Making decisions about investing in a home have gotten far more difficult for homeowners in recent years. The slumping housing marketing, tightening of family budgets and overall economic uncertainty have combined to make the decision about investing in your home with a remodel, addition, roof replacement or other type of repair feel more risky.
Certainly some projects are required even with the added sense of risk. If your plumbing springs a leak it needs to be fixed. If your pipes are clogged they need unclogging.
It is the non-essential projects that are easier to put off. That long-desired kitchen addition — no matter how much easier or more attractive it would make daily life — may not be really necessary. Weighing the desire for larger, more efficient space in a house usually includes an examination of resale value. How much will that kitchen expansion or addition with a bathroom increase the value of the house?
That same evaluation takes place for projects that fall somewhere between the “have to” and “hope to” categories and one of those is a new roof. Selecting roofing materials certainly plays a significant role in the curb appeal of your home, which affects value.
But ensuring a sound roof also feels a bit like insurance, keeping water from entering your house and minimizing the threat of ice dams.
The latest return-on-investment data for home projects shows that, in the Minneapolis-St. Paul area, replacing a roof returned nearly 45% of its value when the home sells.
While that is on the lower end of the nearly two dozen projects included, that return is impressive given that the roof protects the value of the house while also adding to it. You can learn more about your options for adding value to your house through a new roof by consulting an experienced roofing contractor, many of whom offer free consultation or even inspection.
The return-on-investment data comes from the latest home project data from Remodeling magazine. You’ll find it very interesting.
Our next post will focus on the return you receive with window replacements.