HOW DOES AN OLD ROOF AFFECT SELLING YOUR HOME?
Are you considering selling your home? Are you concerned about how your old roof will affect a sale? These are valid concerns and ones that you should carefully consider before listing your home.
At Allied Construction and Restoration, we provide free roof inspections for homeowners in Southeast Michigan needing major repairs and replacements. As a trusted local roofing company we recommend considering the following factors before you list your home with an old roof.
If your home has a roof that is in the middle of its lifespan and has been well taken care of, you shouldn’t need to replace it before you sell your home. However, if your roof is nearing its useful life you may have trouble selling your home with an old roof.
Selling your home with an old roof can lead to the following hurdles:
Lower Resale Value & Slower Sale
Lower Appraisal
Lose Buyer Interest
Home Inspection Problems
Insurance Companies May Not Insure
Buyer’s Loan May Not Fund
Call For A Free Roof Quote
248-814-2852
LOWER RESALE VALUE & SLOWER SALE
Potential buyers tend to judge the condition of the interior of your home by the cosmetic appearance on the outside. An old roof is the number one deal breaker when it comes to buying a home.
A new roof will increase the resale value of your home. You may not get 100% return on your investment, but a new roof will increase your chances of a quicker sale with fewer complications.
And the new roof will add substantial value to your home. In fact, studies have shown that a roof replacement will boost curb appeal and raise the price point for your home by an average of $12,000.
LOWER APPRAISAL
An old roof will negatively influence an appraisal. Even if you find a buyer that is interested in your home with it’s old roof, your home may not be able to appraise for the price you are asking.
If your home doesn’t appraisal for the contract price, you will likely need to lower your price to the appraisal amount.
LOST SALE
Home buyers will want to know the age of a roof. If your roof is nearing or exceeded its life expectancy, a buyer may pass on a sale. Or a buyer may negotiate a lower price if your roof is aged or in need of repair.
HOME INSPECTION PROBLEMS
Your home may not pass inspection. Experienced home inspectors will detect roof leaks and other signs of damage. If your roof is missing shingles, shows signs of mold, or has holes or gaps, you risk a failed home inspection and a lost sale.
INSURANCE COMPANIES MAY NOT INSURE
Insurance companies can refuse to issue homeowner’s insurance. If your home inspection fails due to an aged or damaged roof, the insurance company will require you to replace your roof before renewing or issuing a new policy. This can turn a potential sale sour.
BUYER'S LOAN MAY NOT FUND
A lender may refuse a buyer financing unless a roof is replaced. Your roof is a vital part of your home’s structure. And an old roof poses a major safety hazard. It can be a red flag for lenders.
Most mortgage companies require a roof to have at least 3 years of useful life left. This will be determined by your home or roof inspector. If your roof does not meet this requirement, your best bet is to replace your roof before putting your home on the market.
Call For A Free Roof Quote
248-814-2852