Does a good roof increase your property value? Well, the prevailing thought when it comes to your home is that improvements increase property value. So a roof would probably add a lot of value, right? Well… it does, but not like you might think. There isn’t really a dollar value you can attach to putting on a new roof. The value comes from something else.
Here’s the kicker with your roof and adding value. If you are selling your home, and your roof is in good shape it doesn’t add value, but it doesn’t take away value. Generally a new roof often won’t increase the value of your home unless the current roof is in really bad condition. Then the other part is the value it adds won’t make up for the cost to replace it. That doesn’t mean that replacing it is a bad idea. Remember that one of the things that buyers ask about is roof age. They want to know how long they have before they have to do the replacing. If you’ve done it already, it makes your listing more attractive over another that has an older roof.
If your home really needs the replacement, say because there is a leak, then replacing it is necessary in order to sell. The added value will come in the amount a prospective buyer may demand in a concession in order to fix it themselves. Getting it done shows the buyer you were serious about fixing deficits in the home and they may offer more for the purchase price when they see the improvement completed.
There may not be a specific dollar figure, or a big one, as to the added value, but there will be more quality offers on your home. That is where your added value comes into play.
Tags: Added Value, Bad Idea, Concession, Current, Dollar Figure, Dollar Value, good roof, Good Shape, Improvements, increase your property value, Kicker, Lot, Property Value, Prospective Buyer, Selling Your Home