Thinking about making your next move and selling your home? We’ve been there, and we know the to-do list can get long. Should you update the house or leave it mostly as is, leaving the next buyer with these decisions? Which upgrades will make it easier to sell your home? Which investments have the best ROI?
Ultimately this decision will be based on several factors for your unique home and the type of buyer you want to attract, but here are 5 reasons to replace your roof before selling your home:
1. Net a Higher Selling Price
When we think about value, we also have to consider the effect your current roof will have on the sale price. Pretend for a moment that you are the buyer: visibly cracked or damaged shingles means that project is going to have to happen sooner than later, and this could be indicative of the way the home has been cared for in general. Not only is a home with a high-quality roof more attractive to a prospective buyer, but it will also net a higher selling price and could even make or break a sale.
Value Report looked at similar updates homeowners invest in before selling, such as the installation of a backup generator, new garage door or a bathroom remodel, and in terms of ROI, a new asphalt roof consistently lands near the middle-top of this list (fun fact: installing new siding ranked even higher).
According to Remodeling Magazine’s 2019 Cost vs Value Report, the national average ROI for a new asphalt roof is 68%. This means that a $300,000 home with a new $10,000 roof would sell for, on average, about $306,800 plus the intrinsic value of attracting offers and convenience for the buyer. And in today’s crazy market, this definitely carries weight.
2. Improve Curb Appeal
While many prospective buyers may not specifically notice the roof, the state of it can cast the entire home in a good or bad light. A new roof will portray that your house as a whole has been cared for, is safe, and has curb appeal. A house that looks good on the outside suggests that both the interior and the exterior have been well-maintained, letting the prospective buyer know that your home is one that they should consider viewing.
“Curb appeal” is a term you often hear on HGTV, and it’s no joke to experts in the industry. When polled, 94% of realtors said they tell their homeowners to prioritize their home’s curb appeal before they even list it, and 99% said they believe curb appeal is among the most important elements to attracting home buyers.
3. Attract the “Turnkey” Buyer
A ‘turnkey’ home is move-in ready, requiring no major repairs or improvements to make it a great living space. For Turnkey Buyers, this is ideal. With long work weeks, demanding schedules, and long lead times due to high demand for many remodeling and construction services, prospective homeowners are becoming less interested in DIY remodeling projects or in purchasing a house that needs a lot of work to make it livable.
Housing investments have been skyrocketing in recent years with the booming popularity of travel and Airbnb rentals. Considering that many buyers may be interested in your home as an investment opportunity, a turnkey home will also appeal to the investor who wants to rent it out immediately and start cashing in on their investment. Convenience has a price.
4. Protect Yourself from the Lowball Buyer
The opposite of the Turnkey Buyer, the Lowball Buyer is looking for a deal. They target old, run-down properties and make a full time job out of wasting peoples’ time while they wear you (and dozens of other homeowners) down with offers far below market value.
A home that is for sale but has an exterior that has not been maintained, whether that be an old roof, damaged siding, or poorly maintained gutters, can attract someone who is unwilling to pay the true value of your home. If your home looks like a fixer-upper, you will attract more buyers looking for a steal.
5. Add Value That Easily Transfers to the Next Owner
You will want to check the fine print on your roof’s existing warranty (if it has one). Only preferred installers (such as ourselves) who use all of the materials and building steps required by a shingle manufacturer are able to offer an extended warranty, which is transferable to the next owner. It is important to understand how these warranties work because they are one of the most commonly overlooked items that homeowners miss when working with the company that simply gave them the lowest price. There’s a reason for that.
These decisions on home upgrades when selling your home depend on your unique situation. Selling a home can be stressful, but having professional help to get your home looking its best can ease your worry and make the process go much more smoothly.
Most homeowners begin with a free estimate from one of our Exteriors Specialists, who can answer questions directly about upgrading your roof or siding as you get ready to sell your home.