There’s one less reason to dread replacing your roof: It’s one of the few home renovation projects that can actually pay for itself, according to real estate professionals.
The finding, from the National Association of Realtors’ annual Remodeling Impact Report, pegs the median cost of installing new roofing at $7,500, while the “estimated cost recovered” at sale is $8,000. That represents a 107% return on investment — the highest payoff of any single home renovation project in the study. Additionally, 39% of realtors surveyed said they have suggested the project to sellers, and 33% said the project “helped close a sale,” according to the report.
The Remodeling Impact Report determined which home renovation projects have the greatest value by surveying two groups of trade professionals: NAR members and members of the National Association of the Remodeling Industry (NARI). Members of NARI provided cost estimates for 20 of the report’s projects, while NAR members estimated the value those projects add to a house.
An old roof can be a “sticking point” in a home sale, says Nick Gelfand, a realtor and appraiser in Longmeadow, Mass. — especially if the buyer is financing the purchase with an FHA or VA loan, which require a roof to be in decent shape before the sale. “I believe having a roof on your home that has life left is incredibly important to a successful sale,” Gelfand says.