Replace Roof before Selling House
When it comes to buying a house, besides the curb appeal and spaciousness of the house, one thing that potential buyers are most interested in is the condition of your roof. Replacing the roof is one of the biggest expenses that make people fret. If you are planning to sell your current home, you must also be contemplating whether you should replace the roof or not. That solely depends on the situation as well as the condition of the roof, so the first step is to hire a qualified surveyor to inspect your home. The surveyor will examine the roof and let you know the extent of damage. Conducting a detailed home inspection before putting it on the market for sale also prepares you for what the buyer’s surveyor may recommend.
If the inspectors concludes that the roof of your home needs a replacement, ask yourself a few key questions before making a decision.
Do you own the home outright?
Making the most profit is the basic goal of every seller, and should be yours too. Since replacing the entire roof is an expensive project, it should be avoided as far as possible. If you already own a home, where you will move after selling this one, then you may not need as much of a return on the sale compared to someone who needs to arrange finances for a new home. If you don’t need the extra money, it is better to leave the roof as it is, and let the potential home buyers bargain according to its condition.
Can you afford the cost of replacement?
If you feel the need to have the roof replaced, you will have to assess your financial state. Ask yourself, are you in a position to afford the cost of replacement or will you need a home-equity loan? You can always use a home-equity loan to make repairs, but you will be required to satisfy the loan when selling the house.
How is the competition in your area?
Carefully observe the condition in the local housing market. If it is a competitive market with various comparable houses up for sale, priced in your range, then a new roof may be a major incentive for potential buyers.
Will leaving the roof as it is have a negative impact?
If the roof has already started leaking then you must act immediately since it may be hard for the potential buyer to get a mortgage for a house whose roof is in bad shape.
Will insurance cover part of the bill?
Are the damages covered by insurance? If yes, file a claim with the insurance company to help pay the bill. You can also consider partial repair to address immediate problems.
