When you are getting your home ready to sell, you might be considering making some home improvements to increase its value and speed up the selling process. When you hire a realtor, they typically do a home inspection first, to make a list of what needs to be fixed or replaced in order to list your home on the market. Your roof may or may not be on that list, but as a homeowner, it is one of your biggest investments and plays a crucial role in protecting your home. It is also one of the first things a potential buyer will see when they come for a showing.
Before deciding to replace, repair, or sell as-is, you need to determine the current state of your roof. The first step to this is to have a professional roof inspection done. It is important that you get a professional roofing company to perform your inspection, as opposed to a home inspector. While home inspectors are knowledgeable in general areas, professional roofers are specifically trained to spot signs of damage or deterioration. A trained professional will get on top of your roof to check for weak areas, hail or wind damage, and other storm damage. They will also need access to your attic to check for any interior leakage.
If your contractor discovers damage during the roof inspection, they will then write up an estimate to either replace or repair your roof. Before signing a contract, read over the manufacturer and labor warranties. Also, if it is not specified in the contract, ask your contractor if the warranties are transferable to the next homeowner.
Some homeowners may gather estimates from multiple contractors, which can be helpful. However, don’t choose your contractor based on the lowest bid. Quality work will not only bring up the value of your home, but also give prospective buyers a peace of mind.
Roof replacements and repairs vary in price depending on the size, type, and slope of your roof. However, if your roof has suffered recent storm damage, you may be able to file a claim and get the cost of your roof replacement covered.
Return of Investment
When deciding whether to repair or replace your roof, determine how much of the expenses you will earn back when selling your home. According to Remodeling Magazine, 72% of the expenses for a mid-range roof replacements are earned back as well as 63% of expenses for upscale roof replacements.
Although you may not earn back the entire amount of your investment, there are benefits to repairing or replacing your roof.
First Impressions and Curb Appeal:
When a home is placed on the market its outward appearance is the first thing a prospective buyer will see. Whether they are simply driving by or coming for a showing, they will form an initial opinion about your home based on its appearance. According to shingle manufacturer GAF, “a roof can represent up to 40% of a home’s curb appeal.”
Your Home Sells Faster:
Homes that are well maintained will sell easier and be on the market for a shorter period of time. Prospective buyers may be more hesitant about purchasing a home that will need an immediate repair or replacement. On the contrary, the roof over your home is an investment, and prospective buyers may be willing to pay more for a home with a recently replaced roof.
According to the 2017 Remodeling Impact Report, published by the National Association of the Remodeling Industry (NARI) and the National Association of Realtors (NAR,) 45% of realtors suggest replacing your roof before listing your home on the market. In addition, 32% of realtors said roofing is what helped them close the deal.
Increasing Your Home’s Resale Value:
According to Remodeling Magazine, a roof replacement adds an average of $14,214.00 onto the resale value of your home. But why wouldn’t you just factor the cost of the roof replacement into the asking price? This is because a house is supposed to have a roof, therefore, a roof replacement is not an add-on, it’s an upgrade. On the other hand, if your roof is at the end of its life or in very poor condition and you decide to sell as-is, you may have to lower your asking price.
In conclusion, it is important to know the current state of your roof before listing your home on the market. If your roof is at the end of its life, it may be wise to replace it before selling, as prospective buyers may be hesitant about investing in a home that will soon need a whole new roof.
However, even if your roof appears to be in good condition with no apparent damage, make sure to get an inspection done by a professional roofing contractor before making any decisions. If you discover damage during the roof inspection, gather estimates. Determine the return of investment you will receive upon selling your home and compare this amount to the cost of the repair or replacement. Lastly, weigh your options and the benefits of each one with your realtor.
And as always, feel free to reach out to our office at (800) 994-3194 if you have any questions.
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