Your roof is a crucial part of your home that can’t be neglected. Unfortunately, needing a new one is expensive.
Even as a roofing company, we understand it’s not something homeowners want to spend money on. The truth is a new roof is a necessary investment to keep your home and family dry.
But does that mean the new is also a good investment? And what does a roof investment give you back?
For over 30 years, the team at Bill Ragan Roofing has helped homeowners understand what a new roof does for their wallet and home. Now, I want to do the same for you.
This article answers the following questions:
- Is a new roof a good investment?
- What is the return on investment for a new roof?
- How much should you actually spend on a new roof?
Is a new roof a good investment?
Yes, a new roof is a good investment. But as I said, it’s not only a good investment, it’s a necessary investment.
After all, the roof is your home’s first line of defense against the elements. Getting a new roof ensures that your home is protected for 20 years (depending on the roofing material and quality of installation).
This protection and peace of mind is definitely worth the investment. But that’s not the only thing that makes a new roof a good investment.
Other reasons a new roof is a good investment are:
- Saves more more money in the long run
- Lowers monthly energy bills
- Improves your home’s curb appeal
- Adds value to your home
- Catches potential mold issues in the attic or ceiling
All of these reasons are well worth the investment you’ll make in your new roof. However, hiring a high-quality local roofing contractor is crucial to ensure your investment hits all these points.
What is the return on investment for a new roof?
I just broke down all the reasons why a new roof is a good investment and mentioned it adds value to your home. So, let’s talk about the monetary ROI a new roof provides when selling your home.
According to the 2023 COST VS VALUE REPORT, the 2023 national average for an asphalt shingle roof is $29,136. Per the same report, the national average ROI when replacing an asphalt roof is 61.1%.
This means you can expect your home’s value to increase by $17,807 of the original $29,136 you spent on your new roof. I’m using asphalt shingles as a baseline because it’s the most common type of roofing material in the United States.
However, each roofing material has its own ROI percentage. Let’s use the second common roofing material as an example: a standing seam metal roof.
The 2023 national average cost for a standing seam metal roof is $47,414. Even though it's more expensive and durable than asphalt shingles, the national average ROI is 48.9%.
If you paid the national average, you can expect a standing seam metal roof to add $23,163 to your home’s resale value. Remember that these are national average costs and percentages, so the numbers may be different in your area.
But while the prices will definitely vary, the percentages should be pretty close to the national average no matter where you live.
How much should you actually spend on a new roof?
At this point, you understand why a new roof is a good investment and the ROI when selling your home. But I’m sure the national average cost number above was shocking.
Luckily, this is counting roofs of every shape and size, plus it doesn’t differentiate between the types of asphalt shingles. So, how should you actually spend on a new roof on a one-story standard middle-class home?
On average, a new roof on a 3 bedroom, 2 bathroom home with a walkable roof pitch, a little roof complexity, and architectural asphalt shingles costs around $12,000-$15,000. So, you can expect to spend at least around $10,000 on a new roof, but $15,000 is a good budget target.
The important thing is to set a budget with a little wiggle roof and get the best quality roof you can. Now, I know it’s tempting to go looking for the cheapest price available in your area.
While the upfront cost may seem lower, I guarantee you’ll spend way more money on repairs and, eventually, a new roof well before you should need one. So, talk to multiple roofing contractors, get multiple quotes, and find the right company that fits your budget without sacrificing quality.
How much does a new roof cost?
Now you know that a new roof is a good investment, the ROI, and an idea of the budget you’ll need. Unfortunately, no two roofs are the same.
There’s actually a good chance your new roof will cost more than the $15,000 budget number above. But how are you supposed to know how much YOUR roof will cost?
The truth is, it’s impossible to give you an exact cost number without a roof inspection. However, we created a calculator that gives you a more accurate estimation.
The Roof Cost Calculator breaks down how much a new roof costs based on the roofing material, your roof’s style, and square footage. While it won’t be 100% accurate, it gives you a more realistic budgeting number that’s specific to your roof.
If you’re local to Nashville or a surrounding Middle Tennessee area, don’t hesitate to Contact Us for a free roof replacement estimate.
Use The Roof Cost Calculator to determine how much your new roof will cost.
