Evaluating The Real Estate Market
The most common perception that sellers have is that a roof replacement in Florida will help you sell your home faster. However, you need to account for the real estate market in Florida in any given period. Putting a new roof on the house does not guarantee a sale or that you will recoup your costs.
However, a new roof scores high with most investment experts when comparing top home remodeling projects for home resale. For instance, a new roof can boost your homes value by $12,000 to $15,000. It gives your property more selling power in the market. Furthermore, the average ROI on a replacement roof is nearly 70 percent. This places roof replacement in league with bathroom remodeling, garage door replacement or window replacement.
Plus, there are other benefits to a roof replacement that you can take advantage of regardless of the market, including:
- A roof replacement improves your homes curb appeal.
- New roofs have extended warranties an excellent selling point with buyers.
- A new roof will help you avoid inspection issues, ensuring a hassle free sale.
- You may get rebates or tax benefits if the roof meets or exceeds ENERGY STAR standards.
Do You Need To Replace Your Roof Before You Sell Your Home
You need to replace your roof before you sell your home if it has obvious damage, which would lead to a decrease in your homes value. The key factors you need to consider are the cost and the condition of the roof. Is a new roof installation worth the investment? You need to make money from your sale.
Even so, each choice can increase or decrease the value of your home, depending on the circumstances. The cost of a new roof installation ranges between $7500 and $25,000.
Of course, the cost might also go lower than the base pricing or higher than the limit. The driving factor is the type of material usedfor instance, the pricing on asphalt shingles is varied. In upscale markets, homeowners tend to spend on higher-quality material.
In contrast, average folks might spend on inexpensive products. Furthermore, a new slate roofing could go up to $100,000.
Secondly, you need to consider your location. When your home is in a high potential neighborhood, buyers are willing to spend more on qualityas such, replacing a roof will increase the value of your home.
Replacing a roof before the listing is not a requirement. And this does not only apply to roofs it can be anything within your home, including windows, the heating system, plumbing, etc.
Usually, what happens is that the seller needs to disclose the condition of the various elements of the home. Moreover, the buyer will inspect the house to ascertain the situation.
Should You Get A New Roof Before You Sell Your House
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What Are The Advantages Of Roof Replacement
When making the decision to perform roof replacement, you need to take the age of the roofing system, roofing materials used, and quality of the installation into account. If your asphalt shingle roof is approaching the end of its life, around its second decade, then you should go ahead and have it replaced before severe problems occur.
Common exciting benefits that a new roof can offer include:
- Improved energy efficiency, more comfortable living environment, and superior protection from extreme elements, like sharp-hitting hailstones, heavy snow, and torrential downpours.
- Up-to-date components and innovative sealing technology that keeps the structure durable and intact for many years to come.
- Excellent warranty coverage on products and labor.
- Better architectural appearance and increased curb appeal.
A brand new roof can also increase the resale value of your home. You may not see a 100 percent return on your investment, granted, but very few home improvements actually do offer a full recoup on expenses spent when it comes to putting a home up for sale. Between two-thirds and three-fourths of your total roof replacement cost, depending on the particular housing market, is the more realistic expectation.
What Are The Advantages Of Replacing Your Roof Before Selling Your Home
If your roof needs to be replaced, the advantages of replacing it before your house is photographed and listed are plenty. For one, you will get more offers. More people want to buy a house thats move-in ready than one that needs work, and that includes a roof replacement. Whats more, the less work your house needs, such as a roof replacement, the faster the sale process is once you have a serious buyer on the hook. In addition, if youre replaced that worn out roof, you have a better change of receiving your asking price.
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Why Roof Replacements Are Necessary
No matter how well a roof is maintained, eventually it will need to be replaced. Shingles are covered in a layer of granules, which protect them from the suns UV rays. Rain, wind, snow, and other inclement weather slowly knocks those granules off, leaving the roof vulnerable to UV damage. Eventually, that UV damage will cause the shingles to fail, and make a roof replacement necessary.
Metal, synthetic slate, and other roofing materials are equally susceptible to weather damage, and will also wear down over time.
The lifespan of a roof can range from 20-100+ years depending on the material it is made of. With traditional shingle roofs, you should start to anticipate the need for some roof work in the near future.This is why a roof replacement may be requested by potential buyers, or recommended by real estate professionals.
If you find yourself in this position, there are a number of ways a roof replacement can increase the value of your home, which is beneficial when trying to sell.
Selling A House With A Bad Roof
Posted on Written by Ryan Fink
Todays buyers want move-in ready homes. With busy schedules, fewer DIY skills than previous generations, and the rising costs of building materials and labor, buyers are more motivated than ever to purchase homes that dont need any work.
This isnt great news for homeowners selling a house with a bad roof or otherwise in need of work. Fortunately, however, it doesnt mean that every homeowner facing common roofing problems needs to replace their roof before they can hope to sell.
If youve been wondering should I replace the roof before selling a house? heres what you need to know.
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Do You Really Need To Replace Your Roof
When trying to decide whether to replace your roof before listing your property, the most important thing to consider is whether your roof truly needs to be replaced. If your roof is over 10 years old, or if you havent been the best at routine maintenance, you may assume it needs to be replaced. However, you may only need a thorough inspection and some repairs. Even if you see visible damage, such as broken shingles or damaged flashing, this does not automatically mean that you need a new roof.
Reasons to replace your roof before selling your home:
- Your roof is past its expected lifespan and in poor condition
- Your roof is significantly damaged
- Your home has been on the market for a while, and the roof is a cited reason why you havent had any offers
Even if your roof does not need to be replaced or repaired, it is still a good idea to have your roof inspected by a professional and to have routine maintenance performed before listing your home.
What Happens If The Home Fails The Roof Inspection
Regardless of who requested it, if your home fails a roof inspection it could cause some issues with getting a mortgage. All lenders require home buyers to obtain homeowners insurance that will be effective at closing, and evidence of that policy must be provided. If your home fails the roof inspection ordered by the insurance company or lender, you will have a very difficult time getting a policy to cover the home, which will put your lender off.
But that doesnt mean that the home sale cant happen. Once it has been determined who will be responsible for the roof replacement costs and what that replacement will entail, the repairs can be made prior to closing with the roofer being paid at that time. You wont be able to actually start your homeowners policy until the roof has been repaired, so it is a good idea to make sure
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Benefits Of Replacing Or Repairing Your Roof Before You Sell
If your roof is on the verge of falling apart and it has been more than 15 years since it was last replaced, it may be time to look into options for replacing or repairing your roof. Though it may seem costly at the time, you will reap the benefits of replacing your roof in the long run. Think about it as an investment!
The greatest benefits of replacing or repairing your roof before selling your home are that you can set a much higher asking price and you will likely be able to sell your home quicker. A new roof shows that your home has been well-maintained and might attract potential buyers who would be more likely to pay a higher price. With the added curb appeal of a new roof, buyers could be flocking to your doorstep to buy your home!
Pros Of Replacing A Roof Before Selling
1. Change the appearance of your home.From a distance, a new roof is both attractive and increases the salability of your home. If you consider the amount you invest in a roof replacement, you should get value for your money. How do you get value for your money? When you choose to install a new roof, it will attract more buyers. Depending on location and materials used , your roof can bring a return of 60% -110%.
2. You can even make a profit from installing a new roof. If thats not enough, a new roof will help in establishing some upgrades. Installing eco-friendly roofs is welcomed by most people because of the ongoing global climate discussion.
3. A chance to install eco-friendly roofs.Chances are your prospective buyer supports eco-friendly solutions. Remember, eco-friendly roofs are energy efficient. Studies show that these types of roofs will cut your heating costs by half. This will help you during the negotiation process.
4. Leaves a good impression on the buyer.You dont want a buyer driving in and getting shocked because there are some missing shingles on the roof. In selling property, first impressions do matter!
5. An opportunity to extend the warranty of your roof.Another excellent idea would be getting an extended system warranty to cover the roof. For one, the warranty boosts the confidence of the prospective buyer. It also increases the value of the appraisal.
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Reduced Chance Of Lowball Offers
Did you prefer to set a lower price for the home and do not replace your roof? Do you think potential buyers will stop asking you to slow your price because of this? Youre wrong. People will always try to get a lower price from you taking your roof shape as a reason. Actually, they wont care about your explanations they only will see a damaged roof.
On the contrary, if your home has a nice-looking and well-performing roof, nobody could put a price on your property. You will set your conditions and would get a good deal.
6 Ways To Find The Age Of Your Roof
1. Find your home’s property disclosure statement: Check your closing docs from when you bought the home. The prior owner should have listed the roof’s age on the property disclosure form.
2. Check for building permits: Your city or county government may have permits on file from when the previous owner last replaced the roof. Contact your local government’s zoning department for help.
3. Contact the roofing company: If you know who did the work or you’re able to find out, the roofer should be able to tell you when they did the job.
4. Contact your agent: Your realtor may be able to get in touch with your home’s previous owner to find out about the roof’s age â or at least help you locate the property disclosure statement if you can’t find it.
5. Ask long-time neighbors: Your neighbors may remember seeing the roof replaced years ago and be able to give you a ballpark estimate of when the work was completed.
6. Ask a roofer to inspect and estimate: If all other methods fail, call a local roofing specialist for an inspection to estimate your roof’s age and remaining useful life.
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Should I Replace The Roof Or Sell The House As Is
As the housing market erupts and homes are being put on the market every day, many sellers have started questioning should I replace the roof or sell the house as-is? If you are planning to sell your home within the next couple months, checking the condition of your roof should be a prerequisite. The state of the roof can be the selling point for a potential buyer or a reason they decide to look elsewhere. Below are some benefits to selling your home as is and some benefits to replacing the roof before you sell.
Its Not A Requirement To Replace Your Roof
As the protective cover of a home, a roof is important, but you are not required to replace it before listing or selling. However, to some homebuyers, a bad roof makes for a bad house with more costly problems to deal with. Some sellers may be upfront and tell potential buyers that the roof needed replacement. While this would amount to a decrease in the value of the home, the honesty and fairness about the situation may be greatly appreciated by the potential buyer. This way the potential buyer knows the kind of roof he or she will be getting from the get-go.
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Help To Receive The Asking Price
The sale price of your home can suffer becauseof a roof that needs painting or repairing. When purchasing a home, buyers wantto ensure the safety of themselves, their family and their assets. Your roofprotects not only your home, but everything in it. Buyers will normally considerthe price it would cost to repair a damaged roof and subtract this cost fromtheir offer.
Can I Even Get A Mortgage On A House That Needs A New Roof
To buy a home and get the lender to release funds, you must have an active homeowners insurance policy that takes effect on the date of closing. Buying a house that needs a new roof will only affect your ability to get a mortgage if your insurance company refuses to cover the home until repairs or replacement are made. Some insurance companies will allow 30 days for the repairs to be made while still offering you the coverage you need at closing. Different situations can lead to different answers.
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Factor Into Loan Approval
If you decide to sell your home with your old roof intact, be warned that you might have to pay for the repairs anyways. Many financial lenders require major repairs to be made before the sale is closed, and the repair costs will fall onto the seller. Once in a blue moon a motivated buyer will offer to meet you in the middle for repair costs, but dont count on this happening. Dont worry about this if your roof has only minor repairs to be made, such as a few loose shingles. But if you have major repairs to be made, its best to fix them before you put your home on the market. That way, you can sell your home for more money and profit on your investment.
How Do You Determine If Your Roof Needs To Be Serviced Or Replaced
According to Jason Payne from Gryphon Roofing, the age of your roof is a big factor in determining whether your roof may need to be serviced or replaced. Depending on the type of roof you have, its expected service life will be different. An asphalt shingle roof can be expected to last over twenty years whereas, a tile roof can properly function for twice as long. At the same time, even though roofing tiles may be intact, the underlayment may need to be replaced after 25 years.
Jayson also states that the top 6 most common repairs that he often encounters and are a must before putting your home on the market are the following:
These repairs are not only essential to the curb appeal of your home but are also an important factor if you want your home to pass the inspection without issues and have your home appraised at value.
For more on what a typical roof inspection entails, follow Jayson through one of his roof inspections as he explains the process and the factors that help him determine what repairs need to be done.
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