Almost every homeowner (unless you're one of the lucky ones who has a long-life steel or other metal roof already on your home) will face a roof replacement at some point. Depending on the age and condition of your existing roof, the cost might be attributable to regular required maintenance, or it could add to the value of your home. If your roof is nearing the end of its useful life, replacement isn't an option, and that bad roof could actually detract from its value. Will the new roof increase your home's value? That depends on the type of roof you choose. Some roofs deliver more return on investment (ROI) than others do.We can tell you right now that due to the increasing popularity of residential roofing among builders, architects, and home designers, one of the best things you can do for your home is to replace your existing asphalt roof with a metal roof. For our climate they are particularly ideal, since snow and ice easily shed off metal roofs. When the time comes to sell your home, it may make it much more appealing to prospective buyers. And in the meantime, you've reaped many of the financial and other benefits of a metal roof, including energy efficiency and virtually no maintenance. As far as increased home value with a new roof, here are some things you should know:
- Value added to a home due to a new roof varies with location; it's highest on the New England area of the U.S. In our region, you can expect about a 65% return on investment.
- Based on immediate installation cost, you can generally expect a new asphalt shingle roof to deliver a higher return on investment than a metal roof. But over time, that will change, because that asphalt roof will need to be replaced again, probably once or twice, before a metal roof would.
- Market conditions matter; check with a local Minneapolis area real estate agent for current information (value can vary immensely depending on whether it's a buyer's or seller's market)
- Your neighborhood also is important. The general rule for home improvements is not to go way above the average in your area, because home values tend to reflect similar homes in a local area. On the other hand, if you're the last home on the cul-de-sac to catch on to the metal roofing trend, replacing your old shingle roof with as metal one may be a very wise investment.
One thing we like to remind our customers (and potential customers) is that you should think about more than just how much value a new roof will add to your home. Your roof is the largest surface area in terms of protection, so it's also important to factor in the benefits as well realizing over the long term you'll spend far less in terms of maintenance and repairs. And you'll likely see lower utility bills as well.Got more questions about roofing? We've got answers! We've been repairing and replacing roofs in the Twin Cities area for nearly four decades. We are a licensed Minnesota home remodeling contractor specializing in exterior home improvement solutions like metal roofing.
Subscribe to Quarve Contracting's Blog