Your home is a large investment, and when the time comes where you are ready to sell, your number one goal is to get top dollar for the transaction. While housing market conditions are the largest factor in establishing a price range for the value of your home, the condition of your home will also affect its value.
Large structural elements, such as a garage, electrical system, and not to mention, the roof, all have a large effect on the market value of your home. If you are like many homeowners, you may be wondering just how much the age of the roof will affect buyer offers, appraisals, and the ultimate transaction price. Continue reading to learn some helpful guidelines for determining the effect your roof will have on the value of your home.
How Does Your Roof’s Condition Affect Your Home’s Value
As mentioned, your home’s roof can have a significant effect on the selling price of your home. If you have a roof that is in need of repair, more likely than not, prospective buyers will probably offer the estimated value of the home minus the cost that will be needed for roof repair – or offers market price with the contingency that you fix the roof to their satisfaction prior to closing. Either way, as the seller the price of roof repair comes out of your pocket.
A roof replacement can have a different outcome. Studies have shown that new roof installation is actually one of the greatest home improvement projects that offer the best return on investment, with close to nearly a 100 percent ROI. This means that with a new, professionally-installed roof, you may actually be able to get more than you were hoping for when you are ready to sell your home. Since new roofs have a life expectancy of around 30 years, opting for new roofing installation make be a huge asset and selling point.
When it comes to the home buyers market curb appeal and first impressions are very important, so be sure that your roof looks and operates as it should.
How Does Your Roof’s Age Affect Your Home’s Value
While most homeowners think that the age of the roof would dictate the condition of the roof, but this is not always the case. For example, a roof may have been installed less than three years ago, but if the materials were cheap air the installation was not performed by a professional roofing company, it could be in worse shape than a 20-year-old roof. Generally speaking, the age of the roof is tied to the condition in a home sale in one key way.
If a prospective homebuyer discovers that your home’s roof only has a few years (or less) of life left, the chances of them being able to obtain insurance on the home are decreased. This means they also will not be able to obtain a mortgage, so the transaction will be denied. If your roof is within three years of its usefulness expiring, according to an experienced roofing contractor, and you cannot afford to put on a new roof, your prospective pool of home buyers thins out considerably. If a loan cannot be obtained on the home, you will need a cash buyer – and cash buyers will likely be interested in getting a much better price for your home.
On the contrary, as discussed, a new roof generally adds at least its cost to the value of your home. A professionally installed, quality, well-maintained roof remains a benefit to the homebuyer well into its usefulness, even after 15 years.
At the end of it all, a newer roof will increase the chances of you selling your home for its top value, while an old, worn, or damaged roof will scare off many buyers. If you plan on selling a home which is in dire need of roof repair or roof replacement, it is best to work with the buyer, their insurance company, and a local roofing contractor to figure out a way to get the roof where it needs to be – for the best financial benefit of everyone involved.
Looking For A Local Roofing Company Near Phoenix?
If you need a roofing company in Scottsdale, Phoenix, Mesa, or the surrounding areas, you can rely on Express Roofing to offer the solutions you need to make sure your roof is in the best condition possible. To receive an estimate, contact us!