We at Construction Solutions strongly believe that your roof is one of the most important investments you can make in your home. It not only protects your property from factors such as harsh weather and intruders, but it can also add curb appeal to your home and increase your ROI.
Now you may be wondering: what is curb appeal and why is it critical in home value? Generally speaking, curb appeal pertains to the attractiveness of your home in relation to its surrounding environment. It takes into account the welcoming atmosphere of your property and the good impression it can leave on your potential buyers.
Since your roof constitutes a large part of your home’s aesthetics, it plays an instrumental role in increasing your curb appeal and ROI.
The Importance of Curb Appeal in Home Value
If you’re thinking about selling your home now or in the near future, focusing on your curb appeal can greatly heighten your chances of selling your home faster and for more money.
According to a study published in The Journal of Real Estate Finance and Economics, properties with good curb appeal can increase their value by 7%. But if the real estate markets follow a much slower pace, the premium quality can rise to up to an impressive 14%. Curb appeal plays an instrumental role in your home’s value.
How Curb Appeal Impacts Home Value
To further understand how curb appeal impacts home value, let’s look at it from a buyer’s point of view. 90% of buyers start their search for a new home online. They look at eye-catching photos that highlight the home’s incredible features. But if the photos of the house don’t provide that “wow factor,” they’re more likely to move onto the next property.
A New Roof Contributes to Curb Appeal
One way to guarantee that “wow factor” is to focus on your roof. If you see signs of deterioration, discoloration, or damage, it’s time to replace it with a new roof and make your home look as good as new.
The ROI of a New Roof
At this point, you may be wondering how a new roof case increases your home value. Research conducted in 2019 by the National Association of the Remodeling Industry (NARI) found that new roofs can provide up to a 107% return on investment, which means homeowners can make a profit by simply replacing their roofs.
Factors Impacting the ROI of a New Roof
As great as this number sounds, the precise amount of your new roof’s profitability will depend on several factors, including:
- The condition of your current roof
- The condition of the current real estate market
- The quality of the new roof you’ve chosen
If everything aligns, you can expect to see an impressive increase in ROI from your new roof.
ROI of New Roof Compared to Other Home Projects
The cost versus value of replacing your existing roof with a new one is greater compared to other home projects, such as a major kitchen renovation, a backyard patio installation, or a bathroom remodel. These home projects can cost anywhere from $50,000 to over $100,000 to complete and the return on investment is only around 50 to 60% as opposed to a new roof’s installation of over 68% ROI, based on Remodeling’s 2019 report.
Other Benefits of a New Roof
Financially, it’s clear to see how a new roof can benefit you as a homeowner. But, in what areas can you benefit from this investment?
When you install a new roof, you can:
- Improve energy efficiency and lower utility bills
- Enhance home safety and protection
- Experience potential insurance discounts
- Enjoy the longer lifespan of a new roof compared to an old one
That said, installing a new roof offers a world of benefits, and it’s in your best interest to do so.
Factors To Consider When Replacing Your Roof
Once you’ve decided that replacing your roof is the next big step, here are the factors you need to consider.
Signs You Need a New Roof
Bald spots, cracked shingles, old roofs, dark leaks, and moss are warning signs that you need to heed. When these appear, it’s time for a new roof.
Choosing the Right Material for Your Home and Budget
When choosing a roofing material, make sure to select one that not only looks good but will last the longest. Some durable examples include:
- Asphalt
- Wood
- Metal
- Slate
These are all incredibly affordable and versatile materials to meet your home needs.
Tips for Finding a Reputable Roofing Contractor
To make the most of your new roof, be sure to hire a reputable roofing contractor by asking questions, getting referrals, and checking their website. Doing so should give you a better idea of which companies to trust with your roof.
Conclusion
Does a new roof increase home value? Yes, it does! From increasing curb appeal and home value to giving you incredible ROI, a new roof is extremely beneficial. If you want to take your roof to the next level, contact us at Construction Solutions to get started on your roofing project today!