If you want to sell your home for top dollar, you need to make sure that it’s in the best condition possible. In addition to simple cleaning and “sprucing up” projects, you might consider some final fixes or renovations before you put it on the market.
Your real estate agent may have even suggested some upgrade projects to you that will make your home sell faster and for more money. Some of these include ripping up carpets to expose hardwood floors, re-painting and investing in landscaping to improve your home’s curb appeal.
There are many projects you could take on to improve the value of your home on the resale market, but the key is choosing the ones that make the most sense and bring you the biggest return on investment (ROI).
One project you might consider before your home hits the market is replacing your roof. This could be an especially important project if your home is approaching the end of its expected life.
Below, we discuss some benefits and drawbacks of replacing your roof before selling.
Benefit #1: More Attractive Property
When you live in a home, you don’t think about your roof often. It just sits there, on top of your home, protecting it and everything inside of it.
It’s one of those home systems that you just expect to work.
Not only that, but it’s really a “set it and forget it” part of your home. While there are certainly ongoing maintenance tasks you should do to extend the longevity of your home — such as cleaning out the gutters and regularly inspecting it for damage — there shouldn’t be much you need to do with a roof once it’s installed.
Replacing your roof, though, comes with many different responsibilities, and a major cost investment. Depending on how big your roof is, what materials you choose and who your roofer is, a roof replacement project can cost up to $30,000.
This is a significant investment that many new homeowners would love to avoid. They’re already committing to a large investment when they buy a new home, and most would prefer to not have to shell out that much more money to replace a roof not long after they move in.
That’s why homes that have a new roof really stand out from other comparable homes. If buyers know they won’t have to worry about their roof for as many as 30 years, it brings them a lot of peace of mind, and confidence in buying your home.
Benefit #2: Increased Curb Appeal
A new roof can substantially improve the curb appeal of your home. After all, it’s one of the first things that people will see when they arrive at your house.
As any real estate agent will tell you, curb appeal is an essential aspect of your home’s resale value. Not only will a home with better curb appeal sell for more money than comparable homes, it’ll also sell faster.
This can provide many different financial benefits to you, from having more money at your disposal to having access to that money much sooner than you may have expected.
Benefit #3: Easier Sales Process
Selling a home can be an arduous process at times. It’s not just about prepping your home for sale, listing it on the MLS and accepting offers.
There’s a lot that goes into the sales process between the time you sign an agreement of sale and when you actually close on the home.
One of the biggest holdups in any home sale is the home inspection process, which usually happens within two weeks of the home going “under contract.” Most buyers hire a certified home inspector to take a closer look at everything in the home, pointing out some things that might need immediate attention and others that they should look out for in the future.
Inspection reports, and the negotiation process that follows, can make or break a sale. Buyers often ask for concessions depending on what the inspection report says. If the seller can’t agree with the buyer on these concessions — such as giving them a credit to replace a broken furnace, for example — the deal could fall through.
By replacing your roof before you sell your home, you’re removing one major item that could appear on an inspection report — thereby improving your chances of a quick sale.
Con #1: Investment Cost
There’s no getting around the fact that a roof replacement project is an expensive upgrade. Even if you use a great local roofing contract that can provide you with a new roof at 50% less than typical retail prices, like The Roof Resource can, it’s still a significant investment.
Not only that, but when you replace your roof before selling your home, you won’t be able to experience any of the actual benefits it provides to you as the homeowner. You’ll simply be doing it to sell it, in hopes you’re going to recoup your investment.
This is what often causes many homeowners to pause.
Con #2: Negative ROI
It’s not guaranteed that you’re going to recoup all of the money you invested in a new roof at closing. Whether you do so or not depends on a number of factors — including the roofer you used, the materials you used and how big your roof and the current real estate market in your location, among other things.
If you spend $30,000 on a roof replacement project, it’s possible you might only increase the value of your home by $20,000. Many sellers will look at that as a loss of $10,000.
Of course, the math isn’t always as simple as that. For one, keep in mind that the true ROI of a roof replacement project isn’t just how much money you directly recouped at sale, but also how much quicker your home sold because of the new roof.
Indeed, calculating the exact ROI of replacing your roof before you sell your home can be difficult, and that alone may be a major con of doing so for some sellers.
Use a Local Roofer You Can Trust
Many times, replacing your roof before selling can be very advantageous. It can help you to sell your home faster and ensure that the sales process is very smooth.
While a roof replacement project could be costly — and it might be hard to calculate an exact ROI — it’s a worthwhile project for many homeowners to consider before listing their home for sale.
One way to maximize the value of your roof replacement project is to work with a local roofer you can trust, like The Roof Resource. We use an innovative process to all roof replacement projects that result in most homeowners getting a new roof at cost — or about 50% less than retail.
To learn more, and to get a 100% virtual and free quote, please contact us today.