How Installing a New Roof Can Pay for Itself
If you’ve been putting off replacing your roof for a few years, maybe now is the time. Installing a new roof can actually pay for itself over time, if you consider the benefits you’ll reap and the fact the investment you make will last twenty years or more and protect one of your greatest fixed long-term assets.
Increased Curb Appeal
A new roof increases the visual appeal of your home from the street and beautifies your neighborhood. Homes in a neighborhood of dwellings that are well kept and in good repair can raise the property values of all homes in the neighborhood. This is important both if you plan to remain in your home for awhile, or if you plan to sell in the near future. A new roof makes your home more marketable. When everyone invests in their home, they’re investing in their community as well.
Everyone prefers to live in an attractive neighborhood!
Increased Market Value
Well-kept and upgraded homes in desirable neighborhoods move quickly. This demand helps drive up asking prices, which is favorable for sellers. Upgrading to modern finishes inside your home before listing is an important thing to do to realize as high an offer as possible, but so is replacing your outdated or sketcy roof. Installing an attractive new roof will create the first impression the buyer has of your home at the curb. Once they see the upgrades you’ve done inside, an offer is most likely a done deal. According to recent statistics, installing a new roof on your home can increase home value by as much as $12,000.
Tax Incentives
Installing a new residential roof could result in additional benefits of residential energy credits, tax incentives, or energy rebates from State or Federal agencies. More credits and incentives could be available if you install solar panels with your new roof. Please note these incentives vary by year. You should always seek the advice of your tax professional for more information on the current available incentives.
New Roofs Help Older Homes Sell Faster
Dumpy older homes can sit on the market for a long time. Unless the home is listed at a significantly lower price than other more improved homes in the area, the odds are Buyers won’t give it a second look. Most homebuyers are not looking to spend a fortune on a home that they will have to immediately spend more on once they have closed. An older roof that needs maintenance gives the perception that there are likely other items of deferred mainteance in the home as well. In a competitive market, freshening up an older home with a new roof can give it just the touch needed to sell faster and at market value or higher.