If you ask most Real Estate agents, add new roofing before attempting to sell significantly increases the value of your home and makes it appealing to buyers. By increasing the value of your home, you actually make money on your repairs as the resell value increases more than 100% of your roof. In 2018, a survey in the United States found that roofing replacement added an average resale value of $14,214. Roughly the same amount of money could be expected – if not more – to be added to in Canada.
While nobody likes to spend money replacing or repairing their roof, when you’re about to sell, it makes a lot of financial sense, especially when you compare to other house projects. In fact, mending the roof offers a better return on investment than an addition to the master bedroom, major kitchen remodel, deck installation, or a bathroom remodel.
When a buyer makes an offer for your home, they assume the roof isn’t leaky or in need of fixing. If it does need repairing, and the buyer does their due diligence, they can often successfully negotiate the price down. If you’re on the fence about installing a new roof, consider these facts in making your decision.
Buying a home is as much of a emotional investment as an financial one which is why aesthetics matter. If your home has a roof that’s shabby, ugly and clearly in need of replacement, buyers will take note. Obviously nobody wants to buy an ugly home, and a roof is such a big part of that.
If a buyer needs to take the price of a new roof into account when purchasing a home, plus the headache that comes with it, he or she will likely be enticed to shop elsewhere. While, on the flip side, a new a roof can pique buyer interest and make your home stand out in your neighbourhood. If someone in your area is selling their home at a similar price, it can give you the edge and can even spark a bidding war.
Buy A Transferrable Warranty
Buying a home can be a stressful experience. It is often one of the largest purchases someone will make in their lifetime which is why reassurance is a good thing. With the right roof warranty, it can give the new owner peace of mind that things won’t go wrong. Nobody likes surprises which is why if you can transfer the warranty to the new owner, it will likely give the buyer reassurance that they are making the right decision. Since standard warranties for asphalt shingles used to be 15-20 years and premium-quality asphalt shingles today offer warranties as long as 50 years, sometimes these warranties outlast their current occupants. Ask your roofer if you can transfer your warranty to the new owner.
A transferable warranty can mean a lifetime of not having to pay for roofing repairs. Buyers can be willing to pay more to own a home with a roof that will come with warranty. A roof warranty can add more value to a home than one without a warranty, especially if it is the difference between a standard and premium roof.
Increased Energy Efficiency
New roofs are more energy efficient then they once were which means that along with a warranty, a great-looking roof, the owners will save money on heat as well. Increased energy efficiency can increase the appeal of a home, because it means savings in the long run. In addition, many people, especially in the younger generation are more environmental conscious and having an energy efficient roof fits in with their lifestyle and values more than an older home.
An old roof can cause trouble for future homeowners. Old roofs tend to leak, lose shingles in a storm, damage siding, and break easier than new roofs. For a prospective buyer, these potential dangers of an old roof might be enough to encourage them to buy elsewhere. Even if there is nothing wrong with the old roof, a savvy buyer will realize that older roofs are not as well built as newer ones and will most likely cause problems in a few short years. A newer roof will translate into lesser maintenance costs for the new owners overall, giving them less of a headache – both financially and emotionally.
Other Factors To Think About
Since it’s not an exact science, there are many miscellanies variables that go into appraising a home. If you can give the buyers as much data as possible it will likely increase the likelihood of getting your desired price for your home.
When you’re getting your home appraised, he or she will want to see receipts of the new roof, as well as information about its materials, construction, and warranties. The more information the appraiser has on the roof, the more likely you will see an increase in value.
Your roof has a lot of responsibilities to bare. It protects your entire home, its contents, and its occupants from the external environment.
When a house goes on the market, the roof is the most visible features to everyone driving down the block. A roof in poor condition can quickly stop any sale even before the negotiation has started. That’s why it’s smart to replace an old roof with a new one even before you put it on the market.
A new roof is a big investment and you should take the time to find a professional trustworthy contractor to complete the job. Give us a call at Cambie Roofing where we put customer service first and never sacrificing quality for price and guarantee you’ll be satisfied with the job.