If you are considering a new roof for your home, your first choice may be asphalt shingles. This is a popular choice among homeowners in New England for many reasons. Asphalt is more affordable than other materials, it’s easy to install and it comes in a variety of shades to complement the house.
According to Remodeling magazine, the average cost of installing an asphalt shingle roof in 2020 is $24,700, the resale value is $16,287 and the cost recouped is 65.9 percent. Compare that to a metal roof replacement, with a job cost of 40,318, resale value of $24,682, and cost recouped of 61.2 percent.
The National Association of the Remodeling Industry says a new asphalt shingle roof adds much more than that to your appraisal value, in fact providing a 109 percent ROI. So, this means you could actually make a tidy profit on your new roof. Not everyone puts on a new roof because they are thinking about selling their home, though. A new roof also adds curb appeal and aesthetics, updating any home and giving it a much-needed facelift.
Roofing Factors to Consider
There are three factors to consider when wondering if a new roof will be the smart investment you want it to be, specifically translating to a higher resale value. Those three factors are:
- Condition of your roof
- Housing market conditions in your area
- Type of replacement roof you select
Condition of Existing Roof
Keeping your roof in good working condition is a basic part of regular home maintenance. Most home buyers will expect your roof to be in good condition; if not, they will be reluctant to buy, as they likely don’t have the extra money in the budget to take on such a large project shortly after moving in.
If your roof is in decent condition and it’s only five years old, buyers will be more likely to buy, knowing it has another 15 years of good life in it at least. If, however, your roof is 20 years old and looks worn, roof replacement is a very secure and necessary investment that buyers will expect.
Adding a new roof doesn’t always increase home value in all markets. Get advice from your local appraiser and real estate agent so you can better understand the local market conditions in your region.
New roofs add the most value to appraisals in the New England region, and slightly less so in the East North Central region, for example.
Type of Shingles
Your shingle choice will affect the return you will get on your new roof. Contrary to popular belief, spending less money on new asphalt shingles earns homeowners a much higher return.
Consider this: home renovations must match your neighborhood. There’s no need to invest in high-end designer shingles on a starter house because your home value simply won’t rise much above the home value of your neighbor who has less expensive shingles.
Contact Hi-Tech Window and Siding for a Free Roofing Estimate
Here at Hi-Tech, we install asphalt shingle roofs of the highest quality to ensure a long-lasting system. It’s time to add value to your home with our asphalt shingle roofs. Contact us in Methuen today to get a free quote.