If you’re thinking of selling your home, you’re likely compiling a list of challenges you’ll face in doing so. Buyers are usually pretty picky when it comes to buying a home, and thus they’ll want to make sure the home both meets their needs and is in good condition. Thus, major flaws such as old our outdated systems, signs of potentially serious damage, and plenty of other issues could all throw a wrench into a deal which seemed to be going smoothly.
However, there may be no bigger hurdle to overcome in selling your home than that of your roof. Your home’s purpose is to protect you and provide you with shelter from the elements, and your roof is the primary line of defense responsible for that. So, naturally, a roof that’s begun to show signs of age or sustained serious damage is something that your buyer will likely bring to the forefront when discussing the terms of your sale.
The Impact of an Old or Damaged Roof on Your Home Sale
Think about this from a buyer’s perspective momentarily: as a buyer, you want your new home to be in good condition when you move in. Nobody wants to have to deal with the hassle of a major repair or replacement immediately after spending a ton of money buying a new home plus moving into it. The thought of then needing to turn around and spend a significant amount more to repair a damaged roof isn’t something that’s going to appeal to a lot of people. So immediately you’re alienating a large swath of what would otherwise be potential buyers.
However, some buyers may really like your house and be okay with putting in a little bit of extra work to make it perfect. However, they’ll want compensation for the extra work and the expense they’re going to have to put forth in doing the work. Thus, they’ll likely use the fact that you need a serious service to reduce their offer. Ultimately, what that means for you is a lower sale price and less of a return on your investment from your initial home purchase. If you’re talking just a few repairs, then the cost won’t fall all that much, but a total replacement can add a significant cost burden to your home sale and ultimately reduce your take-home sale price by thousands of dollars.
Repairing vs. Selling “As-Is”
This brings us to a question which we occasionally get from customers who are looking into roof repairs in order to sell their home: should you front the cost and have your roof serviced yourself, or wait it out and let your buyers deal with it? Unfortunately there’s no straightforward answer to this question and it depends entirely on your situation.
One of the most important factors is time. If you’re looking for a short sale or want to move as soon as possible, then you don’t have the luxury of time to invest in roof repairs. In these instances, you’re probably better off being honest with your buyers right up front, telling them about the issues with your roof, and having a quote for the repairs ready to go so you can negotiate them into your sale price. Another factor is money: you don’t want to go broke investing in roof repairs for a home you’re just going to turn around and sell right away, so you shouldn’t run your bank accounts dry in order to fix your roof.
However, if you have time on your hands and want to maximize your sale price, then fixing or replacing your roof before listing it gives you a tremendous advantage. A new roof is an extremely valuable feature to have for your home—buyers all want a new roof because they know they won’t have to deal with age-related problems for decades. The fact that buyers won’t have any repairs they can use as leverage to bring your asking price down means you’re going to get a better price for your home, and potentially even offers over your asking price if your home is truly special.
This also gives you another benefit: the ability to advertise that your home has a new roof. A new roof to home buyers is like a bright light in a room full of moths—it’ll draw in a ton of buyers. The idea of a roof being in good condition may even bring in potential buyers who might not have been interested otherwise, which means more potential offers. The more offers you get, the more likely you can drive up the price of your home, and the more profit you make from your investment.
Does your roof need repaired or replaced? Before you list it for sale, talk to the team at Lyons Roofing by calling (520) 447-2522 and let us restore it to top condition for you!