Before we begin discussing the impact of a new roof on the sale price of a home, we want to send our thoughts and prayers to all of the victims of Hurricane Harvey in the Houston area who have had their lives devastated.
As experienced real estate agents in the Dallas area, we’re often asked if putting a new roof on a home will increase its value – if the homeowner will be able to sell it at a higher price. The simple answer is, it depends.
Homeowners don’t pay as much attention to the roof as potential buyers do. If you’re considering putting your home on the market, it’s likely you will pay more attention to the floors, kitchen appliances, walls, ceiling, the condition of the bathrooms, and other things, than you will the roof. That said, if the roof is worn out, shingles are missing, or you have a leak, you can bet it will impact its real estate value – and not in a good way. Buyers want a home with a solid roof that’s in good shape; smart, considering the roof protects everything beneath it.
What if your roof is in bad shape? If you’re selling, you’ll definitely want to replace it as it will be easier to sell and it will go for a better price. Unlike a kitchen or bath renovation, a new roof won’t increase the value of your home substantially – but it’s one of those things that needs to be done, as buyers frown upon a worn out or leaky roof. While they may decide to give you an offer, it won’t be what you want for your house, because of the roof’s condition. You’ll effectively lose part of your home’s value if the roof is in bad shape.
What you need to understand is that you shouldn’t spend a fortune to replace your roof, thinking that it will substantially increase the real estate value, because it likely will not. Suppose you have a metal roof installed, or shake, clay, or metal tiles. You’ll increase your home’s value by a small amount, but the trick is to not spend more on replacing the roof than the increase in real estate value to your home.
Ultimately, replacing the roof on your North Texas home won’t increase the real estate sale price by tens of thousands of dollars, however not replacing a worn out or leaking roof will substantially lower any offers you may get – and you’ll get fewer, because potential buyers typically don’t want to face replacing the roof soon after they purchase a home.
Ready to put your home on the market, or have questions regarding real estate sale prices and what may affect how much you should ask for your home? At Team Nelson, our North Texas real estate professionals are always ready to help. We’ll answer your questions, and make quick work of selling your home!