If you are considering selling your home, you might also be considering replacing your roof. Is it worth spending money on something you are about to sell? There isn’t a one-size-fits-all answer to whether you should reroof in preparation for putting your home on the market. Although you should consider how much you will spend on the roof versus how much more you may get if you sell. It’s a complex decision that comes down to more than the return on your investment.
Here are some ways a new roof can help your home sell quickly and for more money.
You never get a second chance to make a first impression, and your home’s curb appeal is that first impression. A clean, new roof says, “Welcome Home!” It also makes your home look well cared for, putting potential buyers at ease.
If the roof looks dated, potential buyers may worry about future expenses and the inconvenience of replacing a major part of the home. They may also be concerned about other deferred maintenance. If you didn’t take care of your roof, what other problems might be lurking in the home, waiting to cost them time and money if they buy it?
A roof that is an unusual color or looks awkward with the home’s style can be especially jarring. Replacing the roof with one that coordinates well with the rest of the home may be when you get the most bang for your roofing buck because the improvement to the home’s aesthetics is most significant.
A new roof starts a potential buyer’s visit to your home on the right note and leaves a great impression.
A new roof will come with a warranty. Older roofs typically had 15-25 year warranties, but newer roofing technology allows many products to offer longer warranty terms. That’s peace of mind for you now and your buyers down the road. Check with your roofing contractor about the terms of the warranty to see if it will transfer to the new owners. In many cases, the answer is, “Yes.” That means buyers know they shouldn’t have problems for years to come, and if something does happen, the repairs are likely to be covered.
As roofing technology advances, materials become much more energy efficient. Roof materials that reflect solar heat keep your home cooler in the summer, and a properly installed roof can eliminate air gaps that lose heat in the winter. You can benefit from that now and use it to entice potential buyers when you list your home. Lower energy bills and a more energy-efficient home are great selling points.
Increased Property Values
A new roof can increase the value of your home. Not only can that help you get a higher selling price, but it also helps with things like appraisals. A low appraisal can kill a real estate deal because it prevents buyers from getting the financing they need. How much the value increases will depend on the condition of the old roof, the type of home you are selling, the materials you choose, and more. But, that new roof should add thousands of dollars to your home’s value, make it look better, and sell more quickly.
For homebuyers, a new roof means one less thing to worry about. It also suggests to buyers that your home was well-maintained. They will use the home’s appearance to assess the care you took with the structure. An updated roof tells them you spent money properly caring for the home and updating as needed. Plus, it just looks nice!
Few things scare off buyers faster than a sagging, leaking, or visibly damaged roof. It can even cause them to walk away from an otherwise fantastic home, even if the cost to replace the roof is relatively insignificant compared to the purchase price. If you take care of the roof before they ever see the home, you can remove it from their list of concerns about your property.
Confident buyers are buyers who make offers and feel comfortable spending a bit more to buy peace of mind. A new roof can give them the confidence they need to buy your home.
Getting to Closing
Accepting an offer on your home is only the first step.
Many homes fall out of escrow before the sale is final, leaving the seller scrambling to find a new buyer. Most buyers will bring in a home inspector. One of the things they will check is the roof. If they find any problems, your buyer could walk away or ask for thousands of dollars in concessions, leaving you deciding between starting over with your listing or walking away with less money on closing day.
A new roof should prevent any nasty surprises that threaten the sale, meaning you are more likely to make it to closing without having to leave additional money on the table. As mentioned above, the roof can also help ensure the home appraises for the value needed to get a loan for the necessary amount.
A new roof can be the thing that gets you from an accepted offer to a finalized sale.
While preparing to sell your home, the last thing you may feel inclined to do is put more money into improvements you won’t be around to enjoy. In some cases, new, quality roofing can be a savvy choice. You can start the decision by having a trusted roofing company perform an inspection so you know if your roof needs repair or replacement. They can also help you understand the choices available to you to get the best return on the investment. Replacing your roof may be just the thing to bring you more money and a quicker sale.