A new roof can be one of the best tips for selling your home – Part 2
A roof replacement is one of the greatest expenses you’ll encounter as a homeowner. It can also be one of the best tips for selling your home.
New roofs appeal to homebuyers because it’s such a big-ticket item. The new buyer knows they won’t have to worry about the roof for many years – especially if it comes with a transferrable warranty.
At the same time, you may not need to make such a significant investment. How do you know if you need a roof replacement?
ROOFING TIPS FOR SELLING YOUR HOME
1. Determine the current condition of your roof.
- Are there any leaks?
- Are any of your shingles missing? Curling? Showing signs of extreme granule loss?
- Are there signs of attic moisture or mold?
Did you answer is “yes” to any of these questions? If so, you may need to replace your roof before you list your house. These defects mean that your roof has reached the end of its natural life (and may point to some design flaws in the roof or your home).
Whether you decide to sell or not, schedule a roof replacement as soon as possible. Waiting causes further damage to your roof deck or even the inside of your home. And you know what more damage means – more repairs, and more cash out of your pocket.
Even if you don’t need a new roof…
…hiring a home inspector to see if your roof has any flaws is one of the more important tips for selling your home. A good home inspector will crawl into your attic spaces and do a thorough assessment for you.
Remember – most buyers will make the purchase based on a home inspection of their own. You should probably know what to expect.
“ In our area, a buyer’s home inspection is considered a standard part of the contract,” Jessica Richardson, a realtor in the Northern Virginia/Washington, D.C. metro area realtor, says. “Realtors encourage them, and it helps a buyer better understand the home that they are purchasing. I would estimate that nearly 99 percent of home buyers make their offer contingent upon a home inspection.
“From a buyer’s standpoint, an inspection is an important part of the due diligence process. A faulty roof will certainly be exposed and it can be a deal breaker,” Richardson continues. “If left un-repaired it could also turn into a disclosure issue.”
Even if your asphalt roof is less than 30 years old, your home inspector may recommend some improvements, like adding ridge and eave vents or a power vent.
2. Know your competition.
How does your home compare with others that have sold recently in your area? Did your neighbor replace her roof before selling? Is it a buyer’s market or a seller’s market?
By comparing your home with others selling in your area, you can see if a roof replacement will help your home sell.
In a buyer’s market, for example, the buyer has more homes to choose from. You need to make your house stand out from the competition.
This may mean that you need to replace your roof to improve your home’s curb appeal. A roof replacement also lets you market your home as “move-in ready,” which is a fantastic selling point.
Talk to your real estate agent…
…because an experienced realtor can help you decide if a roof replacement will help sell your home given current market conditions.
She can pull a list of comparable homes in your area, also known as “comps,” to show you how your home compares with others. This info gives you a potential listing price, and can help identify other tips for selling your home in the current neighborhood conditions.
3. Consider the value.
There are three main benefits of replacing your roof before selling your home:
- Increases curb appeal
- Increases buyer confidence
- Increases home value
A roof replacement is one of the best tips for selling your home because it gives you a lot of bang for your buck. Even if cash flow is tight, many roofing companies offer financing options to help you get the repairs you need.
“A new roof is definitely a selling point,” Richardson says. “While buyers are often prepared to make cosmetic changes to a house, most are not interested in doing major repairs right away. By replacing a roof before going on the market, sellers are able to do it on their own terms rather than waiting until it becomes a sticking point.”
If you aren’t interested in doing a roof replacement…
…or making other repairs, for that matter, you may consider selling your home as-is. This is always an option, but there are a few points to consider.
- You are unlikely to get top dollar. “But the rest of my house is rock solid!” you argue. Think about it: would you pay full price for a car that needed a new exhaust system? No way.
- You may run into issues with buyers’ ability to get homeowner’s insurance. An older roof will bring higher insurance premiums for a new homeowner. They may be required to replace the roof within one year of purchase to maintain homeowner’s insurance coverage. If all or most insurance companies refuse to provide coverage, you may only be able to sell your home to an all-cash buyer. Mortgage companies won’t lend without proof of homeowner’s insurance.
- Your potential buyers may expect a reduced sale price. And why not? They have a roof replacement to finance!
So what should I do?
If you’re on the fence, you can always call a roofing contractor like Long Roofing out to give you a free estimate. You may find that a new roof is more affordable than you thought.
You may also fall in love with the new selections of colors and styles to choose from. After your roof replacement, you may love the new look of your home too much to list it! Maybe, after all, getting a new roof isn’t one of the best tips for selling your home – it’s one of the best reasons to keep it.
Need a new roof? Give us a call.
When you do decide to sell your home, let us take a look at that roof of yours. You can trust us to bring you peace of mind. We can even offer you some tips for selling your home! Contact Long Roofing at (800) 417-5664 or visit us online to get a price, schedule a free, in-home consultation or find answers to any home roofing questions.
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*Subject to credit approval. Interest is billed during the promotional period but all interest is waived if the purchase amount is paid in full within 12 months. There are no required minimum monthly payments during the promotional period. Financing for GreenSky® consumer loan programs is provided by federally insured, equal opportunity lender banks. NMLS #1416362