Cost of New Roofs Offset by ROI; Resale Value

Posted by Builders and Remodelers on May 26, 2020 4:58:33 PM
Builders and Remodelers

Local Roofing Experts

Leaking roof? Missing shingles? Signs of weather damage? It may be time to consider installing a new roof. An old, ineffective roof will substantially raise the heating and cooling bills of a home, and can even cause serious structural damage over time. Additionally, the resale value of a home can pivot tremendously, depending on the age and structural integrity of the roof. While typical home roof replacement projects can take a few days to complete, the impact that a new roof has on the overall resale value and monthly energy bills of a home ultimately make the project well worth it.


Roof Replacement Cost Vs. Value Report

When evaluating the cost of a roof renovation as a homeowner, the biggest factor typically comes in the form of the return on investment (ROI) associated with the project. Home improvements don’t just add to your quality of life-- they enhance real property value. This can ultimately help homeowners recoup the cost associated with replacing their old roof. This is especially true in the Twin Cities area, where replacing a roof increases home equity by up to half of the overall cost of the project.


The 2020 Cost vs Value Report by Remodeling Magazine Publisher Hanley Wood and the National Association of Realtors (NAR) aggregates data on the ROI for 22 different remodeling projects every year. Wood and the NAR leverage the expertise of top real estate professionals and the most authoritative market data analysis and construction cost estimation software. The overall confidence interval is 95%, which means their cost-value ratio findings are within 1.6 percentage points of perfect accuracy.

An asphalt shingled roof replacement is defined by the NAR as when a roofing company removes and disposes of existing roofing to bare wood sheathing, installs new shingles (with a 25-year warranty at minimum) with felt underlayment, and installs a galvanized drip edge as well as mill-finish aluminum flashing. The roofing company assumes a rectangular hip roof, with custom flashing at two average size skylights and a custom cap treatment at the vented edge.

Replacing a metal roof isn’t much different in terms of the Cost vs Value Report, except it includes the installation of an ice-barrier membrane at the roof’s perimeter and vented ridge flashing.

According to the 2020 report, homeowners in the Minneapolis area recouped over 52% of their job cost when replacing asphalt shingles, and 54% when the replacement roof was metal.

 

Additional Roof Replacement ROI

House Structure

Speaking of weather, old roofs don’t like it. A leaking or damaged roof will allow outside moisture into a home; damaging property, destroying electronics, warping woodwork, and courting mold. That’s the thing about roofs; when they go down, it’s never quiet. This is why it’s vital to replace your roof before it causes damage to the remainder of your home.  In this regard, a homeowner could even consider a roof replacement to be a form of insurance.

When deciding if it’s time to replace a roof, age is incredibly relevant. If your asphalt roof is old enough it could legally drive, it’s a good idea to have it inspected; if your asphalt roof is old enough it could legally drink, it may be time to have it replaced. The effective lifespan of a roof often varies depending on the material, with typical asphalt shingles lasting between 20-30 years, and metal roofs as long as 40 to 70 years. When determining if it’s time to replace your roof, it’s also important to take into account things like weather damage, damaged/missing shingles, and whether streaking or algae growth is visibly present.  If you have no idea how old your roof is, you’re not alone. While a professional could come in and give you an estimated age, another rule of thumb is what your neighbors are doing. Since houses on the same block are typically built around the same time, if you notice neighbors having roof work done, chances are you should have someone inspect your roof too.

Curb Appeal

In some cases, seeing new roofs on your block is convincing enough. Older roofs, more often than not, are stained or discolored, and can even have missing or curling shingles. Realtors and buyers take a visibly worn-out roof as a clear indication that other aspects of the structure may need repairs as well. Part of what could be contributing to a roof failing the ‘eye-test,’ could be streaking and algae growth. Builders and Remodelers' Atlas asphalt shingles have the Algae Resistance protection by 3M Scotchgard, a high performing coating that prevents the ugly, black streaks that can be seen dropping the curb appeal and resale value of older homes.

Save on your energy bill

Other benefits of a new roof aren’t as simple to calculate, but impact a homeowner’s bottom line.  A new roof can ultimately result in higher energy efficiency and home insulation, reduced likelihood of costly damages from wind, weather and wear, and a monetary raise in curb appeal. 

Environmentally friendly roof products can help reduce the amount of heat leakage in the winter, and can reduce peak cooling demand by 10-15 percent. According to ENERGY STAR, Americans spend about $40 billion annually to air condition buildings -- a sixth of all electricity generated in the country. Even if your house’s HVAC system is state-of-the-art, if the air it is pumping out seeps through an old roof, it can lead to a lot of wasted money.

Upgrading to a new, energy-efficient roof will not only shrink your utility bill, but give your family a greener, more responsible home.

Buying a new roof

Ready to take it on? Years of industry experience has allowed Builders & Remodelers to identify the best and strongest roofs on the market today. The crews from Builders & Remodelers who perform new roofing installations are all licensed, bonded, and insured full-time employees hired by the company.  Not specialists, not subcontractors, but full-time staff. Plus, we provide homeowners with multiple colors to choose from, meaning style and color preference will never be an obstacle. 

Having completed projects throughout Minneapolis, St. Paul, St. Louis Park, New Hope, Plymouth, Bloomington, and many locations around the Twin Cities metro, Builders and Remodelers are an experienced, dedicated and consistent local roofing company that can handle all of your commercial and residential roofing needs.

Reach out for a free consultation or call (612) 261-0437 for an instant quote today.

Topics: Roofing