Zillow Advice: Home Ownership - Does a new roof add any value to a home? http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ Zillow Advice | Zillow Real Estate First of all, a home is only ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ First of all, a home is only worth the price that a buyer makes an offer on, and closes on. If you have a 300k house and no one even views it, is it worth 300k? Kinda like the tree falling in the forest, does it make a sound if no one hears it? We just bought a house which closes next week. It absolutely needs a new roof. We knew that and got an estimate of 11k for a new roof gold package. So we deducted 15k from out asking price and they countered 4k more which means that we paid 11k less than what we would have offered if the house already had the new roof. We'll put on the new roof and are certain that should we want to sell the house, we will get 11k more than we paid and break even. So in our case, the cost of the roof will increase the value of the house by the cost of the roof...break even. This house is wonderful and was on the market for 11 months before we bought it and we suspect that the house never sold due to the condition of the roof. The house was inherited and the children decided not to put money into the roof. The appraised value is 55k more than we paid and they lowered the priced in small increments many times over 11 months but no one wanted it. great house in a good neighborhood. So when we saw that the price was lowered yet again, and we deducted the cost of a new roof, we think we bught a house with instant equity. So the comments here are accurate. A new roof can and will increase the value by at least the cost of the roof in MOST cases, not all. And the buyer is certainly effected by the condition of a high cost repair like a roof. So if you think sellability equates to value, which I think it does, a new roof adds value. We are very happy. Mon, 04 May 2015 17:32:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2015-05-04T17:32:00Z The roof is expected to be ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ The roof is expected to be in working order, a new roof is counted as maintenance, if a home has an old roof it will count against the home. &nbsp; Sun, 03 May 2015 10:59:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2015-05-03T10:59:00Z New roofs do not add ANY ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ New roofs do not add ANY value, unless an "upgrade in materials" and then only the quality difference, and then only in neighborhoods that put a value on that kind of quality.<br/><br/>Rather old roofs (or damaged roofs) <u><strong>SUBTRACT</strong></u> from the value.&nbsp; If no life is left in the roof, the loss in value is the replacement cost of the roof, plus the inconvenience.&nbsp; If 5 years left on the roof?&nbsp; You can pro-rate the value of the roof.<br/><br/>As for having no worries about leaks or mold when having a "brand new roof"?&nbsp; That is not at all true.&nbsp; I've seen many brand new roofs "leak" within 2 months of being installed by a professional licensed roofing contractor.&nbsp;&nbsp; They miss things just the same as everyone else.&nbsp; The flashing at existing walls is one of their most common errors, but other mastic issues for chimneys and vent pipes are not unusual either.&nbsp; I've also seen sections of many brand new roofs "blow off" in the wind, due to not being secured properly.<br/><br/>(Is someone selling roofs?) Sat, 02 May 2015 18:55:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2015-05-02T18:55:00Z "A new roof adds one and ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ "A new roof adds one and a half times the cost in value, so example the roof costs you $20k, the added value is $30k."<br/><br/>Not true. With <a rel="nofollow" href="http://www.remodeling.hw.net/cost-vs-value/2015/">many improvements you spend more than you recoup</a> upon sale. Roofs do not return more than they cost. Sat, 02 May 2015 13:02:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2015-05-02T13:02:00Z Definitely YES!!! &nbsp;EVERY ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ Definitely YES!!! &nbsp;EVERY TIME, ALL THE TIME, EVERY DAY, TWICE ON SUNDAY! &nbsp;I am amazed at the so called agents on this blog that are waffling on whether a new roof adds value, WOW!!! &nbsp; A new roof says to a &nbsp;buyer this house won't have leaks, mold, water damage, rotted wood, I can be insured with homeowners for less annual premium, the lender will more than likely close the deal, the buyers inspection will pass and add value to the property. &nbsp;Everything that can go wrong in a home starts with the roof, so for an agent or inspector to say the expectation is a functional roof only applies to a new or newish(built within 10 years) home. &nbsp;If the home was built more than 10 years ago then an expectation of a new roof is STUPID.&nbsp;<br/><br/>A new roof adds one and a half times the cost in value, so example the roof costs you $20k, the added value is $30k. &nbsp;This would be a safe number. &nbsp;In older homes, more than 10 years anything that is core to the home's function i.e. furnace, boiler, AC, Windows, Plumbing, Electrical, Foundation if updated will provide increased value to the property. &nbsp;When a buyer looks for a home they expect and want a "TurnKey" property or at least as turn key as they can get. &nbsp;A buyers mindset is "I should not have to fix anything major in this house for at least the first 5 years" &nbsp;If they have to fix a major item within the first 5 years the price drops dramatically, if not then the asking price should reflect that.<br/><br/>If you fix the above listed items and get a new roof consider that to add considerable value to the home for resale. &nbsp; In my recent experience I bought a home to flip in Minneapolis Minnesota a 3 bedroom/1 bath 4 square(2 story) home. &nbsp;I gave the home and garage new roofs, new HVAC system from radiators, new kitchen, new bath, landscaping, etc. &nbsp;A similar home down the street closed for $149,900 but it had radiators and an aged roof. &nbsp;How much do you think I should ask for my home? &nbsp; My thoughts are starting asking price of $169,900 or $175,900, this reflects the new roofs, new kitchen, new bath and new HVAC System with the knowledge offers would come in around $160,900-$165,900. Sat, 02 May 2015 05:35:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2015-05-02T05:35:00Z Sellers think that if they ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ Sellers think that if they paid $20K for a new roof, that it should be added to whatever you came up with in your CMA.&nbsp; Plus the price they paid for a new bathroom, patio, etc.&nbsp; You can make adjustments, but not for the full amount they paid for these upgrades. Tue, 16 Dec 2014 13:48:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2014-12-16T13:48:00Z Yes, a lot of buyers don't ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ Yes, a lot of buyers don't want to have to replace a roof because it's so expensive. They would rather put their money into something that shows. Sun, 10 Aug 2014 02:58:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2014-08-10T02:58:00Z Yes it does. obviously it ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ Yes it does. obviously it also depends on your house location and building quality. Fri, 08 Aug 2014 11:03:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2014-08-08T11:03:00Z In general, a new roof will ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ In general, a new roof will add value to a home. It is 'expected' that a roof be fully functional, but a new roof ads life to the home. It is definitely a selling plus. Tue, 08 Jul 2014 16:57:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2014-07-08T16:57:00Z Added value is a "loose" ... http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ <p>Added value is a "loose" term!&nbsp; A new roof does add value (both financially and ability to sell) to a home expecially if it is one you do yourself.&nbsp; If you are selling your house and it needs a new roof, it gives the buyer an edge for bringing your asking price down, possibly more than it would have cost to put a new roof on. I just used that technique when i recently purchased my house.&nbsp; I used a $20K number that the roof would cost to hire the roof rework and only had $4K in materials to do it myself (that is $16K in my pocket).<br/>If you don't think that an appraiser looks at the age of the roof when they are doing their assessment you are mistaken.<br/>The other added value to the house is how fast do you want it to sell.&nbsp; If two comparable&nbsp;houses, A and house B are for sale next door to each other and A needs a new roof and B is only&nbsp;2 years old, both listed at the same price.&nbsp;&nbsp; Which house do you think has a better chance of selling faster?</p> Tue, 08 Jul 2014 16:50:00 GMT http://www.zillow.com/advice-thread/Does-a-new-roof-add-any-value-to-a-home/339774/ 2014-07-08T16:50:00Z