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What Affects Property Market Value?
Roofing Blog

What Affects Property Market Value?

Whether you are considering selling or buying a house it is important to know what factors go into determining a property’s market value. Homeowners love to see their property appreciate in value, and whether selling or not, it is wise for them to take into account how they can affect this. Buyers in the meantime need to know which factors to check when considering purchasing a property, to make sure that it is valued correctly. While values are influenced by the ebb and flow of the real estate market, they are also partially determined by the factors we consider below.

Size and Usable Space

The price of most residential properties, whether a single family house or multiple occupation unit, is calculated by square foot. That is, if a 2,000 square foot home is sold for $200,000.00 then its price per square foot is $150.00. This price per square foot fluctuates according to market conditions and certain aspects of the property. Depending on the conditions referenced below, a price of $150.00 per square foot may be a great deal or a complete ripoff. 

One thing to consider is that price per square foot only applies to what is called usable space. This usable space is the area of the property that is livable and does not include features such as garages, unfinished attics, or unfinished porches/other exterior areas. While a garage may add value to a house, its square footage will not be included in the calculation of the price. In other words, the garage as a feature may raise the price per square foot, but for a 2,000 square foot property with a 450 square foot garage, the price per square foot will still be multiplied by 2,000 and not 2,450. For this reason, it may be beneficial to convert any unfinished areas of a property into usable space before selling. 

 Location

Location is hugely important in bestowing value upon a property. You may have noticed that property values in cities across the country have ballooned in recent years. One of the reasons for this is that as an area gets more urbanized it offers more opportunities for jobs and career development, which draws in potential buyers. As demand then increases, the value of the limited supply rises. On the other hand, if a major employer in an area closes or goes out of business, the property values in the area may drop since the wave of people moving out will raise supply at the same time as demand diminishes. 

Then again, within the same city or town there will likely be districts or areas with higher property values and others with lower. In one area houses may be priced in the millions while just a short distance away they may be less than half of that. There are several factors that affect this. In our area here in Florida one of the biggest such factors is distance to water. Houses with direct beach access are especially pricey as well as those situated on a canal. Other factors include distance to school and school quality, distance to commercial centers, shopping, and recreation. 

The value of a property zoned in a residential area close to great schools and a thriving business community will appreciate faster than others. While these factors are largely outside of homeowner’s control, they are important to consider when buying a property or determining sale value.

Comparable Homes

One way that property value is calculated for a house going on the market is to look at other houses for sale or sold in the area. These are called “comps” and can be helpful, but they must be considered appropriately. Applicable comps must be sold or for sale in the same time period, they must be in the same area, and must feature similarities in architectural style, number of rooms, property acreage, age, and features such as a finished porch or pool. It is usually advisable to consult a real estate agent before determining which comps are applicable. 

Home Condition and Renovations

New and newer homes typically sell for higher prices. This is because as a house ages, certain aspects–like the roof, the electrical system, plumbing, etc–may lose efficacy and need repair or replacement. The current condition of the home is the final factor that we will discuss in relation to value. Critical components of a property can deteriorate over time and must be inspected prior to buying or selling. 

The following should be inspected before a house is appraised to be put on the market: windows and doors, the roof, the HVAC system, and the wood (in case there is any rot or pest damage). If anything is found damaged or lacking, repairs should be done or even full system replacement. Upgrades, such as replacing the roof with higher quality shingles, can even increase a property’s appraised value. Interior renovations, such as painting the walls and replacing flooring can also go a long way. Finally, the property must be made presentable to the eyes of the buyer. A clean and aesthetically pleasing property will sell more quickly and at a higher price. 

While many of the aspects discussed above are outside homeowner’s control, it is important to keep in mind how they affect the price. It is also necessary to take care of the factors that are able to be controlled, such as the condition of a property and its curb appeal. If you have any questions about the condition of your roof or need roof repair or replacement in the Palm Coast, Flagler, or Volusia area, please give Florida’s Best Roofing a call and schedule a free estimate at 386-263-7906!

 

Shingle Roof Replacement
Roofing Blog

When Should a Shingle Roof Be Replaced?

Asphalt shingles are the most popular roofing material in our area. They are fairly cheap and durable, providing both protection and aesthetics. Still, nothing lasts forever and it is important to keep an eye on something that is so essential to the integrity of your home or property. At some point, any roof may look worn out, old or show other signs that it is time to replace the asphalt shingles. Here we will tell you what to look out for so that you may avoid problems such as extensive water damage or even mold problems in the future. Take a look below so you may recognize the signs that you should have your roof repaired or inspected:

General Lifespan of Asphalt Shingles

The life expectancy of asphalt shingles varies based on their style or type. All asphalt shingles are made of the same materials, mainly asphalt and crushed fiberglass, but sometimes they are made differently. They vary in the number of layers, how these are arranged, and manufacturers’ specific formulas, which can affect the longevity and durability of the shingles.

Generally, 3-tab shingles, the most common type of shingle in use 10-15 years ago, can last up to 20 years but most often wear down within 10-15 years. Laminate, architectural, or dimensional, shingles generally are given a warranty of 30-50 years. With the appropriate maintenance these generally last between 20-40 years, but this can vary based on weather events, especially in a hurricane and tropical storm prone area. 

Signs That Roof Replacement May Be Necessary

Even taking into account shingle manufacturers’ warranties and the durability of modern roofing materials, there are many reasons that a roof may start to fail prematurely. While regular maintenance is helpful, it is also necessary to look for small signs of trouble before they turn into big problems. Exposure to the elements, like sun, wind, rain, hail, and cycles of freeze and thaw can damage asphalt shingles all at once or over time. Falling debris, such as tree branches, can also inflict damage or wear off granules, as can critters.

You will doubtless notice some wear and tear due to the elements, such as fading colors and the loss of that “new” look. Here are some other signs to watch for in order to forestall leaks before they happen.  

Curling, Cracked, or Torn Shingles

Look out for cracked or torn shingles, or those that are loose and no longer stuck to the roof. These may even be creased. In this state the shingles are no longer a protective barrier on a roof and allow moisture to enter below to the underlayment. While the underlayment–depending on its type–will prevent leaks for a time, repeated and prolonged water saturation of the underlayment will eventually cause rot in the plywood sheathing and leaks in the house. The causes of this are many: bad ventilation, installation errors, weather damage, and others, but the result is always the same.

Missing Granules

Granules are the rough material that covers the top of the asphalt shingles. They are made of crushed stone and are essential to the shingles’ function. They protect against the sun, against water, increase fire safety, and help regulate temperature. Without granules, shingles lose their function leading to higher utility bills and leaks. If you see granules in your gutters or around the downspout, or if you see black spots on your roof where the fiberglass is exposed, you need to replace your shingles.

Moss and Rot

Moss naturally grows in humid environments like those in Florida. You will probably see moss on your roof after a couple of years, especially around vent areas. This does not mean that the roof needs immediate replacement. Often, moss can be removed by qualified professionals who clean roofs. If left to grow unchecked, however, moss can grow in abundance and damage the integrity of the roof by separating the shingles from the underlayment. It can also lead to rot in the wood sheathing. At this point replacement or repairs would be necessary. 

Missing or Blown-off Shingles

Heat can cause nail pops, and shingles can be blown off by strong winds or falling debris. Missing shingles need to be replaced as soon as possible, as this clearly indicates that the roof is now exposed to moisture. This problem is easy to spot, as the areas of missing shingles are most often clearly visible from the ground and sometimes you can even find those shingles in your yard. If you notice this, contact a licensed roofing specialist for a roof repair.

Old Appearance

You will know old roof shingles when you see them—discolored, flattened, smooth, and drab. This not only affects curb appeal, it also endangers your roof. Old shingles cannot do their job efficiently, meaning that every time there is a storm, water could be pooling beneath the old shingles or sitting still.

If your shingles start looking aged, it is time to replace them.

 If you have any questions about the integrity of your shingles or need any work done on your roof in the Palm Coast, Flagler, or Volusia area, please give Florida’s Best Roofing, Inc. a call and schedule a free estimate at 386-263-7906!

Florida’s Best Roofing, Inc is a Palm Coast-based roofing contractor, providing professional roofing services in Flagler and Volusia County Areas.

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