One major factor when a buyer is looking at homes for sale is the roof. It can be costly to replace and devastating if left unchecked. Most people in the market to buy a home are very wary of a home with a less-than-sturdy roof. And we can’t really blame them. However, as a seller, it can be a tough decision to make whether or not to replace or repair the roof before your home goes up for sale.
So, the question becomes: should you replace the roof?
A lot can depend upon the situation and so the first step is to get a home inspection. The inspector can examine the roof and let you know what may be needed so that you can make an informed choice. Having your own inspection also prepares you for what the buyer’s inspector may recommend.
If the inspector determines that a new roof is needed, a few key questions can help you arrive at a decision on whether or not to replace it.
1) Do you own the home outright? Part of making the determination to replace the roof depends on whether or not you are looking to get a lot of money for the home. If you already own the home you may not need as much of a return as someone who has a large mortgage and still also hopes to leave with some cash in pocket.
2) Can you afford the cost or will you need a home equity loan? A home equity loan can be used to make repairs but that loan will also need to be satisfied when the house is sold.
3) How is the competition in your area? Is the market of homes for sale in your neighborhood hot enough that your home will likely receive multiple offers? Examine whether or not there are other homes for sale in the area that are priced in your range and what condition they are in. If you are facing a lot of inventory on the market, a new roof may be a major incentive to someone looking to buy a home with little hassle and upkeep.
4) Will leaving the roof as is have a negative impact? Is it necessary to put a new roof on the property to prevent other damage to the home? If you have already seen leaking it is necessary to act immediately. It may be hard for the home buyer to get a mortgage if the roof is in bad shape.
5) Will insurance cover part of the bill? Is your roof missing tiles due to storms or other events covered by insurance? You may want to investigate the possibility of filing a claim to help pay the bill.
If you aren’t interested in replacing the roof you could investigate a partial repair to address immediate problems. Another option is to offer home buyers a lower price or credit which factors in the potential cost of the roof. Some home buyers may be more interested in replacing the roof themselves.
So, instead of a simple answer, you can see there is some real gray area with this issue. The bottom line is this: you need your home for sale to be attractive. The only way to do that is to honestly answer the above questions and take the needed action. Good luck, and for more detailed help, don’t hesitate to give us a call!