Should You Repair Your Roof or Sell As-Is?
Looking for a Fast Sale?
A number of other questions come to mind when someone asks me if they should sell their home without making roof repairs. That really depends on several factors:
- Are you in a hurry to get the place listed and don’t want to take the time for repairs?
- Can you afford to make the repairs?
- Is the roof leaking?
If your main priority is to get your home listed and sold, waiting to make repairs may feel like a bad deal. Some homeowners with an aging roof are willing to sell as-is, if the roof still appears to be in pretty good shape and won’t detract much from curb appeal. When the age of a roof shows through in worn, cracked and missing shingles or tiles – that alone could stall the home sale. It could also bring down your asking price, depending on the extent of the needed repairs or replacement.
Some lenders may also step in with an opinion if the entire roof needs replacing. They can make a new roof a condition of the home sale. So, in the end, if a fast sale is your priority, getting the roof repairs done or replacing the roof can actually help you sell your home faster.
Can You Afford to Make the Repairs?
A new roof is no small investment. Major repairs can prove costly, too. If you feel you can’t afford to make roof repairs, you’ll certainly want to arrange for your place to be inspected. If the inspector points out potential trouble spots, get professional estimates for issues the house might present to a buyer. Being well-informed is a smart first step.
You may be wondering what the return on investment (ROI) is for roof repairs and roof replacements. According to a December 2015 article in Realtor Magazine, the official magazine of the National Association of Realtors, a new roof offers the greatest remodeling value. Figures from a number of sources suggest that the ROI is anywhere from 100% to 65%.
Talk to agents about the existing real estate market in your area. Find out how your home compares to others for sale nearby. How fast are homes selling? In counties like Marin, Sonoma and Napa there are often more buyers than sellers, putting you at an advantage. Even if you know your asking price will start lower, multiple prospective buyers may still bid against each other, raising the original asking price, anyway.
What if Your Roof is Leaking?
Unless a home buyer is looking to knock down an existing house to start over, a leaking roof is a non-starter. In fact, a poorly maintained roof, which is actually causing damage to the interior of a home, is a red flag. With all the environmental concerns around damp, moldy interiors, potential home buyers might simply look elsewhere rather than risk their health and that of their families. The lack of maintenance revealed by a water stained interior could indicate that overall regular home maintenance was never done. A potential buyer may begin to wonder what other surprises lurk in the attic, behind the interior walls and under the house.
An experienced professional can help you determine the real condition your roof is in. Call today so one of our professionals can help inform your decision-making.