Does replacing your roof increase home value?
Replacing your roof can increase your total home value by about 5%-50%
Most home improvement projects are either for your own enjoyment or to prepare your house for sale on the market. Replacing your roof addresses both of these key drivers for home improvement as it can increase your home’s total value, improve its curb appeal, and make it more attractive to prospective buyers. Depending on the current state and appearance of your roof, replacing your roof can increase your total home value by about 5%-50%. According to a NARI report, after installing a new roof, 61% of homeowners reported that they experienced a greater desire to be at home. After replacing your roof, you will instantly see that the exterior of your home is more aesthetically pleasing.
Alternatively, if you are looking to sell your home, buyers are more attracted to houses with new roofs because this assures that they will not have to replace it themselves. A majority of home buyers are looking for a house that doesn’t come with multiple projects attached, especially when it comes to the exterior of the home. According to a NARI report, 32% of realtors have used a new roof to finalize a sale on a home. The roof of your home also contributes to the curb appeal of your house, in fact, up to 40% of the exterior of your home is taken up just by your roof alone. Though it may seem like a big project to take on, replacing your roof can also have a large return on investment (ROI), of about 60-68%.
Solar panels to your house can increase your home’s value by about 4.1%
The type of roof you install can also contribute to increasing your home’s total value. Solar panel roofs are a great option to boost your home’s value and reduce utility bills. In a 2019 study from Zillow, it was discovered that adding solar panels to your house can increase your home’s value by about 4.1%. That increase can add $9,274 to the US average home price of $226,300, according to the Zillow study.
If you are in the market to sell your home, it’s important to know that more than 80% of home buyers believe that energy-efficient features, like solar panels, are an important factor to consider when purchasing a home. In a study in the Appraisal Journal, it was found that home value can increase by $20 for every $1 reduction in annual utility bills. For example, if you saved $400 a year that could lead to adding $8,000 of value to your home. Increasing your home value is just one of the many benefits that come with solar.