Thinking about selling your home? See how the age of your roof impacts what you can expect to get and why an old roof might cost you a sale.
Are you planning to put your home on the market this year? Homeowners in Tyler and Dallas often list homes in the spring and summer months, since those are the times homes sell fastest. If you plan to list, you probably want your home to sell quickly and for top dollar. Realtors advise clients they can reach both those goals by focusing on curb appeal and making sure their home appears well maintained. Here’s what you need to know about roofing and resale.
Roofing Provides High ROI
Many homeowners invest in improvements before they list, hoping to make some of their money back at closing. Every year Remodeling Magazine publishes a cost vs. value report for different types of home improvement projects.
The 2017 analysis for Texas states the average cost for roofing replacement was $19,125. Homeowners received an average of $13,234 higher at closing, recouping 69.2 percent of their investment. Other projects like a major kitchen remodel, deck addition or upscale bathroom remodel cost more and yielded a lower return.
If you’re listing during peak times, know everyone else is too. It’s when more buyers are looking, but they also have a lot of homes to choose from.
Most home searches start online. According to a National Association of Realtors report, 99 percent of millennials start their home search online, with 89 percent of older Boomers also looking at real estate websites. They scroll through photos and select ones that look good for later viewing.
Your listing will feature a photo of your home’s exterior. If your roof makes your home look older or poorly maintained, buyers will move on to the next listing.
When buyers view two similar homes, if one has a new roof, they’re more likely to buy it.
Receive Higher Offers
People know roof replacement is one of the most costly home repairs. If your home needs work, potential buyers may walk away. If your home is likely to need a roof replacement in the next few years, buyers know they have to budget for repairs. Homes that show a lack of preventative maintenance are more likely to receive low-ball offers.
When potential buyers see a roof looks new, they know they aren’t likely to have to replace it. Most roofs last between 20 and 25 years, and today’s home buyer seldom owns one home that long.
If your roof is at the end of its lifespan, even if you do find a qualified buyer they may not be able to close on the deal. To obtain financing they will have to carry homeowner’s insurance. Insurance companies typically inspect homes they are about to cover, and will refuse to write a policy on a home with an old roof. A roof in need of repair will also affect what your home appraises for, which can also impact financing.
If you’re planning to sell your home, have your roof evaluated by an expert. Contact Advantage Roofing Company for a free roof analysis today.