Should I buy a house with an old roof in Fayetteville?
The answer will depend on YOU, however having an old roof on the home you are wanting to buy can actually be a selling point and be a benefit to you if navigated correctly.
Were you aware that the average home in the United State will sell in just under 65 days? Depending on where your home is located in the US can affect how fast it sells and depending on the economy it could sell faster, however this means that sellers can quickly sell their home and buyers have to be quick to purchase. Many homebuyers look for the best priced house that can fit into their budget, rarely do people consider the condition of the roof or how old it is when looking for a deal (in fact most people listing their home don’t mention the roof unless it was recently replaced). So what do you do if the house you want to buy has an old roof? Is that a deal breaker or is it actually a benefit for the buyer?
The first aspect you have to consider is the type of roofing materials that are currently on the home and what type of materials you would use if a roof replacement job was in the foreseeable future. A well maintained roof that is 15 years old can actually be in better shape than a roof which was installed 9 years ago but has been mistreated or lacked maintenance on the part of the owner. When we say the roof was never maintained we mean there are tons of leaves in the gutters and flat spots, leaking swamp coolers, dead branches or missing shingles etc. If you maintain the roof properly over time it can last more than 25 years and still be in decent shape, it all depends on the quality of the roofing material used and how the previous homeowner maintained it. It is good to know as well that just because a roof is old doesn't necessarily mean that it needs to be replaced immediately and is a “deal breaker”. In fact if you buy a home with an old roof you may not see any evidence of leaks for a few years after you purchase the home, eventually though you will need to replace the roof if you go through with the purchase.
One strategy the buyer can take is to try and include the cost of a new roof inside the negotiation price of the home. If the roof is older and you want to replace it with a new one when you purchase the home you may be able to talk the seller down to help with the cost. Let us say for the purpose of this article that the seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000, if you are able to talk the seller down to $190,000 then in theory you just replaced the roof at no additional cost. Selling and buying a home has many different kinds of negotiation terms and replacing an old roof before you purchase it could be a common negotiation term you have in the deal.
During the purchase of a home there is always some negotiating and if the house has an older roof this gives you some more tools in your belt to get a better deal. The seller of the home could have replaced the old roof before listing the property but may have lacked the funds or time to do so. If you help the owner sell the home quickly (having them lower the price by x amount for a new roof) then this could be in your favor when purchasing the home. If the seller is unwilling to go down on the cost of the home you can always ask them to install a new roof before closing takes place. If they continue to decline you can either walk away, pay for the roof with your own money, offer to pay for some of the roof or live in the home for a little while until you can put a new roof on the house. There are many different options and as long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
If you are looking to purchase the home and live in it long term (more than 15 years) we always recommend investing in the property and placing a new roof on the house. Having a new roof on the home will make life less stressful when massive storms and winds come through, it will help provide peace of mind knowing that your home will be safe from the elements. Installing a new roof on a home can increase the property value and make the home more desirable when the time comes to sell it (if you choose to do so).
One aspect to consider when buying a home with an older roof is the type of loan you take out, whether it be traditional or an FHA loan etc. Mortgage companies that offer loans for first time home buyers will not allow the purchase of a home unless the roof and other aspects of the home meet certain expectations. Be sure to check with your mortgage lender, broker and real estate agent to make sure the house adheres to all the requirements. The majority of cities across the country have regulations before someone can sell the home, they may have to go through a pre-sale home inspection which should have already addressed the roof’s health and if it is a potential concern to the buyer.
We always recommend working with a dependable home inspector before the home is closed on, they will be able to tell you the health of the entire home (not just the roof). Some people will really benefit from buying a home with an old roof while others find it a major red flag, like mentioned above each person's situation will be different. Do your own due diligence to make sure the home is going to be the best option for you in the long run. If you do decide to purchase the home and need someone to help replace the roof be sure to give our local roofing company a call today for a free estimate.
Were you aware that the average home in the United State will sell in just under 65 days? Depending on where your home is located in the US can affect how fast it sells and depending on the economy it could sell faster, however this means that sellers can quickly sell their home and buyers have to be quick to purchase. Many homebuyers look for the best priced house that can fit into their budget, rarely do people consider the condition of the roof or how old it is when looking for a deal (in fact most people listing their home don’t mention the roof unless it was recently replaced). So what do you do if the house you want to buy has an old roof? Is that a deal breaker or is it actually a benefit for the buyer?
The first aspect you have to consider is the type of roofing materials that are currently on the home and what type of materials you would use if a roof replacement job was in the foreseeable future. A well maintained roof that is 15 years old can actually be in better shape than a roof which was installed 9 years ago but has been mistreated or lacked maintenance on the part of the owner. When we say the roof was never maintained we mean there are tons of leaves in the gutters and flat spots, leaking swamp coolers, dead branches or missing shingles etc. If you maintain the roof properly over time it can last more than 25 years and still be in decent shape, it all depends on the quality of the roofing material used and how the previous homeowner maintained it. It is good to know as well that just because a roof is old doesn't necessarily mean that it needs to be replaced immediately and is a “deal breaker”. In fact if you buy a home with an old roof you may not see any evidence of leaks for a few years after you purchase the home, eventually though you will need to replace the roof if you go through with the purchase.
One strategy the buyer can take is to try and include the cost of a new roof inside the negotiation price of the home. If the roof is older and you want to replace it with a new one when you purchase the home you may be able to talk the seller down to help with the cost. Let us say for the purpose of this article that the seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000, if you are able to talk the seller down to $190,000 then in theory you just replaced the roof at no additional cost. Selling and buying a home has many different kinds of negotiation terms and replacing an old roof before you purchase it could be a common negotiation term you have in the deal.
During the purchase of a home there is always some negotiating and if the house has an older roof this gives you some more tools in your belt to get a better deal. The seller of the home could have replaced the old roof before listing the property but may have lacked the funds or time to do so. If you help the owner sell the home quickly (having them lower the price by x amount for a new roof) then this could be in your favor when purchasing the home. If the seller is unwilling to go down on the cost of the home you can always ask them to install a new roof before closing takes place. If they continue to decline you can either walk away, pay for the roof with your own money, offer to pay for some of the roof or live in the home for a little while until you can put a new roof on the house. There are many different options and as long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
If you are looking to purchase the home and live in it long term (more than 15 years) we always recommend investing in the property and placing a new roof on the house. Having a new roof on the home will make life less stressful when massive storms and winds come through, it will help provide peace of mind knowing that your home will be safe from the elements. Installing a new roof on a home can increase the property value and make the home more desirable when the time comes to sell it (if you choose to do so).
One aspect to consider when buying a home with an older roof is the type of loan you take out, whether it be traditional or an FHA loan etc. Mortgage companies that offer loans for first time home buyers will not allow the purchase of a home unless the roof and other aspects of the home meet certain expectations. Be sure to check with your mortgage lender, broker and real estate agent to make sure the house adheres to all the requirements. The majority of cities across the country have regulations before someone can sell the home, they may have to go through a pre-sale home inspection which should have already addressed the roof’s health and if it is a potential concern to the buyer.
We always recommend working with a dependable home inspector before the home is closed on, they will be able to tell you the health of the entire home (not just the roof). Some people will really benefit from buying a home with an old roof while others find it a major red flag, like mentioned above each person's situation will be different. Do your own due diligence to make sure the home is going to be the best option for you in the long run. If you do decide to purchase the home and need someone to help replace the roof be sure to give our local roofing company a call today for a free estimate.