Have you been considering getting a new roof (or really need a new one?), but you aren’t sure if the investment is worth it since you’re planning on moving soon? It may seem counterintuitive to make a large investment on a home right before selling it, but the fact is, putting a new roof on your home is top on the list of upgrades and repairs that improve resale value. So, you actually will be able to sell your home for more by making the investment (and often, homes with old roofs won’t sell at all).
Are you wondering why this would matter for your resale value? You’ve updated the inside, made everything look great, and maybe you even updated some of the appliances. You may have some older items in the home, but the most important (and typically first) thing new homebuyers and their inspectors look at is the roof.
1. Old roofs are often unable to pass inspections. This doesn’t always matter, but if a buyer is trying to purchase the home with an FHA or VA loan, and the roof is within the last couple years of its life and has some repairs that are needed, the bank will usually not allow the loan to go through without an entire roof replacement. Now, maybe you would choose to wait and see what the inspector says when the time comes, but the problem with this is, you’re rushed, so it’s harder to book a roofer, and it’s often more expensive because you don’t have the time to shop around for better options. This also can delay the closing on your home and can even cause good buyers to walk away from the purchase altogether.
2. Buyers don’t want that expense right out the gate. When a buyer purchases a new home (especially in higher price ranges), they aren’t looking to purchase the home at full price and then go in and make a major investment like a full roof replacement. This is often the reason people get inspections—to avoid getting into a money pit later. The buyer may not have the money to get a roof as soon as they buy (this is especially true for first-time home buyers), and many buyers will shy away from the home and move on to one with more large ticket item updates rather than bother with one that needs a new roof right away.
3. An old roof lowers the home value. Unfortunately, if a buyer will have to replace the roof within the first year or two of living in the home, they are not going to want to pay full price for the home. This may not be a problem for you if you don’t mind losing a little bit of money on the house or if your home’s value has increased significantly since you bought it anyway, but if you still owe the bank a good amount of the loan, need money for a down payment or closing costs, or want to at least get your money back on the house, you are going to need to replace that roof. It ends up paying for itself in the selling price of the home usually anyway, since the buyers won’t be asking for that cost off of the sale price, but this will help your home sell faster, pass inspections more easily, and appease the buyers to make for an easy sale. According to Home Advisor, “a new roof increases home value by almost $12,000.”
4. Better energy efficiency – This is a huge selling point in modern homes. Many new roof shingles have ENERGY STAR ® ratings for their energy efficiency and will help save your buyer (and you, until you move out) money on heating and cooling costs. This will help you sell the home and can increase your home value, sometimes by a couple thousand dollars, depending on the area in which you live. Ask your roofer about energy-efficient options.
5. Warranties – Another selling point is transferable warranties. When you get a new roof with Priebe Roofing, Remodeling and Restoration, you will also be getting multiple warranties on your products and installation. When you have this to advertise to potential buyers, they will see that they not only are getting a new roof, but they are also getting the peace of mind that they won’t have to fix any manufacturer defects or installation errors.
The fact is, waiting to replace a roof until there are issues can end up costing you more money because of the damages it can cause. With the amount that it can increase the resale value of your home, don’t let an old roof hinder your chances of selling your home.
For more help determining how to increase your resale value and getting the absolute most out of your home, give me a call at Re/Max Haven Property Management!