4 Ways Getting A New Home Roof Pays Off

A new roof is a major investment for your home, but it's a good investment that pays off in multiple ways. Not only does a new roof look good and provide shelter, but also it comes with financial benefits. Here are the multiple ways a new roof pays for itself. 

1. Increases Home Value 

Because a new roof both looks good and lasts longer, it substantially boosts the value of your home. Prospective buyers will be more enticed to look at your home in detail when they see exterior pictures, and they can know that this substantial home maintenance item won't need to be redone for quite a few years. 

Of course, an increase in home value is only useful if you expect to sell your home in the near future. If you do plan on selling, though, the increased value that a roof provides is a significant benefit. 

A midrange metal roof will increase your home's value by 60.9 percent of the roof's replacement cost, and a midrange asphalt shingle roof will increase home value by 68.2 percent of its cost. In both cases, these amounts can mean thousands of dollars in your pocket. 

2. Reduces Homeowners Insurance Premiums 

If you instead expect to remain in your home for a while, you may be able to recoup a large portion of your new roof's cost through homeowner's insurance savings. Many insurance companies offer premium reductions on homeowner's policies. 

In fact, your insurance company might offer a couple of different insurance discounts depending on the roof you get. Companies often offer a new roof discount that you'll be able to take advantage of no matter what type of new roof you have installed, and some insurers also have impact-resistant roofing discounts if you get a roof that protects against hail and lightning. 

These discount amounts vary but can add up to a substantial amount of savings over time. To see how much they can amount to, assume that you pay $1,000 for homeowner's insurance each year. Just a 5-percent discount would add up to $1,000 in premium reductions over 20 years, which is a normal life span of an asphalt shingle roof. A 35-percent reduction would yield a savings of $7,000 over this time frame. 

3. Lowers Cooling Costs 

For homeowners who live in moderate and warm regions, a cool roof offers energy savings during the hot summer months. Cool roofs are specially designed to reflect a lot of the sun's warmth and thus, help keep a house cooler when temperatures heat up. The effect helps homeowners lower their air conditioning costs. 

If you install a cool roof, you can expect to lessen air conditioning demands by 10 to 15 percent, which will lower your cooling costs. As is the case with any discount, you'll benefit from this for the duration of the new roof's life span - and the cumulative savings become significant. 

Importantly, you don't necessarily have to pay a lot more for a cool roof to get this energy-saving discount. Cool roofs are often available for the same price as traditional new roofs that don't have cooling features. 

4. Gets You a Tax Credit 

Should you install a cool roof, you can also qualify for a tax credit when you file your annual taxes.  

The credit available is equal to 30 percent of the installation costs, and you can lower your tax bill by this full amount. Unlike a deduction that simply reduces your taxable income, a credit directly reduces how much you have to pay. For instance, a $1,500 credit lowers your tax by $1,500.

If you want a new roof for your home, contact Cal Roofing Systems Inc.