Roof replacement is a necessity that many property owners put off for as long as possible, or never tend to at all. Understandably, it is usually the initial cost of replacing a roof that influences such procrastination. However, the reality is that roof replacement has one of the best return on investment ratios. Not convinced?
Continue reading to learn why roof replacement can end up costing you nothing at all, in the long haul.
Property Renovations and Resale Value
Many people put a lot of money into a large home improvement project with the hopes that it will dramatically increase the value. The truth is, not many renovations have this kind of significant impact on property or resale value; but there are a few that do.
In fact, according to the 2017 Remodeling Impact Report, some home improvement projects can yield up to 85% or more of their cost back upon resale. And can you guess which project was at the top of the list? Roof replacement!
In the same report, 32% of all real estate agents surveyed stated that they were able to close deals with the help of a new roof. This is no surprise since the report also showed that new roofing was the home renovation that appealed most to buyers. Also on the least of what appealed most to buyers: new vinyl siding.
So let’s think about cost savings. The average cost of a new roof is around $7,500 or so. Of course, this depends on several factors, primarily material and square footage. At this price point, a new roof can boost property value by $8,150, which is 109% of the original investment!
The Importance of Roof Maintenance
Without a proper roof structure, a property is at risk of an onslaught of costly damages that can also pose both health and safety risks. After all, a neglected or unknown water leak can cost up to $20,000 or more in renovations! This makes roof maintenance, and eventual replacement, highly valuable and cost-effective. If you have questions about your roof’s condition and needs, contact a licensed Indianapolis roofing company for expert advice you can trust.