One of the hottest topics when it comes to selling a home is whether or not to replace your roof. Unfortunately, the answer is not always cut and dry – every situation is different and requires a different answer. In general, the roof is one of the largest things that potential buyers worry about. If your roof has a lot of potential issues, it could scare buyers away. Let’s take a look at what you should consider before deciding whether or not you should replace your roof before placing your home on the market.
Are you in a hurry to sell your home? If so, then you might want to replace the roof because it provides much better curb appeal. Homes that have obvious issues with the roof or that are unappealing to look at could get passed over much easier than one with a solid and pleasant looking roof. If you are not in a hurry and have room to negotiate when it comes to the price that you are asking, then you might be able to get away with not getting a new roof, but allowing for it financially in the final price that you accept.
If you have potential buyers and they will be obtaining financing from the bank to purchase the home, your hands might be tied when it comes to the roof. Most lenders will not lend money without a new roof or extensive repairs being a condition of the loan closing. You should keep this in mind if your house is in a high priced area where mortgages are common.
Another factor, which might seem to have nothing to do with your roof, is the amount of competition in the area. If your home is located in an area that has become popular for potential buyers, chances are you will receive many offers, some of which might overlook the roof issue. If, on the other hand, the area is not very popular, more scrutiny could be paid to certain areas, especially the roof.