25 Feb Roofing and Real Estate: Will A New Roof Increase Sale Price?
In May of last year the Financial Post had a headline that read, Canadian rich, getting richer because of their houses. The article goes on to say that “residential structures now account for about 39 per cent of total Canadian assets.” Right now, in the Canadian market, housing is the one of biggest assest that Canadians have. As housing prices continue to rise in communities like Hamilton, Toronto and Vancouver we thought it would be important to talk about how roofing plays into the value of real estate.
As roofing contractors we get a lot of questions about housing prices and how a new roof will impact the value of real estate. The answer to this question depends largely on the age of your house and the quality of your roof. Replacing your roof will not have the same impact as replacing a kitchen or the flooring; however, if a roof is leaking or showing signs of being worn out then it is imperative that the repairs be done to make sure that the house does not lose value.
Of course, almost everyone is aware that a leaky roof is a problem and that a worn out roof is ugly, so what are other ways that roofing can impact the value of your house? Here at Peak Roofing we have noticed that installing tile, shake, metal or solar panels can have a significant impact on the value of real estate. But you must make sure that the increased cost of these materials does not exceed the price increase they will see in their home’s overall value. Peak Roofing does not recommend installing premium products solely for the purpose of increasing your home’s value, instead we believe that you should install the kind of roof that makes you enjoy your house the most while keeping in mind resale value.
This raises an interesting point about the roofing industry. The oddest aspect of the roofing industry is that, while almost everyone who owns a house has a roof, most homeowners don’t spend time thinking about or looking at their roofs. Most people spend the time they are at home noticing their walls, floors, ceilings, appliances, and other aspects of the home that are familiar, but for most homeowners their own roof is foreign to them. This lack of general awareness when it comes to the condition and appearance of a roof means that it is not a quality that is usually factored into selling price unless there are glaring issues such as leaks or visible damage.
As we have said in other blogs, it is important to remember that your roof is your home’s first line of defense against the elements. While having an attractive roof is important, the most important aspect of any roof is that it is weather resistant and will protect the value of your home. Installing a new roof will not have much of an impact on the sale price but not fixing a leaking or damaged roof could have catastrophic impacts on your home value due to water damage.