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Hi, we live in a neighborhood that's going down hill and are anxious to sell & move.
My question is - with a twenty-somthing year old roof, should we spend the money to re-roof the house and add that onto the price of getting out or just sell at a lower price "as-is" in hopes the house would move quicker to the hands of either a potential investor who wanted to use it as a rental property or low income buyer? Any opinions? TIA
- if it is a poor seller's market, getting a new roof now could help better position your home in weak market
- don't replace roof, but be prepared to (usually after agreed P&S contract and property inspection):
-- replace it prior to sale
-- lower the sale price by the amount it would cost to replace new roof
-- negotiate somewhere in between (I was involved in transaction where both sides went 50-50 for new roof)
If the roof is in poor condition, I'd replace it. If it is in good condition both structurally and cosmetically, I'd consider putting it on the market as is, but with the expectation that it may need to be remedied prior to closing.
I agree with Andy. As a buyer I find myself valuing a new roof at way below cost. As a seller, my roof was near the end of its life but the buyer asked only that I get it repaired.
We required that the roof be replaced on the house we bought. It was brought up in inspection and we wondered if it would appraise. Our HOA requires a very expensive roof, like cedar shake or Presidential. So we negotiated with the seller a slightly higher sale price in exchange for a new roof that we agreed on.
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For me it would depend on what it looks like from the street as you approach. If it's all covered with an inch of moss, I'd replace it first, as it will scare off all of the buyers except for flippers wanting to low ball it. If it looks OK and doesn't leak, wait until the inspection and give an allowance if the report shows need for replacement. At 20 years it could still have 5-10 left in it.
...with a twenty-somthing year old roof, should we spend the money to re-roof the house...
It will come down to the buyer and the financing needed.
Absolutely get the estimates for a decent job by a reputable company that will transfer the warranty
and build that number into your "expectation calculations" when deciding what to list the house for.
Have that in your back pocket until it's needed.
But NO... do NOT do the roof work until pressed to do so by an inspection or financing contingency.
If you sell to an investor type they'll rather see the price lowered to reflect the need and then do the
work themselves with their own crews (and maybe even expense the cost too).
Do not replace the roof if it looks OK and doesn't leak. You won't get the money back. If you have several thousand dollars to throw away, do some upgrades to a kitchen or bathroom because you can recoup some of that money when you sell.
If it's a 25-year roof, be prepared for the buyers' inspector to say that it is "near the end of its useful life," the usual language you find in such reports for a lot of items, from dishwashers to hot water heaters. And if I had such a roof and the buyers insisted that it be replaced before closing, I would tell them to take a hike. If it's leaking or falling apart, that's a different story.
My friend in Nebraska replaced the 20-year-old roof on her house because it was holding back buyers. Three of the first six people that looked at it questioned the roof. It cost $2300 (small house, simple roof), but she sold the house a few days ago for almost her asking price.
I'm an investor. If I drive by a house and it looks like it needs a new roof, I'm moving on. I won't even look at the inside. I don't care if it has granite or stainless steel appliances. There are too many houses out there that I don't have to invest thousands into a roof before I feel comfortable renting it out. YMMV.
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