How Much Equity Does a New Roof Add to Your Home?
Your home is many things to your family, including a significant financial investment. When you are planning improvements, it’s important to consider which updates and repairs will provide the best return on investment. While some home improvement projects are more cosmetic, a new roof is a serious undertaking — and a serious expenditure.
A new roof will always add value to your home. Exactly how much value, and how long it might take for that value to match the expense depends on many different factors. A new roof can add significantly to the value of your home.
If you are selling your home and your roof is in bad shape, a new roof may easily make the difference in whether or not your home attracts qualified buyers. It can also affect the kinds of financing it qualifies for. If your current roof is functional, replacing it may not increase the purchase price enough to pay for itself. A purely aesthetic change might not translate into a comparable financial value.
If you plan to stay in your home for several years, you’ll be looking at value more in terms of cost savings in maintenance and repairs. Particularly if you are considering changing from an asphalt shingle roof to a more durable material like a metal roof, you’ll need to consider how long you plan to live in the home to determine if the increased service life will pay you back over the years.
If you are curious about how much value a new roof could add to your home, we’d be happy to provide an estimate. As an experienced Louisville roofing company, we can help you take a look at your current home value, your plans for the future, and determine the best choice for you.