Do I Need To Replace My Roof Before I Sell My Home?
No. You don’t have to replace your roof to sell your home. However, you have to consider the potential impact your roof will have on your sale. Your home’s exterior is the first thing a buyer will see, and your roof is part of that vital first impression.
If your roof is beyond its useful life or has a gaping hole in it, choosing whether or not to replace it is an easy decision. When your roofing situation isn’t as clear-cut, you have to consider the cost of replacement vs. costs on your home’s value. A professional from a roofing services company can provide helpful cost estimates.
When deciding, you may also need to think about how quickly you want to sell, the market conditions, and comparable sales. Here’s why:
A New Roof And Home Value
Surveys on home improvements return on investment show that a new roof increases home resale value by a national average of around $12,000. You can also expect to recover an average of 62.9% of the installation costs through increased home value when you replace your roof.
If your roof is in profound despair, it will quickly become a negotiating point in a home sale, and buyers will expect to pay less.
A Home With A New Roof Sells Quicker
If you want to sell your home faster, you may have to replace your roof if needed. It can be challenging finding someone to buy a house with a worn roof that will cost them more money to fix or replace. You may face a longer sale process and fewer offers.
A new roof will significantly increase your house’s curb appeal by giving it an excellent appearance upgrade. Potential buyers will be more impressed by your home, and you’ll likely get smoother negotiations, the total asking price, and lower time on the market.
You also need to consider the costs of replacing your roof and the prevailing conditions in the market. Get an inspection from a roofing services company to determine the exact issue and whether repairs are possible instead of a complete replacement. You’ll also get to know how much the repairs would cost.
Knowing the cost helps you decide whether you can take action or how much is reasonable to adjust the sales price if you do nothing, and it factors into the buyer’s negotiation over price.
If you choose to sell as-is, insight into the market and how your home compares to other nearby sales can come in handy. If you’re in a competitive market, buyers can overlook the condition of your roof to win the offer without any effect on your asking price.
Once you know everything about the condition of your roof through a roofing services company inspection, you can find out what potential buyers may consider an issue. This enables you to adjust the price to compensate and attract multiple buyers in a bidding war.
Therefore, if your home is priced lower than nearby homes for sale, you may not even have to worry about replacing your roof.