Planning to sell your home? A new roof might be one of the best ways to boost the value of your biggest asset.
If you’ve got an eye on moving in the next year or two, you might want to consider a roof upgrade. After all, a new roof can increase the value of your home considerably. Here’s what you need to know.
Should I replace my roof?
Start by eyeballing your roof — have a full walk around and note any worn or torn spots that you might need to take care of. Also, pull out your ladder and climb up to your roof for a bird’s eye view of the state of your roof. After all, there may be problems that need fixing that you can’t see from the ground. You’ll need to consider replacing or fixing your roof if inside your home you’ve got warning signs such as leaks, peeling wallpaper or paint, mould and mildew stains, or warped panelling.
Not sure whether you need to replace the entire roof or if a patch job will do? Call in a roofer for an expert opinion and estimate how much it would cost to fix parts of the roof versus tearing off the roof and replacing the entire thing. (In fact, pulling off the old roof might turn up defects that may need addressing.)
How much value does it add?
How much impact a new roof will make to your home’s value varies from market to market. When thinking about the additional value, be sure to factor in questions such as:
- What’s the condition of your old roof?
- Are you replacing it with the same type of shingles? (Newer, more upscale styles can boost the price of your home.)
- What’s the cost of homes in your area?
That said, it’s generally estimated that a new roof can boost the value of your home by 15 per cent to 20 per cent and that a new roof accounts for approximately 40 per cent of your home’s curb appeal.
If you’re replacing your roof, also consider including the energy factor in your real estate listing. A new roof that’s insulated properly can reduce heating costs in your home, and upgrades such as solar panels are selling features that should be noted in your listing.
Put it in the listing or raise the listing price?
This largely depends on your real estate agent’s perspective. While a new, great roof will probably make your home easier to sell, some realtors may suggest simply featuring the fact in your listing, while others may nudge your property’s asking price upwards slightly.
