When you decide to put your home on the market, there is always the lingering inevitability that your roof may be a tad past its prime and in need of serious repair or replacement. Whether you want to sell your home for market or above market value, or you just want to get out of it what you can, the condition of your roof usually comes into play in the final outcome of a sale.
Questions Come to Mind
A homeowner ready to sell a home has to determine whether they want or need to go to the expense of roof repair or replacement in order to sell it more quickly, and there are questions as to whether potential buyers will even care if the roof is in need of cleanup, repair or replacement.
Questions do come to mind when deciding whether or not to take on roofing dilemmas, as they can be expensive, but any serious roof updates can turn out to substantially add to the value of your home as well as attract many more interested buyers.
When you resolve to sell your home, and you realize that your roof requires major attention, it is better to err on the side of repair rather than throwing caution to the wind. Most potential buyers are going to notice a roof in disrepair and will want to negotiate an overall lower price for your home.
Overview of Your Home
So, where do you start when you know your roof could be one of the major selling points of your home and one that could seriously impact a final sale?
You start with determining the current market value of your home and any home sale activity in your area. Secondly, take a look at the different operations in your home, such as heat and air, gas, electricity, plumbing, appliances and, of course, the roofing, and any other areas that require inspection. Find a local inspector before putting your home on the market to determine what might be called into question by buyers, realtors and lenders.
If an inspector determines that there are issues with your roof, then you need to pursue the costs of repair with roofing experts and obtain several quotes. Once you know the total costs, you can decide whether you can take on the expense and compensate for roofing costs by adjusting the price of your home. If you decide not to assume the repair costs, you will have to adjust the final price accordingly and deal with negotiations.
Worth of Making Repairs
Taking the roof repair route is going to allow you to quickly sell your home. Potential buyers love a home that has been maintained and will take that into account when it comes time to make an offer. When and if there are any concerns about your roof, call in a roofing expert to perform maintenance and have the roof certified for additional time to ensure that the roof has sufficient coverage for any problems that might arise once a sale is made.
Selling Without Repairs
If roof repairs are not in your sale’s picture because of affordability issues, and you decide to sell your home as-is, the final sales price may or may not be affected. Keeping a watchful eye on what is happening with home sales in your area is extremely important. If competition for housing is at a high level, then buyers may be willing to bypass roof maintenance problems and place an offer on your home with or without roof repairs.
Selling your home as it stands and at a lower price could also be of benefit, as it enables a number of buyers to bid on your home. Most buyers that bid on a home in bidding war fashion usually inspect a home ahead of time or they forgo the inspection process altogether, which does away with re-negotiation of a final price down the road. If your home is priced in a middle to lower range in comparison to other homes in your area, then the worry of roofing repairs and other problems may not be necessary.
Loan Approval Issues
When selling a home as-is, take into consideration whether any potential buyer is using a lender to finance the purchase as it could hinder the closing. Minor maintenance issues shouldn’t cause any problems, but if a roof is nearing the end of its usefulness, or needs significant repairs, approval of a loan could hinge on making certain repairs. If that happens, the costs of the repairs are usually on the seller, and any repairs are required to be completed before closing. A seller cannot automatically count on a buyer to split or assume repair costs.
Depending on how your roof has stood the test of time, it may be at the stage of needing replacement, and if you plan on selling your home, there will be a number of considerations to be made concerning the level of repairs required and the costs. Other considerations with selling your home will depend on current market conditions, similar sales in the area and just how fast you want to sell your home.
If you are contemplating selling your house as well as replacing or repairing the roof and need help in deciding what actions to take, complete the online contact form and a representative will respond to your questions and concerns as soon as possible.