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Will a new roof add value to my home?

As a homeowner, the money you put into your home’s upkeep is an investment in what maybe your most valuable asset.

Even before you own your home outright by paying off your mortgage, you have a financial stake in your home that makes it worthwhile to spend money on improvements. A major improvement, such as a new roof, can quickly add value or at the very least retain value to your home.

If your home needs a new roof /shingles and its reflected in the price, your home may still take longer to sell due to buyers wondering if now there is structural damage and mold. Buyers regardess of price will want to reduce the price even further to replace the roof.

SELLER CONSIDERATIONS
1) Replacement cost – options might include recover, conversion from shake to comp, etc.

2) Cost to repair roof to certify for 5 years

3) Weigh the benefits of the aesthetic value of reroofing. Will it help sell the home? Must I be concerned with covenants or a homeowner’s association? Should I convert to composition instead?

4) Will the cert satisfy a buyer in this price range?

5) What would I want if I were buying this house?

6) If repair costs exceed 15-20% of the roof cost, perhaps that money would be better spent on a new roof — give the buyer the option to reroof with material of their choice, and contribute cost of repairs accordingly.

7) If I reroof the house before sale, perhaps I limit buyers ability to upgrade.

8) Perhaps I should include the cost of a new roof in the purchase price and negotiate later.

9) Sometimes it’s better to wait on repairing a roof to get a certification. For example, repairs on a shake roof might result in a patchwork of shakes which are different color shades. It will take time for these to weather. If repairs are done before the home goes on the market, a) It might detract from the overall look of the home, and b) it might serve as a red flag that the roof is or has been an issue.

Brantford Real Estate
The Author Brantford Real Estate

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