The value of a piece of property depends on several factors. The land it sits on, which increases in value over time, and the condition of the building that sits on the land. Left unmaintained, the building can deteriorate and drop in value. This is why it is best to perform upgrades on the property to ensure it remains in good condition. Remodeling can greatly increase the value of a building and certain features can make it appealing to potential buyers.
When it comes to ROI, many people consider how they can remodel the kitchen, bathroom, or basement to up the value of their home, but replacing your roof is another great way to upgrade.
Do metal roofs increase home value?
Absolutely. According to some experts, replacing an existing roof with a metal one results in about a 61.2 percent ROI on average over a two-year period. Some estimates are even higher and show that metal roofing can increase the retail value of your home by an average ROI of 85.9 percent, which is huge.
Metal roofs come in a variety of styles with one of the most popular styles being standing seam metal roof, where metal panels are interlocked along vertical seams. It’s common in commercial buildings like restaurants or department stores. Residential buildings that have this style of metal roofing tend to have narrower panels that come in different colours. The types of metal used for roofing include:
- Steel
- Stainless steel
- Aluminum
- Copper
- Tin
- Zinc
Initial Cost
Metal roofs are more expensive than other types of roofs, with the cost being up to two or three times higher. This can be a deterrent for some people who may have less financial flexibility. However, over time, the ROI will become evident. Metal roofs are still less popular for residential homes because there are more affordable roofing materials that homeowners often consider. Switching to a metal roof is a great idea if you plan to remain living in your home long enough to actually reap the cost-benefit of installing a metal roof.
Aside from the cost of metal, installing a metal roof takes longer to do depending on the size of your home and the integrity of the current roof. The more complicated installation process increases the overall cost.
Installing steel shingles to a 2,000-square-foot roof can cost about $15,000 – $25,000, and a standing seam metal roof on a home with the same dimensions will cost about $23,000-$30,000. Meanwhile, an asphalt roof of the same size will cost between $12,400 and $16,000.
In some instances, your homeowner’s insurance policy may cover a portion of the cost. This is typically when you are replacing a damaged roof – for example, shingles damaged during a storm. While the installation cost of a metal roof is higher than other types of roofs, over a 60-year lifespan, a metal roof will cost less.
Durability
One of the pros of metal roofs is how durable they are. They last about 40 to 80 years and have the ability to withstand high winds of up to 140 mph. Metal roofs are also fire resistant and rainwater runs off roofs quickly, reducing the likelihood of rust forming.
Hail can wreak havoc on traditional roofs and is one of the leading causes of roof damage on residential homes. Every year, an average of $1.6 billion in the US is spent on repairing hail damage on roofs. Metal roofs are highly resistant to hail damage. This durability is the reason why metal roofing is a great choice in areas prone to extreme weather.
Maintenance
Not only are metal roofs affordable, but they also require little to no maintenance over their lifetime, that is if installed properly. The two types of metal roof systems are standing seam and screw down. A standing seam roof requires no maintenance except in places where vents or pipes penetrate the roof. These areas should be checked periodically to ensure that there are no leaks. Aside from that, the only other thing you might want to do is clean your roof from time to time. That said, it is still recommended that you have your roof inspected annually.
Screw-down metal roofs, as the name implies, have screws that penetrate the metal panels leaving the top of the screws exposed. As a result, the metal panels do not have room to expand and contract in response to weather changes. As this type of roof ages, some pressure is created due to the lack of expansion and may create separation between the holes and the screws. These screws will need to be replaced every 5 to 10 years.
Return on Investment
People considering metal roofing are often interested to know whether it is worth their while to switch to a metal roof. The answer is yes. The new roof’s return on investment is substantial. While the benefits of doing so cannot be denied, looking at why you want to replace your roof can help shed some light on whether it is a good idea for you.
- Retail value – Many homeowners may consider installing a new roof in preparation for putting their home on the market. A metal roof on a residential home can up the resale value significantly compared to asphalt shingle roofs. The 2019 Cost Versus Value report estimated that installing a new metal roof will result in an instant ROI of 70 percent in additional value of a home.
- Lowered cooling expense – Metal roofs are great insulators, and having a light-colored metal roof can help reflect sunlight, resulting in a cooler home with savings of approximately 25 percent or more on your heating and cooling costs. In fact, you may be able to get a discount from your homeowner’s insurance because of the energy-efficient property of metal roofs.
Dream Roofs is a full-service roofing company that offers a variety of metal roofing systems that can help you take advantage of the benefits associated with metal roofs. Simply give us a call and we will be happy to answer any questions you may have about metal roofing.