Homeowners with a deteriorating roof may feel like they are in a difficult position if they need to sell their home. They wonder if the current roof will adversely affect the sale. A Houston roofing professional can inspect the roof to help homeowners make more educated decisions. It is a good idea for homeowners to get cost estimates from at least two or three roofing experts before they decide on an approach. If the roof life expectancy becomes an issue, a roofing expert can certify the roof for another three to five years, providing peace of mind to all parties in a sale. In the meanwhile, here are a few things for sellers and buyers alike to consider.
A roof in bad shape can prove costly, perhaps in the thousands of dollars, to repair. As such, roofs can naturally become sticking points in selling a home. Buyers want to pay less, but for sellers, the hesitation to repair or replace can make sense. Return on investment for replacing a roof can be as little as 54 percent and for a minor makeover, about 62 percent. So why repair or replace? Basically, sales happen faster.
A roofing contractor from Houston Restoration Services of Houston would be happy to answer any question you have about residential roofing or commercial roofing.
Homes in good condition that look enticing tend to garner much more interest simply because they look better and are less stressful for buyers to deal with.
Homeowners who cannot afford roof repairs or replacement may have no choice but to sell the home as is. Roofs that need only minor repairs tend not to adversely affect a sales price. In a bidding war scenario, buyers sometimes conduct home inspections before even offering to buy, or they simply waive the inspections. A potential problem arises if the mortgage lender will not approve a loan if it foresees a major roof repair or roof replacement in the near future. In this case, the lender typically requires that the roof be repaired or replaced before the loan is approved. The seller generally must shoulder this cost and complete repairs before closing. In some cases, buyers are willing to help pay some of the costs.
If a roof has exceeded its useful life, homeowners should replace it before they sell. Not doing so means a lot of hassle in terms of repairs, home pricing, buyer interest and length of time the home is on the market. Homeowners may end up losing money in the long term by paying monthly mortgage installments on a house they do not want and that is not selling.