A new roofing system probably isn’t the first thing that comes to mind when thinking about a boost in home value. It’s reasonable, given that interior remodeling projects are typically the upgrades preferred by homeowners. However, according to Remodeling Magazine’s Cost vs. Value report, having new roofing installed can have a substantial impact on home value.
Cost vs. Value: Roof Replacement
The 2017 cost vs. value report details the approximate return on investment homeowners can get by replacing their old roofing system with a new one. It reveals that a roof replacement can increase home value by an average of nearly $15,000. It also indicates that homeowners who have new roofing installed can expect to recoup an average of 68.8% of the total job cost through increased home value. These numbers put new roofing ahead of a kitchen or a bath remodel in terms of recovered cost.
Why Invest in Roof Replacement?
A new roof comes with plenty of benefits homeowners can enjoy. Let us take a closer look at some of the greatest advantages of replacing your old roofing system:
- Improved Home Value – As mentioned above, you can recoup as much as $15,000 of the total installation cost for new roofing, according to the latest cost vs. value report released by Remodeling Magazine.
- Exterior Transformation – According to experts, the roof represents up to 40% of a home’s overall curb appeal. This is because it’s one of the largest and most noticeable parts of the exterior. If you’re looking to make adjustments to your home that can offer instant transformation, invest in a new roofing system. A new roof can set the tone for your home’s appearance and can even enhance its functionality.
- Cool Roof Technology – Believe it or not, some types of roofing materials come with an ENERGY STAR® certification because they are designed to reflect solar heat, thereby cooling your home and reducing utility costs. Metal, slate and other types of asphalt shingles are some of your best choices.
Window replacement is also one of those projects that can be worth investing in if you’re looking to boost your home’s value. Learn more about this project in the second part of this three-part blog series.
- Better Protection – Of course, we all know that the main job of your roof is to protect your home from the elements. With a new system installed, you can get rid of major cracks, gaps and holes that compromise the structural integrity of your roof.