaks, etc.: If your roof requires repairs, compare the cost of those repairs with a new roof altogether. Of course, the repairs will be less expensive. In some cases, it does make more sense to get a new roof so that it’s more durable.
You might have some of your own personal considerations as well, so be sure to add those to the list above.
How Much Value Does a New Roof Add to an Appraisal?
Signature Exteriors Inc. estimates that a new roof can increase a home’s value by 15 to 40 percent. This can be a pretty big jump. Few other home upgrades can result in such a large increase.
If your roof doesn’t show damage or isn’t very outdated, don’t replace it. The 15 to 40 percent increase in value sounds nice, but it isn’t applicable if your roof is in good shape.
You will be better off spending that money on parts of your home that actually need to be fixed. If you’re on the fence, speak with a professional you trust. They should be able to give you an answer without convincing you that you need the repairs when you really don’t.
How Much Does a New Roof Cost?
There will be a few variations in how much a roof costs, but Home Advisor declares the national average to be $7,270.
Factors That Can Raise or Lower the Cost
- Size of home and roof
- Type of roof
- Materials used
- Amount of time needed to do the work
- Where you live
This can make it difficult to decide if a new roof is worth it. Take advantage of free estimates from roofing companies. There are also online tools available, such as RoofingCalc.com. Websites like this can help you price out what your roof might cost.
How Much Does It Cost to Repair a Roof?
It varies by area, damage, materials, and more, as mentioned before. According to RoofingCalc.com, this can cost between $300 and $1,100. This is considerably less expensive than a new roof.
It’s important to note that roofs simply can’t last forever. Keep track of how many repairs you have had to do and how much money you have spent on them. Use this information to see if you should replace the roof instead. If you don’t have the budget to completely replace your roof, repairs will be fine as a temporary fix.
How Important Is a Roof to an Appraiser?
According to Pocket Sense, an older roof is not going to lower the value of your home significantly. The concern arises when a roof is not functional or has been damaged.
Several maintenance issues are going to decrease a home’s value. If your home has roof damage along with a number of other problems, you likely won’t get the appraisal results you were hoping for.
Is It Worth It to Replace the Roof?
In most cases, it is worth it for you to replace your roof before getting an appraisal. The extra 15 to 40 percent that you will get from the appraisal should be greater than what you would pay for a new roof. However, this is only true if your roof shows major damage or is not functional. There’s no point in replacing a roof that is in good condition.
In conclusion, you should only replace your roof if it’s necessary. If your roof is damaged or dysfunctional, it’s wise to get a new one. A new roof can add a lot more value to your home.