We all know that it’s a seller’s market in the real estate world right now. And things are super hot in Northern Virginia and the Washington, DC region. In a hot market, it’s tempting to let planned upgrades go and let the buyer take care of everything. But remember, in a seller’s market, our goal shifts from selling our home to getting top dollar. Replacing your roof and other exterior upgrades add value to your home and allow you to raise the asking price.
Does Curb Appeal Matter In Seller’s Market?
Even in a hot market, curb appeal matters. As the saying goes, you never get a second chance to make a first impression. Your home’s exterior creates that wow factor. An attractive and stable roof is a big part of the draw. In a recent article, Kiplinger finance magazine warns sellers against overlooking upgrades that boost the sales price. “Homebuyers are willing to spend big on homes with higher quality finishes in sought-after neighborhoods,” the magazine reports. So it just might be worthwhile to take on those improvement projects. Inventory is also starting to expand as more sellers decide to list in a hot market, so there’s more competition opening up.
What Are The Top Renovations That Boost Resale Value?
According to a 2019 report by the National Association of the Remodeling Industry and the National Association of Realtors, new roofing is the number one exterior improvement homeowners can make–both in terms of appeal to buyers and increased resale value. Other improvements that can help raise your selling price include:
- New vinyl windows
- New vinyl siding
- New garage door
- New fiber-cement siding
- New fiberglass or steel front door
Can Roofing Problems Bring Down Home Prices?
According to Zillow, around 18 percent of sellers replace their roofs before listing. An unsightly or damaged roof can bring down your home’s resale value. Zillow’s list of problems that can negatively impact the sales price includes:
- Buckling shingles
- Cracked shingles
- Wind and hail damage
- Ice dams in winter
Is A New Roof Worth The Expense For Resale?
According to Remodeling magazine, a new roof can add $15,000 to $23,000 to your sales price. In a typical market, the added value usually doesn’t fully cover the cost of the work but represents a significant return on investment. However, in a seller’s market, homeowners are often surprised at the size of the bump they can achieve. For example, if you’re listing an older house in a less competitive neighborhood, that new roof can be the factor that sets you apart. Research shows that updating the color of your shingles to a trendier shade can add thousands to your sales price. Finally, if there are structural issues and leaking, that might be a deal-breaker for some potential buyers. So it’s best to take care of those issues before listing.
What Materials Should I Use For My Roof Replacement?
Today’s high-quality asphalt shingles are attractive and weather-resistant and offer a terrific bang for your buck. They come in a range of gorgeous contemporary colors that pop, offering an automatic selling point and raising the curb appeal.
Metal roofs are more expensive but add tons of value, especially to historic homes and modern farmhouses. Your roofing contractor can help you decide which materials make the most sense for your home, location and resale timeline.
Replacing Your Roof For Resale
Here’s the bottom line: replacing your roof isn’t cheap in today’s economy. Materials are pricey, and demand for home improvements is high. However, with home prices soaring in Northern Virginia and the DMV, sellers are often surprised at how big the return on investment can be. As more and more sellers list their homes, that gorgeous new roof can truly set you apart.
DryHome Roofing & Siding has decades of experience repairing and replacing roofing–for forever homes and quick resale. We’ll help you evaluate your options given your timeline and make the best choices considering structural stability, curb appeal and return on investment.
And we do more than just roofing. We’re here for you if you want to tackle the other exterior features that add so much value to your home: new siding, stylish vinyl windows and new doors. We’ve seen it happen: exterior upgrades can bring your sales price to levels you might not have thought possible.