New Roof Home Appraisal

New roofing also ranked in the top five exterior improvement overall for its joy score.

New roof home appraisal.

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. A home appraisal is an estimate to determine the market value of a home. However if your roof is say five years old and in relatively good condition a new roof may not offer you much benefit. Older homes that are located in historic districts or have been maintained fabulously for decades will also have a high appraisal.

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. In a realtors survey new roofing came in as the number one most appealing home improvement to buyers. In addition to purchase loans appraisals are also ordered when refinancing a loan or when attempting to remove private mortgage insurance pmi. These items include but are not limited to your home s roof gutters siding furnace and flooring.

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. 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. Home inspectors make a beeline for the roof when they come to a property because the health of a roof is a big factor in determining a home s value. Even if you replace one of these essential home features the appraisal value may not increase much if at all.

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. 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. 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.

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. Appraisers consider a home s overall wear and tear to evaluate its effective age.