Why is getting a roof inspection before selling your home so important?
An old or damaged roof can be the Achilles’ heel of a successful home closing. High replacement costs and lingering damage can cause potential buyers to back out. Plus, most mortgage companies require a roof to have at least 3 years of life left before agreeing to fund the loan. Knowing in advance whether your roof needs minor repairs or a full replacement can streamline the selling process and help you steer clear of costly delays.
What else should homeowners know about getting a roof inspection before selling their home? Read on to get expert insight, plus learn what options you have if you want to sell but your roof isn’t in the best shape.
Why A Roof Inspection Is A Seller’s Best Friend
New roofs are expensive! Inflation alone has driven up the cost of building materials by 24%. When coupled with higher labor costs and supply chain issues, the cost of getting a new roof today is double or triple what it was less than a decade ago.
For someone buying a home, paying for a brand new roof in addition to closing costs is the last thing most people want to deal with!
For that reason, making sure your home’s roof is in good condition before listing is one of the best things you can do to keep your asking price high. Plus, it can also help you avoid stressful delays in the closing process. Here’s how:
Reason #1: A Roof Inspection Before Selling Gets Ahead of Repairs
Buyers seeking repairs can put sellers in a tight spot, forcing them to lower the sale price or deal with last-minute fixes under pressure. Performing repairs in advance grants sellers control over the process, avoiding premium costs and ensuring quality repairs.
Reason #2: Avoid Delays
A pre-sale roof inspection assures buyers that home inspections won’t uncover major issues, preventing delays that could jeopardize the entire selling process. Sellers gain confidence that their property is ready for a seamless transition to new ownership.
Reason #3: Use Roof’s Condition As A Selling Point
A well-maintained roof isn’t just a protective shield; it’s a valuable selling point. Homes with roofs in good condition are more attractive to buyers, potentially allowing sellers to list their property at a higher price and maximizing returns. Getting a roof inspection before selling is a great way to include more information in the listing description to entice buyers.
Difference Between A Home Inspection And. Roof Inspection
Most people who have purchased or sold a home are familiar with the home inspection process. The home inspection process includes hiring a neutral third party to come in and assess the condition of a home and spot any weak spots that could lead to costly repairs. The difference between this and a roof inspection is what part of the home (all or just the roof) is looked at.
“…But won’t the home inspection catch any existing roof issues?”
That’s usually what we hear homeowners say when discussing the importance of a roof inspection before listing their homes.
Unfortunately, waiting for a home inspection to find out about the condition of your roof can create additional problems. This is mainly because the home inspector’s report is part of the mortgage underwriting process – and they could demand immediate repairs for the loan to process. This puts the seller in a tough spot: pay a premium for emergency roof repairs or back out of the deal. Getting a roof inspection before listing gives sellers more time to address any concerns and make repairs.
Navigating Roof Issues: Options for Sellers
If you are thinking about selling your home but know your roof has existing hail damage or a roof leak, it doesn’t mean you have to invest in a brand new roof right away. You can sell your home without making any repairs! However, which route you take can and will likely have an impact on the listing price. Here are a few options to consider:
Option 1: Get Roof Repairs Or Invest In Full Replacement
Most realtors suggest investing as little money as possible in your home before you sell. This is because you can never really know what sellers are looking for and may not coupe those costs.
When it comes to your roof, deciding to repair or replace may depend on your area, the size of the home, and your neighborhood. According to a 2019 survey, a new roof offers a 68% return on investment. Yet, other research done by the National Association of the Remodeling Industry (NARI) found that a new roof adds 109% to the appraisal value – meaning you could make a profit on the project.
Our suggestion is to get a roof inspection before selling your home to determine estimated repair or replacement costs. Then speak with a local realtor to see if a full roof replacement makes sense financially and what the ROI might be at closing.
Option 2: File a Homeowners Insurance Claim
If you have existing storm damage, you may want to consider filing a claim to cover replacement costs. Storm damage is typically a covered peril under homeowners insurance policies but actual coverage and payouts vary by policy. While this can extend the selling timeline, it may be a worthwhile step before listing.
Option 3: Reduce Selling Price
Selling a home with existing roof problems is feasible but may require a reduced selling price. A pre-listing roof inspection helps sellers determine the roof’s remaining lifespan and factor it into the listing price.
Timing is Key: When to Schedule a Roof Inspection Before Selling
For homeowners with older homes, a professional roof inspection should be a top priority as soon as they contemplate selling. This proactive approach provides ample time to identify, address, or replace their roof, avoiding last-minute rushes and ensuring a stress-free selling process.
Get Help From Triple Diamond Construction – Your Roofing Ally
With over a decade of expertise in handling roofing issues, Triple Diamond Construction is your local roofing expert in Oklahoma City. Our team of experts is ready to assist in understanding your roof’s condition!
Spring into action by scheduling your roof inspection online or by calling 405-895-9972 to help your home stand out in the competitive real estate market. Don’t let your roof be a hidden obstacle – let Triple Diamond Construction unveil the potential for a successful home sale!
