How a New Roof Can Add Value to Your Home
Every year, Americans spend billions of dollars remodeling their homes. According to the Joint Center for Housing Studies (JCHS) at Harvard University, Americans spent a record-high $361 billion on remodeling in 2016. This number increased from $340 billion in 2015, which was a 12 percent increase from the amount spent on remodeling in 2013. Because house prices are back to pre-recession levels, incomes are rising and the numbers of existing homes sold are on the rise, the JCHS expects this number to continue to rise in coming years.
Whether they are remodeling to improve rent price, to increase their desire to live in a home or in an attempt to sell their home, homeowners remodel their home for a variety of reasons. However, many homeowners see remodeling as a tremendous undertaking. According to the 2017 Remodeling Impact Report, a research report published by the National Association of the Remodeling Industry (NARI) and the National Association of REALTORS®, 35% of homeowners would rather move into a new home than remodel their current home. Nevertheless, the report also shows that the majority of homeowners are willing to remodel. 55% of homeowners in suburban areas, 52% of owners in urban areas, and 70% of owners in rural areas would be willing to remodel their home. This is for good reason, as the report shows that 75% of homeowners have an increased desire to live in their home after a remodel.
The 2017 Remodeling Impact Report is an in-depth study that ranks the efficacy of major interior and exterior remodeling projects. According to the National Association of REALTORS®, installing a new roof is the top ranked exterior project to appeal to buyers and the top ranked project to add value to a home for resale. In fact, installing a new roof adds enough value to a home that 45% of REALTORS® have suggested that sellers add new roofing before attempting to sell, with an impressive 32% claiming that a new roof most recently helped clinch a deal for them, resulting in a closed sale. After installing a new roof on their home, consumers were asked for their viewpoints on the project. 77% claimed that the project was done to upgrade worn-out materials, and 10% claimed the new roof was installed in order to improve energy efficiency.
While only 10% of consumers in this report claimed to project was done to improve energy efficiency, this trend is becoming common for residential homeowners. The economic benefits of metal roofing have been discussed at length in studies across the world. Homeowners have found that despite the increase in initial cost, metal roofs end up saving a homeowner money in the long run. However, the Impact Report also provides statistics showing that a new roof can save, or even make money in the short term as well. The study showed that sellers often recoup the cost of a new roof by as much as 105%.
Although a home improvement project can worry homeowners, the benefits of a new metal roof are increasingly beneficial. Whether a homeowner is trying to sell their home, trying to bolster their home’s energy efficiency or simply trying to improve livability and curb appeal, a new roof has consistently proved to be the most cost-effective home improvement project.
Winter is an important planning period for spring and summer roofing projects. In order to find how a Principio Metal Systems roof can add beauty and value to your home, give us a call at 970.712.0758, or use our contact form for any additional information.