Roof Replacing add value, if so, how much as a % of cost?

Question

I am looking to add a new roof to a newly purchased rental property. If the roof repair costs roughly $7,000, is there any average increase in home value I can expect? Thanks!

Joshua Wilson · Answer

Great find on this website, could be helpful to others trying to find average cost vs value add in projects:

http://www.remodeling.hw.net/cost-vs-value/2018/

Mike Cumbie · Answer

@Joshua Wilson

I was just looking at this stat the other day. It is specific to zip code. In ours it was around 48% of cost of roof or something close to that.

Mike Cumbie · Answer

@Joshua Wilson

Yup that's where I was looking when I saw it

John Underwood · Answer

Why do you want to replace roof? Is it an upscale neighborhood where a new roof might affect rent prices? Does the roof leak?

If you answered no to both of these I would not replace the roof for cosmetic reasons.

Replacing the roof will likely not make you any money on a rental and if it's not needed I would invest that money elsewhere.

Joshua Wilson · Answer

Thanks John! It’s definitely needed. My only concern on this older house was leaks and the path jobs done before me were very poor. I’m not looking into paying cash but trying to get a FannieMae Homestyle to cover house/repairs.

Joshua Wilson · Answer

Great feedback, thank @Mike Cumbie! I'll see if I can find Indy's %.

Roof Replacing add value, if so, how much as a % of cost?

Roof Replacing add value, if so, how much as a % of cost?

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