Should You Replace Your Roof Before Selling Your Home?
If you’re wanting to sell your home soon, there are a lot of important things to consider. One aspect that potential buyers frequently notice is the condition of the roof. While this doesn’t seem like the biggest thing a potential buyer would consider, a new roof can be a deciding factor in whether or not they want to pursue your home.
If a potential buyer discovers that your roof needs repairs or even a whole roof replacement, they might try to negotiate the selling price, or they might leave—not wanting to deal with the hassle.
So what should you do? Is it worth it to replace your roof before selling your home? How much does a new roof add to home value?
There’s no clear-cut answer to this. It depends largely on your home, the state of your roof, and how much you’re willing to put in.
How Much Does a New Roof Increase Home Value?
The main thing to consider when thinking about replacing your roof is the cost. If you can’t make the money back on selling your home, is it worth it to replace your roof?
The first thing you should do is to have your roof inspected by a professional, trustworthy roofing contractor. A lot of issues may be hidden and could result in costly repairs down the road. Your roofing contractor will tell you the extent of the damage—if any.
Signs Your Roof Needs Some Work
- Buckling and cracked shingles
- Sagging roof
- Lost shingle granules
- Missing shingles
- Old age
- Exposed nails
- Torn or missing flashing
Repair vs. Replace
If you have a minor problem that’s focused on one area, a roof repair may be the way to go. This could save you a lot of money in roof replacement costs while still ensuring that your roof is in good working order. If you use a reliable roofing company, you should get a guarantee with the work, which you can pass along to the new homeowner, easing any worries that they may have.
The real problem comes when you have extensive damage. Should you repair your roof? Replace it? Leave it? What if you can’t get your money back?
According to the 2022 Cost vs. Value Report, a roof replacement has a 59.6% return on investment. This has been steadily declining since previous years. This means that you’re likely to spend more money on replacing a roof than you’ll make back on an increased selling price for your home.
A new roof can increase your home value, but you likely won’t see a 100% return on investment.
If you decide to leave your roof as is, it will likely factor into the selling price and negotiations. Some people may be willing to take on the project, and they just want the costs reflected in the selling price. Other people will want to change the negotiation so that you need to repair or replace the roof before closing. And some people may just walk away from the hassle of it.
Pros of Replacing Your Roof
Higher Asking Price
With a new roof, you’ll be able to have a higher asking price. You should definitely mention your new roof in the description of your home. While you might not be able to ask for the full price that the roof cost, you will be able to ask higher than you normally would.
Lower Time on Market
The increased curb appeal that comes with a new roof means that people will want your home more. There’s a much less likely chance of people walking away with a new roof. Your home will go under contract a lot faster.
Since you just had your roof replaced, you won’t have to include anything related to the roof in the negotiations. They should go by much faster without roofing worries involved.
Cons of Replacing Your Roof
The cost is the biggest downside to a roof replacement. The likelihood of making the money back is low with a new roof.
It can take some time to get a roof replacement completed. If you’re looking to move quickly, this could hinder how quickly you can move out.
Should You Replace Your Roof?
If you feel like the damage your roof has will greatly affect the selling—or it’s getting very old—then you should consider replacing it. Since a roof replacement is so expensive, you should make that you really do need a replacement first.
If you don’t have as much damage and your roof is still fairly young, you should consider repairing it. This can save you a lot of money and still be helpful in negotiations.
No matter what you decide, consult with your trusted roofer to make sure that your roof is getting everything it needs.