A New Roof’s Impact on Home Values

 

 

 

 

If you’re getting ready to sell your house, you’re probably looking for ways to increase your home’s value. After all, your goal is to get as much money as possible for your current house so you can put it toward your new one. One improvement you might be considering is a roof replacement. The experts at Niagara Roof Masters explain the impact a new roof could have on your home’s value.

First Impressions Matter

Despite always being told to never judge a book by its cover, prospective home buyers always judge a house by its exterior. If your roof has missing shingles, is sagging, or is generally falling apart, you’re already at a disadvantage to homeowners whose roofs look pristine. Even if a prospective buyer doesn’t mention the roof or even consciously realize it, they have filed away the appearance in the back of their mind and may have put your house in the “no” column on their list of possibilities.

A new roof, on the other hand, makes a positive impression on anyone who passes by your house. They will notice that you’ve taken care of the maintenance tasks that responsible homeowners do and they head into your house with an open mind. In other words, they put your house in the “maybe” or even “yes” column before they ever walk inside.

More and Higher Offers

Most home buyers are looking for a turnkey property or at least a property that is as close to move-in ready as possible. They don’t want to have to do a lot of repairs and maintenance before they can move in. So, if they see a house that needs a new roof, they are less likely to put in an offer because they will have to replace it before they can feel comfortable living there.

You’ll probably also get higher offers if you have a new roof because prospective buyers will take that expense into account when putting in their offer. If they think they’ll have to replace the roof, they will lower their bid because they know they will need some money for that project to stay within their budget. If they don’t have to replace the roof, they can offer your asking price or over because they can use their entire budget on the cost of the house instead of on repairs.

 

Closing Time Impact

Home sellers who want to close fast on their sale may not get what they want if their roof needs to be replaced. Home buyers may extend the closing period by negotiating an allowance for a new roof (which effectively lowers your price) or by demanding that the roof be replaced before they finalize the deal. Either way, you may be stuck with your house until the roof issue is resolved and this can be a problem if you’re trying to buy another house yourself.  You could end up losing your dream house if you can’t close quickly on your current house.

Conclusion

While a new roof might not increase your home’s value in asking price, it will have a positive impact on various aspects of selling your house. If you’re on the fence about replacing your roof, ask a professional to give their opinion on cost versus return in your specific case.