The 2019 Remodeling Impact Report is a study led by the National Association of Realtors. It’s conducted in collaboration with the National Association of the Remodeling Industry (NARI) and it covers home improvements, including residential roof replacement. This report provides actual cost and cost recovery estimates, among others. In this post, Sully Jones Roofing explains the findings of the National Association of REALTORS®.
The Reasons for Doing the Project
The majority of homeowners wanted to upgrade worn-out surfaces, finishes and materials to bring vigor back into their homes. In the minority were homeowners who simply felt that it was high time for a change. These are the top two reasons given for doing the project.
Joy and Satisfaction
The project resulted in 50% more durable and long-lasting results, materials and appliances. Homeowners provided the following valuable data about joy and satisfaction upon project completion. 65% of homeowners wanted to be home more since completing the project. 49% of consumers got an increased sense of enjoyment when they are at home. 75% feel accomplished when they think of the project. The report gave both new residential and commercial roofing a joy score of 9.5.
The report pegs the median cost of installing new roofing at $7,500, while the cost recovery at the sale is $8,000. That represents a 107% ROI — the highest payoff of any single home renovation project in the study. 39% of realtors said they have suggested the project to sellers and 33% said the project “helped close a sale.” The report has new roofing as the top exterior home improvement that appealed to buyers.
Replace or Repair
After all the statistics on roof replacement, we ask the question: When is the right time to re-roof and when is roof repair enough? If you replace your roof too soon, you’ll waste money. If you wait too long, you risk ending up with roof leaks and expensive water damage. It’s best to consult your trusted roofer armed with the data in this report to help you decide.Trust Sully-Jones Roofing with all your roof replacement needs. We have been in business in La Mesa, CA, since 1952. We offer free inspections, so schedule one today by calling (619) 444-0150.