If you are preparing to sell your home, you have a lot to consider. Even with the recent hot real estate market, you want to make sure that your property is as attractive as possible to potential buyers. But, what does this mean for your roof? Is it worth replacing your roof before you sell your home? This can be a difficult question to answer as there are a lot of considerations to make.
Below we discuss some of these considerations and discuss whether it is worth replacing your roof before you put your home on the market.
Does a New Roof Increase Your Home’s Value?
Your roof is one of the most important parts of your home. It not only protects your home from the elements, but it has a significant impact on your home’s curb appeal. A roof that is in disrepair can deter a potential buyer from putting in an offer on your home. If there is visible damage to your roof, a buyer may be concerned that even more significant damage is hidden below. They may also wonder what other maintenance has been neglected in your home.
In some cases, if your roof is in bad shape, installing a new roof may increase your home’s value and may enable you to list it for a higher price than if you did not replace your roof. Additionally, a new roof is an excellent selling point and may encourage buyers to place a more aggressive offer on your home.
Will You Get Your Money Back?
A roof replacement is a significant investment. Just as a potential buyer may not want to take on the expense of a new roof right after buying a new home, you don’t want to put more money into a property you’re not staying in. However, because your roof is so visible and has such a significant impact on how potential buyers view your home, it very well may be worth the investment.
According to data compiled by Remodeling magazine, the return on investment for roof replacements for both asphalt shingles and metal roofing in the Phoenix area was over 70% in 2020. While this is not a 100% return on investment, this combined with more and better offers, a faster sales process, makes roof replacements worth it for many people.
Do You Really Need to Replace Your Roof?
When trying to decide whether to replace your roof before listing your property, the most important thing to consider is whether your roof truly needs to be replaced. If your roof is over 10 years old, or if you haven’t been the best at routine maintenance, you may assume it needs to be replaced. However, you may only need a thorough inspection and some repairs. Even if you see visible damage, such as broken shingles or damaged flashing, this does not automatically mean that you need a new roof.
Reasons to replace your roof before selling your home:
- Your roof is past its expected lifespan and in poor condition
- Your roof is significantly damaged
- Your home has been on the market for a while, and the roof is a cited reason why you haven’t had any offers
Even if your roof does not need to be replaced or repaired, it is still a good idea to have your roof inspected by a professional and to have routine maintenance performed before listing your home.
When to Not Replace Your Roof
Outside of when your roof doesn’t actually need a replacement, there are a few situations in which it makes more sense to sell your home with the roof as is. The first being that you simply cannot afford to replace your roof right now. While your roof may still come up as an issue when selling your home, there are options to deal with it that do not involve you paying for a roof replacement out-of-pocket. For example, you may negotiate a reduced sale price for the home to enable the purchaser to replace the roof after they have bought the house.
If you are in a competitive seller’s market, replacing your roof (even if it needs it) may not be necessary. In the last year, the housing market has skyrocketed and there are more potential buyers than there are available homes. This means that many buyers are willing to overlook things they wouldn’t have in the past. Your realtor can help you determine if your current roof is likely to affect the sale of your home and whether it’s worth replacing before listing.
Finally, if your home is being sold in as-is condition or as a development property/fixer-upper, replacing the roof may not make a difference when it comes to the value of the home or buyer interest. If it is likely that the property will be heavily remodeled by the new buyers, or it is being sold to developers who are primarily interested in the land, spending money on a roof replacement does not make sense. Again, this is something that your real estate agent will guide you in.
What to Do If You Are Considering Selling Your Home
If you are considering selling your home, you should schedule a professional roof inspection with one of our professional roof inspectors at Lyons Roofing. An inspection will not only provide you with the information you need to decide on a roof replacement, but it will also clue you in on potential problems that will arise during the sales process. We will thoroughly inspect your entire roofing system, noting any repair issues or potential issues. After your inspection, we will review your repair options and help you prepare for listing your home.