A home’s exterior is the first thing that buyers see, and the roof is a very important part in the buyer’s first impression. A roof in poor condition can make buyers run the opposite direction. While a new roof can be expensive to replace, it can be well worth it if you consider the negative impact your current roof could have on the sale of your home. If your roof is in poor condition, you’ll want to replace it before listing your home.
- First, you’re likely to receive fewer offers if your roof needs replacing and fewer offers means lower bids. A home that needs expensive repairs will ‘turn off’ prospective buyers who are looking for something move-in ready. However, if your roof was replaced in the last couple of years, you’ll want to add that information to your listing as it is typically one of the top concerns buyers have when purchasing a home.
- If you’re in need of replacing your roof and you do receive an offer with an inspection contingency, you may be negotiating a price or repair after the inspection report returns. Failure to negotiate could mean the buyer issues a Notice of Defects and ends up walking away altogether-and then you’re home is back on the market losing all the momentum you had when it was first listed.
- Buyers who are anticipating the cost of replacing the roof later, may not be willing to pay as much for your home in the current state. Therefore, they will likely reduce the offer price they give which means you’ll be paying for that new roof one way or another.
A new roof can also increase home value, although it’s possible you won’t see at total recoup of the money spent. Much of it will depend on the type of market we’re in. But regardless of whether your home increases 100 percent of what you spent or some other percentage, a new roof will draw more interested buyers who will be more willing to pay asking price (or higher if the market dictates)!
In the end, the decision to replace your roof comes down to your own needs to sell: How quickly do you want to sell, and how close to the list price do you need your home to sell. If none of that matters, then selling your home with a credit to buyers may also be an option. Talk to a trusted HomeTeam4u agent who can advise you on current market conditions and what they would recommend based on their experience.
