The Real Estate Side of Roofing…
At Storm Guard of Naperville we have been lucky enough to partner with Carrie Foley of John Greene Realty. We asked Carrie to provide her insight on getting your home prepared to sell. Below is Carrie’s perspective on roofing and the sale of your property.
If you’re thinking about listing your home, you may be wondering if you should list as-is, or if you should spend some money to replace your roof. It probably goes without saying that you want to get the highest price possible, but does it make sense to make major upgrades if you won’t get a good return on your investment? If you’re on the fence about replacing your roof before you list, here are several considerations to keep in mind.
Have your Roof Inspected
Your first step should be to enlist the services of a professional home roofing expert. While a general home inspector can give you an idea of the roof’s overall condition, a roofing specialist will give you an in-depth report about the condition of the roof, the extent of damage, if any, and an estimate of the roof’s remaining lifespan. Knowledge is power, and knowing what you’re dealing with in your roof will help you make informed decisions about what steps to take. You’ll also feel more confident about your decision if it’s backed up by an expert’s opinion.
Know the Real Estate Disclosure Laws
In Illinois, home sellers are required to disclose known home defects to potential buyers. You are legally obligated to tell potential buyers about your roof’s condition, including any leaks, mold, or structural damage. Buyers represented by knowledgeable agents will always ask the age of the roof, and the current condition. IF you have to disclose that you have a leak or a damaged roof, it is best to repair/replace prior to listing.
The Mortgage Company May Require a New Roof
In some cases, the decision to replace your roof is out of your hands. Many lenders won’t approve a mortgage if the home’s roof is failing or in poor condition. For example, FHA and VA guidelines require a roof to have at least two years of life remaining.
Home lenders have gotten strict in recent years, and many turn people away if they believe the home is an insurance risk. If you forego replacement, you are restricting yourself to a smaller pool of potential buyers.
A Bad Roof Will Scare Off Buyers
In many cases, a bad roof is a deal breaker for buyers. When potential buyers see missing or sagging shingles, they wonder what else could be wrong with the house. A tired, worn-out roof gives the impression that the rest of the home is also worn and in need of repair. Few buyers want to invest in a home that could have moisture damage, mold or even structural issues lurking beneath the surface.
A New Roof Design Could Boost Your Home’s Value
On the flip side, a new roof design may attract buyers and perhaps even help them overlook your home’s blemishes. This is also why it’s important to work with an experienced roofing contractor. If buyers know your roof was properly installed, they’re more likely to make an offer. A new roof may seem more like a structural fix than an aesthetic upgrade, but today’s roofing designs can dramatically change the look of a home.
Getting a new roof won’t guarantee your home will sell faster or for more money. The typical ROI on a new roof is about 70%. But NOT getting a new roof can turn off buyers, disrupt the mortgage process, and ultimately leave your home on the market for an extended period of time unnecessarily.
If you are looking for a quality realtor, give Carrie Foley and her team a call!
Carrie Foley | Real Estate Broker | john greene Realtor
CSC | TOP PRODUCER | VOTED FAVORITE AGENT ON NEXTDOOR.COM
c 630.544.0596 | f 720.625.6170 l o 630.820.6500
2010-2019 Best Real Estate Company – Naperville Magazine “Best of Naperville”