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Answers (7)
- Winston Heverly, GRI, SFR, "Atlantis FL"
- Contributions:10
In S. Florida roofs seem to a priority in a lot of ways. Prone to hurricanes excessive heat & rain. Who would not prefer a new or newer roof, with the cost to replace. Though the average is 15-25k, mine however cost 43k. Simple or certain economics dictates how this problem is solved, so as we all know buyer beware with a roof life span of 20 years do the math. Will it effect the value it should, will it increase dollar for dollar probably not. Any buyer looking for a home today, will not take the risk unless there are great compensating circumstances in their buying decision. Bottom line based on the appraiser's standpoint, still seems to be driven by present market conditions first, surrounding conditions second.
- Cliff Vail, "Moreno Valley Homes"
- Contributions:1
The positive effect of replacing your roof, with regard to an appraisal, may not be what you were hoping for. I agree with the answers posted so far that an appraiser will indeed take into account the value of a new roof, however, it has been my experience, that most appraisers do not account for the complete cost of the installed roof, but usually value it somewhat less than the total spent. The question then becomes, will the increase in value of the new roof make the appraisal come out high enough to make the sale work, or would the appraisal have been high enough without the new roof. I have seen some agents go to their clients and tell then, "if you want to sell this house, then you better replace the the roof". Now if the roof is in disrepair, leaking, etc. then of course it needs fixing, or replacing, but if it just doesn't look like the neighbor's "new roof" and the agent is only looking to spend your money to make their sale easier, then it's time to get a second opinion. A licensed roofing contractor or home inspector could provide a written evaluation of the roof for a minimal cost (in most cases $200 to $400), certainly, well under the $12,000 to $16,000 cost for new roof. As for curb appeal, in this economy, $12,000 to $16,000 is a lot of money for curb appeal that could be spent, or not, in other ways-if the roof is in satisfactory condition.
- Grace Stutz, "Grace Stutz"
- Contributions:83
Your appraisal will surely be affected by a roof replacement in a positive manner. They will certainly take that into consideration in the final assessment of your property.
- Carmen Brodeur, "Scottsdale AZ"
- Contributions:1035
Perfect timing! That will help with the appraisal.
- Monique Bryher, "Monique Bryher"
- Contributions:9
This should affect the appraised value of your home in a positive manner. For the average size home, replacing a roof costs $12-16k, numbers that will be factored into the valuation by the appraiser. Obviously a new roof will improve curb appeal, be more attractive to buyers and be viewed positively by the bank's underwriters.
- John Stewart, "nwhome.us"
- Contributions:2166
I'd agree; a positive affect.
- wetdawgs
- Contributions:26833
If anything, it should be a positive if it was obvious work was under way.
My roof was getting replaced when the appraiser came. How would this affect the appraisal of my home
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