The Value of Your Home
This is a tricky subject, many people will tell you that a brand new roof will add value to your home. The roof is considered part of the structure of the home, because of that, it doesn’t exactly add resale value.
However, it can devalue your home if you decide to sell as-is. Opting out on making any roof repairs can have a significant impact on the final sale price, as you will likely need to lower your asking price to compensate the potential homebuyers on what they will need to pay to repair the roof, thus bringing down the value of your home.
In a competitive market and neighborhoods with high demand, a brand new roof can be a great investment as it can be utilized as a marketing strategy and in return you are more likely to receive an offer faster and at value.
A roof that is near the end of its lifespan or has endured severe damage can potentially cause problems with your buyer’s lender. Specifically, if the homebuyers have finance through one of the following types of loans, Federal Housing Administration or Veteran’s Administration loans. These type of loans tend to have many requirements that the home has to meet and many lenders will require all major roof repairs to be done before closing as a condition of loan approval.
If the buyer has financed through a conventional loan or is paying cash, it will be easier to negotiate and proceed with the sale transaction without having to make major or any roof repairs.
We hope that this helps you make an educated guess on whether your roof needs to be replaced or is just in need of some tlc. We always suggested contacting an expert that can help you plan and find the best option for you and your financial situation.
If you need help selling your home, Mario Daniel Sconza Team is always available to answer any real estate question you may have, over the last years we have helped many customers navigate through roofing issues and repairs while selling their home fast and for top dollar.