Is Putting A New Roof On A Home You Plan To Sell Worth It? Our Real Estate Expert Weighs In
When you are planning to sell your home, there are certain renovations you should tackle first. There are more simple things you can do that will help you sell faster, like applying a fresh coat of paint to the interior space and removing your personal belongings so buyers can picture their own family in the home. But there are also bigger ticket items you may be considering, like replacing your roof. A new roof is costly and time-consuming but can also be much needed before a sale. To understand if putting on a new roof is worth it, Ron Wysocarski, Broker and CEO at Wyse Home Team Realty, spoke exclusively to House Digest to dive deeper into how necessary a new roof really is.
"A number of factors need to be considered when determining whether it is worthwhile to install a new roof before listing your home for sale, and there is no clear-cut answer to this question," says Wysocarski. Those factors include things like the current state of the market and the investment. Here's how to determine if you need a new roof before selling.
Pros of putting on a new roof
It can be hard to swallow the cost of a new roof, especially when you are planning to sell your home. On average, a new roof can cost you anywhere from $6,700 to $11,500, depending on the size of your home and the materials used. Still, the cost can justify a lot by increasing your home value, ensuring full asking price, and more.
"A new roof can enhance home value but rarely yields a 100% return on investment," says Wysocarski, who spoke exclusively to House Digest. "It may not guarantee significant financial gains, but it can increase the chances of getting the total asking price, reduce the number of days on the market, and make negotiation more accessible, making it an essential investment for homeowners. If the cost of a new roof is still a lot to swallow, Wysocarski says that "studies suggest that you can recoup a significant portion of the roof replacement cost through a higher selling price, typically around 60 to 70%."
Cons of putting on a new roof
While a new roof can significantly increase the value of your home, you may not always need that added value, specifically in a competitive real estate market. "An investment in putting a new roof on a house can be costly, and recouping the cost must be assured when the house is sold," says Wysocarski, who spoke exclusively to House Digest. "It involves a significant investment, and if you plan to move soon, you might not need more time to recoup the cost. Buyers may prioritize other factors over the roof's condition in a competitive seller's market."
If you are still unsure about whether or not a new roof is the right move, Wysocarski recommends getting a roof inspection. "A professional inspection offers invaluable insights into your roof's health, longevity, and possible issues. After obtaining this information, you can decide whether to make repairs, replace the unit, or sell it as it is, depending on your needs." An experienced realtor can also help you decide. "Remember to consult with a local realtor to understand market trends and how new roofs affect selling prices in your locality. It is essential to consider the upfront costs in light of the potential returns and your overarching financial objectives."