New roof and resale value
 

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

I would speak to a couple of real estate folks for that info.

When we moved here thought of paying off bond and was told by several agents not worth it as people will often not factor that into the cost of the house

You are right. I figured that real estate professionals also peruse TOV. Of course it is important that the appraised value would also reflect the new roof in case the new buyers are going to get a mortgage.

You may be forced to replace the roof as soon as the insurance companies realize the age of the roof. I already know of 3 neighbors with houses about 6 months newer than ours all insured by Progressive (including ours) that had their insurance not renewed.

You will NOT recoup your investment.

The buyer's insurance company may or may NOT care.

I have Progressive and they are not renewing any home policies in Florida. Several people I know have been able to find insurance companies that will write a policy. I am unaware of anyone forced to replace a 15 year old roof because of insurance considerations.

Anytime you do an upgrade to your house, you should never expect to recover the entire cost. I have looked at houses where the agent will present me with a list of upgrades where the seller is asking for 100 percent of the cost. That is absurd.

The OP has asked if he should wait to install a new roof, I would wait. I have a villa for sale with a new roof, no one mentions it as a buying advantage despite it being posted in the propery description. No one.

Depends on what the upgrades were and when they were done. Recouping 100% of the cost may be a savings for the buyer since costs to do it after they purchase their home will probably be more expensive. Plus, they don't need to go through the demo and reconstuction phases which is worth something unless they like living in chaos.

Did your realtor put in the description on realtor.com “new roof”?

You can search it - you’ll get something back, according to here, it’s about 56%. I would guess 40 to 50% of the value will be returned.
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#10 Roofing Replacement (Asphalt Shingles)
Average return at resale: 56.9%

Roof replacement is an inevitable long-term cost of homeownership, particularly if you own an older home with a neglected roof. Replacing a roof with 30 squares of fiberglass asphalt tiles costs an average of $30,680, and you can make an average of $17,461 back at resale.

Fiberglass asphalt shingles are usually less durable than materials like slate or metal, but they are more affordable and one of the most popular types of roofing material you’ll find on homes. The shingles come in a variety of colors, allowing you to pick a tone that boosts curb appeal and best matches your home’s exterior. Other considerations are the wind rating and impact resistance of the shingles, especially if you live in an area that often sees high winds and hail.

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.

If I were a prospective buyer, and looked at, or was considering a property with a 15yo. roof in TV, I would definitely make any offer reflect replacement cost, whatever the asking price was.
Take it, or leave it.
Not in same category as some snagging or cosmetic upgrades regarding property condition.
JMTC.

Me too.
I looked at roof age, HVAC age and bond balance.
I knew I was replacing the kitchen no matter where I bought.

None of these would disqualify a house - location and lot were the #1 factor.

Assume that you have a house with a 15-year old roof that is worth $400K. Now, spend $20K on a new roof. Unfortunately, no one will pay you $420K for the house, and a bank appraiser will not increase the appraisal by $20K.

Wow! You and I really differ. My first consideration when buying a house, was the location of the home, near to what, and it’s elevation. Those things I cannot change. Roof is easy to change.