One of the biggest concerns home buyers have is whether they will have to replace the roof. A new roof is worth a lot to potential buyers because it puts their minds at ease. A new roof is a big expense, particularly worrisome if the new homeowner is cash-strapped after a down payment and paying closing costs.
If you are considering selling your home, you may be asking yourself if you should replace the roof.
The first thing you should do is schedule a home inspection. The inspector will examine the roof and let you know whether you need a repair, replacement, or if it's in good shape.
If you own the home outright, your decision to replace the roof may depend on whether you are looking to maximize the sale price. Someone who still owes a great deal on the principal and wants to leave the deal with as much cash as possible may opt to not replace the roof.
If you can't afford to spend money out of pocket, you may need a home equity loan to replace the roof, which means more debt that will need to be paid when the house is sold.
Look at the competition in your area. If there are a lot of competitively priced homes, a new roof may be a major incentive to potential buyers.
Consider how much of a negative impact leaving the roof as is will have. If you have already seen leaking or if there is a possibility that damage could occur if the roof is left as is, there's no question that it should be replaced. Leaving it as is would make it difficult for a buyer to get a mortgage if the roof needs repair or replacement.
If insurance will cover part of the repair, it makes sense to go ahead with the repair.
It is possible that a partial repair can fix your problem. You could also offer to lower the sale price to cover the roof replacement.
A new roof can definitely help the sale of your home. Ask your real estate agent for advice regarding your ability to recoup the expense of roof repair or replacement.
3 comments:
After the recent hail storm in Royal Oak, Patrick and the crew were very quick to respond to a request to restore the damage. Patrick was very prompt in responding to our questions and worked hard to get the job done. We are very satisfied with the results and would recommend Roofing to others.
Bothell Roofing Contractor
This was a really quality post. In theory I'd like to write like this too - taking time and real effort to make a good article... but what can I say... I procrastinate alot and never seem to get something done.roof contractors
Good points! In the game of real estate, the truth of the matter is the lesser renovation jobs a house needs, the faster it will sell on the market. But of course you also have to consider whether your house really needs to be re-roofed or not. Good luck!
Paul Lawson @ Shelton Roof
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