Pros and Cons of Replacing Your Roof Before a Listing
You might be wondering whether to replace your roof before listing your property. Most reputable real estate agents will advise you only to do so if your current roof isn't likely to pass inspection or if replacing it will significantly raise the value of your home.
Here is some valuable information to help you decide.
Pros of Replacing Your Roof Before You Sell
Buyers are attracted to homes with curb appeal and online photos highlighting a new roof will attract a lot of traffic. That means you may sell your home more quickly. Roofing replacements also help you when it comes time to negotiate a sales price. Buyers will be willing to pay more for the security of knowing they won't need a new roof anytime soon.
Cons of Replacing Your Roof Before Listing
Putting on a new roof is a huge financial commitment. It may not be one you're willing to assume before moving into a new property. Other problems may arise that delay construction or cause cost overruns. Both scenarios impact your ability to look for a new home right away, meaning you can't put the current one up for sale.
Consider Repairing it Instead
If your roof is in decent shape, talk to an expert about whether it needs to be repaired. If there's structural damage, chances are an inspector or appraisal will request repairs prior to closing anyway. You may want to just get it taken care of. If the roof is in good shape but doesn't look great, it may just need to be cleaned and spruced up. A roofing expert can give you some great ideas that are within your budget.
Should You Replace Your Roof?
Ultimately, it's your decision. It's important to determine how much a new or repaired roof adds to the price you're likely to get. Dealing with construction on a home that no longer meets your needs is stressful. If the roof needs a lot of work, it may be worthwhile offering a concession to the buyer -you essentially give them the money to fix it when they move in -- so you can move out and move on sooner. Your time frame is another factor. If you don't have a lot of time, this may be your best option.
If you are in the market for a new home or interested in refinancing your current property, be sure to contact a trusted mortgage advisor with Bond Street mortgage to discuss current financing options.
Frequently Asked Questions
Replace your roof only if it likely won't pass inspection or if doing so will significantly increase your home's value. Otherwise, it may not be necessary.
A new roof can attract more buyers by improving curb appeal and may help you sell faster and negotiate a higher sales price.
It’s a major financial commitment that can delay your selling timeline due to construction issues and might limit your ability to purchase a new home quickly.
Yes, if the roof is in decent shape, repairs or cleaning may suffice and can be more budget-friendly, especially if only cosmetic improvements are needed.
You might offer a concession to buyers to cover repair costs, allowing you to move on without handling the construction yourself.
Talk to an Advisor
Get personalized mortgage guidance from a local expert.