On average, asphalt shingle roofs last about 20 years and metal roofs last up to 50 or more. If your roof is getting on in years and is showing signs of wear and tear, you’ll have to start thinking about replacement sooner rather than later. But you may wonder: will a new roof increase my home value? In a nutshell, yes. But there are many things to consider when coming up with a number.
According to the Remodeling’s Cost vs. Value Report for 2023, a metal roof replacement has a 49 percent ROI, while an asphalt roof replacement has a 61 percent ROI. Metal roofs typically come with a job cost of $47,000 and a resale value of $23,000. Asphalt roofs come with a job cost of $29,000 and have a resale value of $17,000.
New Roof = Increased Home Value?
In general, new roofs usually increase the value of a home, but perhaps a better question to ask is whether or not it’s a good investment for you. You will have to take a look at the increase in home value vs. how much you’ll spend on the project. Both will depend on what type of roof you plan on adding. Remember the breakdown above? Now let’s drill down into the costs.
The cost of a roof replacement depends on materials sure, but also on the size and complexity of your home and roof. See the general costs above, which are general estimates based on a 3,000 square-foot hip roof and two skylights.
The $29,000 cost mentioned above includes the cost associated with installing a new underlayment, flashing and drip edging, along with new fiberglass asphalt shingles and a minimum 25-year warranty. The bulk of the cost of asphalt roof replacement comprises the labor component, with each project taking about a week.
It will cost you a lot more to replace a metal roof, with costs including installing an ice barrier and premium-quality underlayment before adding pre-finished and standing seam metal roofing with all the accessories such as flashing and gable trim.
Frequency of Replacement
Depending on your home’s location, climate, roof materials used, and how well you’ve cared for the roof over the years, you can expect your asphalt shingle roof to last between 15 and 30 years. If you live in a warmer climate that gets a lot of sun, it will be closer to the 15. Because metal roofs are more durable, they can last up to 50 years or more, with this type of project taking at least a few days.
Factors Affecting Value
On top of the hard costs of roof replacement, there are many other considerations to think about to assess if a new roof will add value to your home.
First of all, your roof protects your home and acts as the biggest insulator for the entire structure. If it’s not doing its job any longer, you may experience more discomfort in terms of inconsistent temperatures and drafts. Also, you may be seeing higher than normal energy bills as your HVAC system has to compensate for the lack of insulation at the top of your house.
In addition to insulating, your roof protects your house and family from the elements, such as rain, wind, hail, sleet, and snow.
Your roof also holds a high degree of curb appeal – or lack thereof if you’ve been neglecting it. While you may have a great foundation and siding, a dirty and streaked roof can really detract from the overall beauty of your house. This pulls down the perceived value of your house from neighbors. But even worse, if you plan to sell in the next few years, that old roof is not going to do you any favors when it comes to appealing to potential buyers.
On top of that, your roof may not pass inspection during a home sale, which means you’ll have to pony up the bill for a new roof or take that amount off the price of the home. Might as well do it now when you’re in control of the materials and the contractor.
There’s no doubt that the health of your roof is one of the top factors in determining your home’s value.
Short-Term vs. Long-Term Value
There are many benefits to new roofs over the short term and the long term. At first, you’ll get a much-needed makeover and see instant improvements in your curb appeal, which is worth the investment by itself. It can be very rewarding to pull up to your home after a long day’s work and see the beauty of your property. You also get a sense of pride to host parties and gatherings as people compliment you on your home.
But the long-term value takes over from there, once the initial joys of roof replacement fade. Your new roof is built to last, thanks to better and stronger materials, more aesthetic options, and more inclusive warranties. Over the long haul, you get peace of mind knowing you won’t have to hassle with problems such as leaks, and you get to enjoy lower energy costs to save money on a monthly basis.
Contact NVB Contracting For Roof Replacement
Whether you know your roof is old and needs to be replaced, or you’re unsure and need advice from a professional, call NVB Contracting for an at-home consultation and free quote on roof replacement. Contact us today to learn more about our many roofing services in Virginia, West Virginia, Pennsylvania, and Maryland.