It’s a tricker question than you might expect. It seems obvious that any significant improvements or renovations made to your home would improve the value, but what if you live in an apartment building or townhome?
Can a New Roof Increase Resale Value?
When it comes to houses, installing a new roof is a slam dunk for increasing resale value. A new roof typically translates to a return on investment of around 60-70% depending on the materials used and the local market conditions. Not only does it improve the home’s functionality, it just looks good. Here are a few ways that a new roof can improve the resale value of your house.
1. Reduced maintenance concerns
Potential buyers are often willing to pay more for a home with a new roof because it reduces the immediate need for repairs. Many new roofs also come with transferable warranties, offering added assurance to buyers
2. Energy efficiency
Energy Efficiency: Modern roofing materials can improve a home’s insulation, reducing heating and cooling costs. This energy efficiency is an attractive selling point for buyers, adding another layer of value to the new roof.
3. Curb Appeal
Simply put, a new roof looks good, and a good-looking, clean home is worth more. Moreover, a well-maintenained exterior implies good overall care of the home, and since a roof makes up around 40% of a homes visible exterior, homes with new roof are often more attractive to prospective buyers.
Overall, while the full cost of a new roof might not be entirely recouped in the sale price, the investment generally leads to a smoother sale process and a higher final selling price. For homeowners looking to sell, consulting with a real estate agent to understand the local market and expectations can help make the most out of a roof replacement investment.
What About Condos and Apartment Buildings?
If you’re a building manager or a developer in charge of a building, you’re likely looking to maximize value in any way possible – which may or may not include a new roof. After all, the roof on an apartment complex or skyscraper rarely has the same visibility as the roof of a house, and therefore lacks the same immediate curb appeal.
That said, if you’re looking for ways to increase the resale value of the units in your building but having your roof redone, here are a few things to consider.
1. Marketability
While the roof of your building may be largely invisible, you can still market your new roof to potential buyers who may be concerned about the strata and maintenance fees associated with an older roof. This can lead to higher demand and potentially higher resale values for individual units within the building. Buyers are often reassured by the presence of a new roof, reducing concerns about future major expenses.
2. Maintenance and durability
A new roof suggests to potential buyers that management makes an effort to perform maintenance and improvements in a timely manner and proactively work to prevent leaks and structural issues. It reflects positively on both management and the strata council.
3. Energy efficiency
Just like in houses, new roofing on apartment complexes can include improved insulation, which enhances energy efficiency. This can be a selling point for potential buyers who are looking for lower utility costs and environmentally friendly features (|).
The important of maintenance
If you’re a building manager or strata council president and a new roof simply isn’t in the budget right now, at the very least consider some ongoing roof maintenance services. Though roof maintenance is unlikely to carry the same appeal to potential buyers as a new roof, it at least suggests that you’re making a significant effort to maintain your building, which can be reassuring to potential buyers.
Evidence also suggests that regular roof maintenance can save you money in the long run by proactively taking care of minor problems before they become major ones, such as leaks, clogged drains, and pooling water. Moreover, if you’re a building manager, maintenance costs are likely covered by the strata and maintenance fees paid by tenants, whereas the cost of replacing your entire roof may not be.
The Responsibility of Roofs
Your roof has a lot of responsibilities. Not only does it protect your entire home, its contents, and its occupants from the external environment, it also needs to look good and add tangible value. A perfectly functional roof that just looks bad can dramatically reduce sales opportunities, which is another reason you might consider replacing an old roof on your house or complex.
If you’re in need of roofing or roof maintenance services, please feel free to give us a call! We’d love to help answer any more questions you may have about whether it’s worth fixing or replacing your roof to boost sales. For all your roofing needs in Metro Vancouver and the Lower Mainland, get in touch with Cambie Contracting for a quotation!