In the process of selling your home, it’s important to keep in mind the benefit and value of having a new roof as a major selling point. Although it may seem like selling a home in the Denver real estate market doesn’t require much effort due to it being a sellers market, it’s important to remember that any additional feature that can be added to your home can make a significant difference in terms of the offers you receive. If you’re pondering whether a new roof is worth the investment, especially if you don’t plan on being in your home for very long, keep in mind that a roof can be a valuable investment that can pay off significantly whenever you decide to sell your property.
Compare Your Home to Similar Homes on the Market
Yes, Denver is definitely a sellers market for a large portion of homes that are currently being sold. The current real estate environment can make it easy to believe that large investments in a home or property simply are necessary or worth the effort, as a home can sell easily regardless of whether these are included or not. However, it’s important to consider that a new roof can actually add significant value to your property, making the investment an important thing to consider in the process of upgrading your home.
If you’re considering whether to put the money into a new roof in regards to the value it can add to your home, compare the current listings for similar homes in your neighborhood, specifically those that have updated roofs and other essential functional elements. Often, homes that have recently added a roof, specifically one that is of high quality, will be selling for a substantial amount more than homes with old or weathered roofs.
The recent intense hail storms that have hit the State of Colorado are a primary example of why having a new roof can, especially one that is designed to withstand intense weather, can be a massive benefit in the eyes of potential buyers. Having to worry about a leaky roof or other issues results from a roof that is far past its time will be seen as a detractor for many potential buyers, limiting the amount of offers you will likely receive as a result.
Consider the Benefits
If you plan on remaining in your home, the benefits of upgrading your roof are obvious, as you won’t have to worry as much about leaks or other structural issues as the result of an old or damaged roof. But there are plenty of reasons why you should seriously consider overhauling or replacing your roof even if you don’t intend on living there for much longer. The initial cost of having a new roof installed can be more than offset whenever you decide to sell the home.
First, having a new roof installed will greatly increase the curb appeal of your home. When potential buyers drive by and see that your home has a nice new roof installed on the property, it will greatly boost the likelihood that they will want to see more of the property. The sight of a weathered and worn roof will often scare away potential buyers, as they will be much less likely to want to take on the burden of having a new roof installed. While the functional benefits of having a new roof in place are obvious, the cosmetic and visual appeal gains should not be forgotten.
Another factor to consider regarding roofs and selling your home is how a roof can impact your ability to maintain or receive homeowners insurance. An older roof can eventually require that a person has to have their roof replaced or risk losing homeowners insurance altogether. Without the presence of adequate homeowners insurance it will be significantly harder to sell your home, as most mortgage companies will not lend to a buyer without proof that the seller has homeowners insurance. Obviously, you will want to avoid this scenario, as it will make it likely that the only way you will be able to sell the property is through cash offers. Of course, this will greatly reduce the amount of offers you will be able to receive and thus will inevitably reduce the total amount you will sell the house for.
The presence of a new roof will also increase the tangible value of a home, regardless of market conditions. Although the market may be terrific for people looking to sell their homes, it’s always possible that the market will become more of a buyers market, making it all the more important that you have every possible advantage over other sellers. The presence of a new roof will increase the value of your home outside of these external factors, as it will be one more aspect and advantage that you will have over the competition.
Finally, having a new roof installed will greatly boost a buyers confidence in finalizing the deal. Eliminating the possibility of a party backing out of a deal will greatly improve your negotiating tactics. A black mark such as a poor-quality roof will give buyers another card to play, which can lead to receiving a lower offer than desired or having a buyer back out altogether. By installing a new roof, you will increase buyer confidence as well as your own confidence and ability in terms of being able to close the deal.
If you are in need of roofing services for your home or office, The Roof Dr. has you covered. We offer both residential and commercial roofing options for whatever your situation may be. We are a Colorado owned and operated business, and have been building roofs in the Denver metro area since 1971. Our team of qualified and experienced professionals are there to ensure the job is done as efficiently and affordably as possible. If you are need of a roofing repair or replacement, or you simply have questions about our services, contact us today!