Often, when homeowners opt for renovations around the home, it is with the hope of making upgrades they have dreamed about implementing. Many of those same homeowners may assume that the improvements will pay off by increasing the value of their home. Unfortunately, most of these upgrades don’t produce the results sellers expect when they place their home on the market.
This does not mean that some home improvement projects won’t help to raise the value of a home. In fact, certain upgrades, such as installing a new roof, can significantly boost a homeowner’s return on investment (ROI). According to a report from Qualified Remodeler, the return on an upgraded or new roof can be as high as 109 percent. This is an ideal strategy for prospective sellers, as well as for people who plan to stay in their current homes.
A New Roof and ROI
It’s not uncommon for homeowners to put off having a roof replaced. Primarily, the potential cost of such a project may deter some individuals from moving forward with it.
Many property owners may not realize that a new roof is a solid investment that will pay off in the long run. A roof in disrepair can cost a property owner in the form of higher energy bills. It could even affect home insurance rates. Getting the same roof upgraded or replaced, on the other hand, can help prevent such issues and improve curb appeal. The materials that roofs are made from now are more advanced than ever. They are highly effective at guarding against damage and leaking, making a new roof an attractive feature to buyers.
Ultimately, a homeowner with a new roof could experience a return on investment of over 100 percent. This is partly due to the fact that approximately 40 percent of a home’s curb appeal is in the roof. If a roof is damaged, worn, or even just unsightly, it could lower the listing price on the home. It could also contribute to a longer stay in the market overall. In the article by Home Remodeler, over 30 percent of real estate agents reported that a new roof had been a major selling point that resulted in closings.
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