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Home For Sale Sign in Front of New House

Published on: Jan 14, 2016 by Admin

Should You Replace Your Roof or Sell Your Home As-Is?

Spring is just around the corner and many people are going to be putting their houses on the market. If you are planning on selling your home within the near future, you might want to check out the condition of your roof. Did you know that your roof’s condition can make or break your chances of selling your home at asking price? Here are some of the advantages of replacing your roof prior to sale and the benefits of leaving your roof alone.

Replacing your roof before you sell

Is your roof on it’s last legs? Here are the benefits to repairing or replacing your roof prior to sale.

You can set a higher asking price

Replacing your roof shortly before selling your home is a huge bonus to potential buyers. They view this as one less major project on their plate and are often willing to pay more for it. An aged roof is less visually appealing and might give the impression that your home hasn’t been properly maintained. If a potential buyer gets the impression that there are more repairs to be done (even if there aren’t), they might go running for the hills. A new roof will give you more negotiating power than if you left your roof as-is.

Sell your home faster

Homes that have better curb appeal (like those with brand new roofs) sell faster than their neighbors. That’s a no brainer. If you plan on redoing your roof before you sell your home, just be sure to choose neutral colored shingles. A neutral color has more curb appeal and is less likely to scare off potential buyers.

Selling your home as-is

Leaving your roof as-is can be a gamble. You can save thousands of dollars by skipping the repair, or end up having to pay the price if potential home buyers demand it in negotiation.

Save time and money

Replacing your roof is a hefty investment. The cost to replace your roof depends on a variety of factors including size of the roof, pitch, location, and materials used, but the investment is often several thousand dollars. And while replacing your roof takes less than a few days, you might have to wait several months to schedule an appointment with a professional roofing company. If you’re looking to move out of your house as fast as possible, you should plan on selling your home as-is.

Benefit in a bidding war

How is the housing market in your neighborhood? If there are multiple homes for sale in your area, see how your home compares. Selling your home at a lower price in comparison to the competition can attract multiple buyers and create a bidding war. When a potential buyer is in a bidding war, they may choose to buy the home “as-is”, meaning they won’t have an inspection. Without an inspection, you are less likely to have the buyers negotiate the final price later on.

Factor into loan approval

If you decide to sell your home with your old roof intact, be warned that you might have to pay for the repairs anyways. Many financial lenders require major repairs to be made before the sale is closed, and the repair costs will fall onto the seller. Once in a blue moon a motivated buyer will offer to meet you in the middle for repair costs, but don’t count on this happening. Don’t worry about this if your roof has only minor repairs to be made, such as a few loose shingles. But if you have major repairs to be made, it’s best to fix them before you put your home on the market. That way, you can sell your home for more money and profit on your investment.

Bottom line

In the end, the decision to replace your roof before selling your home really depends on your roof’s condition, the housing market, and how quickly you want to sell your home. If your roof is on it’s last legs, you should replace it before putting your home on the market. But if there are only a few repairs to be done, you can leave those fixes up to the new owner.

Are you planning on selling your home in the near future? Contact our roofing experts to schedule an appointment to see if you should be making any roofing repairs.

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