Preparing your house for the market often involves making strides to get the most value for your home. From calculating your previous investments to determining elements that need repaired, it can be overwhelming.
When it comes to your roof, there are often multiple factors that could lead to you choosing to replace, repair, or leave as is. There is no magic formula or perfect answer because every situation is different. What we can offer are some points to consider when deciding if you should replace your home’s roof prior to selling it.
Put Yourself in the Buyer’s Shoes
Consider yourself as the home buyer – when you are going to purchase a home, is it more attractive (both physically and financially) to purchase a home with a new roof? Some may want to have a company of their choice install the roof so they feel most confident it’s done correctly. Others enjoy the peace of mind that they shouldn’t have to touch the roof for 15+ years.
As The Seller, Is A New Roof Worth the Investment?
We’ve identified 5 factors that help you decide if replacing your roof before listing your home is the right choice.
Things to consider:
- Status of your roof
- Cost
- Local Housing Market
- How quickly you want to sell
Status of Your Roof
It’s important to know how much life is left in your roof. The average lifespan of a roof depends on the material, weather patterns, and proper installation. If the roof is 20 years old or less, and you have not had any issues with it, there is a good chance that it will last for at least a few more years.
It’s a good idea to have your roof checked by a local professional before you have a home inspection done. Waiting until the home inspector finds problems can delay the sale and potentially deter the buyers from completing the purchase.
A proper roof inspection should include photo evidence of the roofer’s findings, documented with notes regarding the integrity of each component.
Cost
A roof replacement is an expensive home project. The price could range from $5,000 to $20,000+. The cost of installing a new roof on your home is calculated by:
- Square footage
- Pitch (which is the slope)
- Number of roof penetrations, such as vents, skylights, and satellites
- Grade of warranty
- Tear off & disposal (sometimes roofs have two layers which requires more labor and trash)
- Ventilation requirements
While you may get sticker shock finding out how much a new roof costs, when selling your home, you have to look at the investment versus potential profit.
According to the National Association of Realtors, installing a new roof gets the homeowner up to 107% of its cost at resale, on average.
If a roofing professional advises to replace the roof and you’re able to upfront the cost, it’s likely that you’ll regain your investment.
Certain manufacturers offer a roof system warranty that is fully transferable to the next homeowner. GAF’s Golden Pledge warranty is an example of this and is a good way to increase resale value.
Nearby Housing Market
Know your housing competition! This is knowledge your realtor would have, but don’t be afraid to do your own homework, especially if you’re not working with a real estate agent.
Look at homes of similar size in a similar price range and see if they have a new roof or not. Take note of how quickly they are selling and if they are going for below, at, or above their list price. Since interest rates have been so low, the housing market is aggressive. That may affect what buyers are willing to forego to purchase a home.
If there doesn’t seem to be a trend with the status of the roofs, then you may be better off just completing any urgent repairs if your roof still has at least a few more years left.
How Quickly You Want to Sell
Timeliness of the sale depends a lot on the current market. However, in addition to the market conditions, the attractiveness and ease of purchasing your home is important.
If you have a brand new roof, you’ll be more likely to eliminate inspection issues. This could help prevent buyers from backing out of a contract due to roof problems or concerns.
Talk to a Professional to get a Quote
Talk to Joyland Roofing if you have questions or concerns about your roof! We would love the opportunity to discuss your options with you. We’ll be open and honest – we are consultants, not sales people.
Pennsylvania Home Improvement Contractor License (HIC) # PA124258