Home buyers consider many things when evaluating a home purchase and one of the most important elements of the prospective homes they are looking at is the roof and the condition it is in as well as how it has been maintained. A new roof can significantly increase the value of a property and is worth a lot to potential buyers because a new roof will put their mind at ease that they will not experience any future problems resulting from leaks that can cause a lot of damage to the home they are looking to purchase.
As a seller, it is important to consider replacing your roof. Of course this depends on the current condition of your roof and you may only need minor roof repair in some cases whereas in others an entire roof replacement is required. The first step would be to have a professional roofer inspect your home’s roof and roofing systems to ensure that there is proper drainage and the materials are not showing signs of wear and tear and in need of replacement. A professional roofing inspector will let you know exactly what the current condition of your roof is and what steps if any are needed so that you can make an informed decision about replacing or repairing your roof.
Of course some buyers may be more interested in replacing the roof themselves. The advantage to having the roofing inspection completed is that you have some numbers and information to provide to potential buyers to help them make the decision. If you choose to replace the roof yourself you will be able to add these costs to the value of your home and use the new upgrade as a bargaining tool. If you decide you would rather not upgrade the roof yourself you will at least be in a good position to answer any questions or concerns potential buyers may have and reassure them that there are no looming problems with the home that will surprise them.
Replacing your roof before selling your home?
Consider the following items if you are thinking about upgrading your roof before you sell your home.
1) Do you own your home outright?
If you already own the home you may not need as large a return from the sale to make a profit whereas if you owe a lot on your mortgage you may not want to invest more money that will cause you to break even.
2) Can you afford the costs of replacement or would you need a loan?
It is a good idea either way as the value of your home will rise and you will be able to pay off the loan once the home is sold. Of course a loan will result in interest charges if the home sits on the market for a while.
3) What is the competition like in your area for home sales?
If there is the potential to receive multiple offers on your home then a new roof can be a great incentive for potential buyers and help facilitate a bidding war!
4) Will leaving the roof as-is have a negative impact on the sale of your home?
A new roof is necessary to ensure that other areas of your home are not damaged. It may be more difficult for a potential buyer to get a mortgage if the roof is in bad shape because a leaky roof can cause major problems to the house.
5) Will your insurance cover part of the costs or replacing your roof?
If storms or other events covered by insurance have caused damage to your roof you may be entitled to have some of the costs covered by your insurance plan. This is always an important avenue to investigate and you can ask your professional roof inspector for more information and guidance on this and it can save you quite a bit of money while upgrading your home at the same time!