Does putting on a new roof increase home value in Monmouth County?
Yes putting a new roof on a home will in fact increase the property value in many more ways than just the price. Curb appeal adds value to potential buyers by the home looking more appealing in their eyes, this in turn adds value to the property. You will also have an increased number of potential buyers by installing a new roof on the home since most first time home buyer programs will not finance a property unless it meets certain guidelines and standards. According to national data a new roof will increase your home’s value between $10,000 and $12,000 depending on the quality of the shingles that you install. This means that in most cases you will make 70%-80% of the money back from the roof installation when you go to sell the home (if you choose to sell). This is just one of the reasons why homeowners will install a new roof a few years before they decide to sell the property. If an appraiser were to come to the home in the 2 scenarios (1 with an old roof and 1 with a new roof) it is obvious that they would pick the home with a new roof as being more valuable and give it a higher appraisal amount.
Like mentioned before, having a new roof installed on your home will increase the potential number of buyers that you have in comparison to listing the home with an old roof. FHA loans will not allow a first time home buyer to get a home if the roof is needing replacement, siding is broken, foundation is cracked or other large repairs. This means that if you try to list the home with an old roof you automatically remove those potential buyers from looking at the home. With a lower number of buyers it may take the home longer to sell which in turn can require a lower asking price on the property to sell it quickly. When selling your home you want to attract as many buyers as possible so you can both get the price you want and sell it quickly. Having a new roof on the home when you sell it will also deter people that want to haggle or flip the home for a profit.
The type of roofing material that you install on the home can affect the value added. For example if you install the lowest grade shingle on the roof you will see less value in an appraisal compared to if you installed premium architectural shingles which can last for more than 30 years. If you were to install metal roofing on the home this would increase the property value the most since a metal roof can last more than 60 years in many cases. The color of the new roof can also play a role in the new value of the home and increase the curb appeal too. We never recommend installing a blue roof on your home if the house is painted yellow since it deters almost all buyers and will not add as much value to the home had you installed black or grey shingles on your yellow house.
Like mentioned before, having a new roof installed on your home will increase the potential number of buyers that you have in comparison to listing the home with an old roof. FHA loans will not allow a first time home buyer to get a home if the roof is needing replacement, siding is broken, foundation is cracked or other large repairs. This means that if you try to list the home with an old roof you automatically remove those potential buyers from looking at the home. With a lower number of buyers it may take the home longer to sell which in turn can require a lower asking price on the property to sell it quickly. When selling your home you want to attract as many buyers as possible so you can both get the price you want and sell it quickly. Having a new roof on the home when you sell it will also deter people that want to haggle or flip the home for a profit.
The type of roofing material that you install on the home can affect the value added. For example if you install the lowest grade shingle on the roof you will see less value in an appraisal compared to if you installed premium architectural shingles which can last for more than 30 years. If you were to install metal roofing on the home this would increase the property value the most since a metal roof can last more than 60 years in many cases. The color of the new roof can also play a role in the new value of the home and increase the curb appeal too. We never recommend installing a blue roof on your home if the house is painted yellow since it deters almost all buyers and will not add as much value to the home had you installed black or grey shingles on your yellow house.