A roof that is approaching the end of its life will decrease the value of your home and is worth replacing. However, investing in high-quality shingles may not necessarily get you the increase in home value you want. So does getting a new roof improve the value of your home? One of the leading roofing and siding contractors in Maryland reveals here.
How Much Does a New Roof Increase Home Value?
According to Remodeling’s 2019 Cost vs. Value Report, the average American homeowner spends $22,636 on a midrange asphalt shingle roof. That new roof will increase the home value by 68 percent of the investment on average. Yet, a remodeling impact report conducted by the National Association of the Remodeling Industry has discovered that new roofs provide a 109 percent return. This means you can make a profit on your newly installed roof.
Important Factors to Consider
Putting on a new roof is a reasonable investment. However, to know whether it will make you a 60 percent return or boost your home value above its own costs, there are three factors that need to be considered. A roofing, siding, and window and door contractor discusses them below.
- The condition of your existing roof. If your roof has a small issue, such as a localized leak or a few buckling shingles, it may be more cost-effective to have it repaired than replaced outright.
- The housing market conditions in your area. Adding a new roof does not increase home value in every housing market. Seek the advice of your local appraisers and real estate agents to better understand how roof replacements are performing in your neighborhood or city.
- The new shingles you have selected. Generally, home renovations need to match the neighborhood. Investing in luxury shingles on a starter house will not do much good since home value cannot significantly rise above the value of its neighboring house.
Polk Contracting, Inc. is a top-rated exterior improvement company in MD. Our services include roof installation, gutter maintenance, and window and door replacement. Contact us at (410) 835-4586 or complete our convenient contact form to request a free estimate. We proudly serve homeowners in all of Harford, Cecil and Baltimore Counties.