A move-in-ready home is what today’s buyers seek. Buyers are more driven than ever to buy homes that don’t require any work because of their busy schedules, lack of DIY skills compared to prior generations, and the escalating costs of building supplies and labor.
This isn’t good news for homeowners trying to sell a house that needs repairs or has a damaged roof. Thankfully, it doesn’t imply that every homeowner who experiences typical roofing issues must repair their roof before they can hope to sell. Read on for more information.
What You Need To Know When Deciding To Repair Or Replace A Roof Before Selling A Home In Lancaster, PA
New roofs are a favorite among realtors since they are an easy selling feature. Buyers adore them because they satisfy mortgage lenders and insurers, increasing the likelihood that they will be able to spend their meager funds on modifications that are enjoyable rather than massive structural repairs.
You Need to Know What a New Roof Costs
Roofs, therefore, are typically nothing but a hassle for current homeowners. A new roof typically costs roughly $7,000 – $20,000 to replace. According to Forbes, actual prices could be significantly higher depending on the geographical area, the overall roof structure, roofing material, and more.
To make matters worse, while a new roof can wow potential purchasers, its rate of return on investment is depressingly low. According to Zillow, the average return on investment for homeowners who install a new roof on their home is less than 60%. This is significantly less than the typical return for highly beneficial, valuable renovations. Therefore, it doesn’t make sense to fix a roof before selling a house based solely on the financials.
You Need To Know A New Roof’s Hidden Costs
The fact is that the initial expense of a roof replacement is only a portion of the whole picture. A new roof comes with a number of additional hidden expenses such as your time. Most homeowners who want to sell just lack the free time to:
- Investigate roofing companies, pricing, and materials.
- Request inspections and estimates from several different vendors.
- Spend some time off of work watching roofers remove and replace their old roof.
- Making such time may require delaying other important pre-sale duties or use valuable work-related vacation days.
You Need To Know About Added Costs Related To Timing
Historically, spring and summer are the busiest seasons for the housing market. Families prefer to relocate when the weather is agreeable, and their children are in between grades. Buyers prefer not to move around the holidays or when the cold weather makes relocation difficult and possibly unsafe.
Unfortunately, spring and summer are also the best times to replace a roof here in the Lancaster area. As a result, homeowners who choose to install a new roof might have to postpone listing their houses for sale. They may miss important market sale windows because of this.
Timing can also be an issue for homeowners who are coping with an inherited home or who need to sell their home to finish a divorce or in the case of a serious medical condition. These property owners may incur additional fees for the house they own for months if they delay installing a new roof, such as:
- Utility Bills
- Mortgage Payments
- Insurance
- Taxes
- Related Costs Of Maintenance and Upkeep
The cost of replacing a roof frequently has additional or associated expenses. Homeowners can discover that replacing the roof exposes damage from leaks and other sources, or that damage to the roof’s support structures needs to be repaired. Before they can complete the roofing project and sell their homes, they must also address those issues.
You Need To Know About The Option To Leave the Roof As-Is Even If Damaged.
Many homeowners question whether they can just sell their homes with a damaged roof if fixing the roof before selling is such a lousy deal for sellers. Sadly, the response is frequently “not if you want to sell through the conventional real estate process.” You only need to look at the typical home-buying requirements to see why. The problems with not fixing the roof and selling through a realtor in a convention way is that you will need all of the following which will likely require you to repair or replace.
You will need an inspection.
Any conventional buyer must have the property inspected before making a purchase. This is because buyers who require a mortgage can only acquire homes that adhere to lender requirements. Lenders demand that houses adhere to industry-standard safety and habitability standards. Additionally, they demand that home insurance be purchased by buyers.
The roof is such a crucial component of a house that Inspectors must assess the condition of the roof and provide a report. Insurance companies might decline to completely insure a house with a damaged roof. Lenders won’t approve a mortgage for a house with a damaged roof.
You will face many potential buyers who walk away when they see roofing problems.
In fact, it is one of the number one causes of buyers to move on to the next option. The reason is that many buyers of homes go far into their savings to make a down payment. They are consequently left without the resources to take on significant home improvements like roofing for a while after they buy their new house. They will therefore avoid homes that look like they will require big upgrades, such as new roofs, in the next five years or so.
You can not try to hide the damaged roof from potential buyers.
In case You are thinking about not mentioning roofing problems to potential buyers. While it is tempting to go this route and often tried, as stated earlier, a home inspector is required to examine and document the condition of the roof in every conventional sale. For buyers who require mortgages and home insurance, this is an essential step in the process. These inspectors are required to find issues. The roof is one of the main structural items they check.
In addition, there is some sort of disclosure law in every state. Even while these rules may differ slightly, they are all the same in that buyers may later sue sellers who fail to disclose known defects or hide housing issues. Owners of properties with damaged roofs must deal with the issue head-on. In Pennsylvania the law is clear. Disclosure in home sales is required.
The Best Option For Selling a House With a Bad Roof Is Cash Buyers
Property owners who are struggling under a defective roof may feel trapped. Unless the home they are selling is in otherwise great shape, newer, without other needed updates and repairs, traditional sales are difficult and having their roofs replaced is typically not worth the expense. A great option for these situations is a professional home buyer like Awakened Home Buyers in Lancaster.
When selling to a professional home buyer, there are no inspections, no disclosures, no repairs or renovations needed. You do not even have to clean up or remove old items from the basement or attic. There are no commissions, no closing costs, and no added fees. The professionals at Awakened Home Buyers will make you a no-pressure cash offer. If you accept the offer, you can typically have your sale complete and your cash in hand in about a week.
If this option sounds like a possible solution for you, you can read more about how we operate here. This is an especially good option in the case of pending foreclosure, or a needed quick sale of an older home due to illness or job loss. Please feel free to contact us for more information. You have nothing to lose and cash and a worry-free home sale in Lancaster to gain. Call us today at (717) 925-7465 or fill out the form here.