When looking for home improvements with a high return on investment, it’s easy to overlook the roof. Yet, this crucial component greatly affects your home’s curb appeal, efficiency, and protection from the elements.
Replacing your roof might seem like a big investment, but it can significantly boost the value and marketability of your home if you’re planning to sell soon. Explore the many ways a new roof can benefit you and the rebates available to make it more affordable.
Benefits of Roof Replacement
Replacing your aging roof is a smart financial decision. Research shows varied returns on this investment. For instance, Remodeling’s 2019 Cost vs. Value Report found that a new asphalt shingle roof, costing an average of $22,636, could increase home value by $15,427. This translates to a 68% return on investment.
The National Association of the Remodeling Industry (NARI) suggests even more promising figures in its 2022 Remodeling Impact Report, with a new roof potentially offering a 100% return.
Along with an excellent ROI, the other benefits of roof replacement include:
- Boosted market appeal: A new roof can be a decisive factor for buyers. It offers peace of mind, knowing they won’t have to deal with repairs or replacements anytime soon.
- Enhanced curb appeal: The roof constitutes up to 40% of your home’s exterior visual space. This means a new roof in a flattering color and material can drastically improve your home’s appearance from the street.
- Energy efficiency: Modern roofing materials improve efficiency by reflecting UV radiation and preventing attic heat gain, which promotes lower utility bills.
- Longevity & durability: New roofing technologies last longer, ensuring ongoing protection for your home.
Is It Worth It To Replace My Roof Before a Home Sale?
Yes. A new roof often directly translates to a higher listing price, providing an immediate return on investment. Even if it doesn’t, the upgrade makes your home more attractive to potential buyers.
The NARI report found that about 33% of realtors recommend replacing the roof before selling. A new roof can be the deciding factor in a competitive market, setting your property apart from others with older roofing.
Energy Rebates To Save on Roof Replacement
The IRS offered energy-efficient roofing tax credits under the Inflation Reduction Act through Dec. 31, 2023, but those tax credits have now expired.
However, homeowners looking to upgrade their roofs in 2024 may still have access to certain incentives and rebates. For instance:
- The Bipartisan Infrastructure Law: This allocated $3.5 billion to the Weatherization Assistance Program, aimed at enhancing energy efficiency and reducing costs for low-income households. This is part of a broader effort to encourage eco-friendly home improvements. While the program doesn’t cover a new roof, it may cover certain roofing elements that contribute to energy efficiency and leak repair.
- ENERGY STAR® rebates: You may be eligible if you install roofing products that reflect the sun’s rays, reduce attic heat gain, and make your home more efficient. Use the ENERGY STAR rebate finder to discover what rebates are available in your area.
- U.S. Department of Agriculture loans & grants: These have historically been offered to qualifying low-income families in rural locations. Home repairs, including roof replacement, may be eligible for these programs.
Not everyone can fund roof replacement through tax rebates and incentives. Other financing options include a home improvement loan, home equity line of credit, or 0% APR credit card. Ask your roofing contractor for more financing ideas.
Schedule Roof Replacement With Honest Home Solutions
Clearly, a high-quality roof can improve your home’s value without breaking the bank. Honest Home Solutions has the best roofing materials and industry certifications to get the job done.
We offer clear and honest communication from start to finish, with a dedicated project manager to ensure your peace of mind. Choose us for a reliable, trustworthy, and high-quality roof replacement experience.