Coming out of tax season, most homeowners are hyperaware of just how much they owe each year in taxes. In most areas, that amount is very significant. This leaves many homeowners wondering how they can reduce the amount of taxes they owe in the future. The answer is simple: start with your roof.
Responsible homeowners know that owning a home entails regular work to maintain and/or increase the value of the property. This includes tasks like mowing your lawn, scheduling an exterminator, keeping your interior up to date by remodeling, cleaning regularly etc. What even the most responsible homeowners tend to overlook is one of the most important elements of a home: the roof!
While the longevity of a roof varies depending on the material of your roof, most roofs need replacing after about 15-20 years. Some signs your roof’s integrity might be beginning to fade include:
- Water damage
- Loose shingles
- Temperature variations in the home
When these warning signs begin, it is vital to perform the necessary repairs and/or replacements within a reasonable time frame. If your pipes burst, you notify a plumber immediately before too much damage ensues. Your roof is an equally important part of your home, so any damage should be treated with similar urgency. Quick action will save you money, reduce the amount of damage, and create a larger return on your investment when it comes time to sell.
Proper Roofing Can Increase Your Home’s Value
There are several ways a quality roof can increase your home’s value. A recent study from the University of Texas at Arlington determined that “curb appeal,”or the visual attractiveness of a home as seen from the street, accounted for up to 7% of a home’s value when sold.
Homes with poor roofs are immediately deemed less valuable by potential buyers. This can lead to lengthy negotiation exchanges, offers below the asking price, and fewer offers on your home in general. In contrast, homes with newly replaced roofs are far more appealing to buyers.
The average homeowner in the United States spends $22,636 on asphalt roof repair, while a new asphalt roof can increase a home’s value by $15,427 on average. The average ROI for this is about 68.2%. However, this investment can greatly vary depending on your insurance!
Should You Pay for Roof Repair?
Although the price of repairing a damaged roof can seem like a large investment, it often ends up being much less due to insurance. In most cases, a roof will be in need of repair because of serious damage. Many homeowners will have their roofing repair covered by their insurance. In this case, homeowners will just be responsible for paying their deductible. A deductible is a set amount of money the individual must pay out-of-pocket before an insurance company assists.
Some roofing policies have different deductibles for different types of damage, so make sure to ask your insurance agent about those rates. You can end up only paying a small amount of money out-of-pocket to get a new roof which will in turn increase your home’s value! For more information on insurance and roofing, check out our previous post here.
At HUF Construction, we understand how valuable your home is. We specialize in repairing and replacing a wide range of different types of roofs, and we have completed 8,557 roofing projects and counting for our community. Contact us today to receive a free estimate on your roof.