New Roof Home Appraisal

Lenders require professional appraisals to ensure that they aren t loaning you more than they can recoup if you default on the loan so they re more about protecting the.

New roof home appraisal.

However if your roof is say five years old and in relatively good condition a new roof may not offer you much benefit. As such an old roof could negatively influence a home s effective age but a new roof could simply signify normal maintenance and not significantly affect a home s appraised value. Appraisers consider a home s overall wear and tear to evaluate its effective age. A home appraisal is an estimate to determine the market value of a home.

Local appraisers will undoubtedly notice if your roof is in poor condition and will reduce your home value accordingly depending on how serious your roof problems are. Even if you replace one of these essential home features the appraisal value may not increase much if at all. In a realtors survey new roofing came in as the number one most appealing home improvement to buyers. New roofing had a joy score of 9 6 on a scale of 1 to 10 in terms of buyer appeal higher than new windows new garage door and new siding.

A home appraisal is an objective estimate of the value of your property. Specifically with regard to the exterior of a property an appraiser looks at the site the quality of construction the integrity of the roof and foundation any issues with the guttering or. A licensed appraiser with no connection to the buyer seller or lender provides the home appraisal using the condition and location of your property plus comparable sales and market trends. For example a new or updated roof has been found to offer an excellent return on investment as it vastly improves the overall health of a home.

New homes that were built within the last 10 to 20 years are less likely to have major issues so are lower risk to buy and this will therefore increase the home appraisal value. New roofing also ranked in the top five exterior improvement overall for its joy score. These items include but are not limited to your home s roof gutters siding furnace and flooring. If these elements are functioning the way they should and are of good or standard condition the appraisal value will remain stable.

Older homes that are located in historic districts or have been maintained fabulously for decades will also have a high appraisal. But even if you don t see a huge financial return a new roof can make you more likely to get full asking price lower time on market and smoother negotiations.