There are a lot of home improvement options that will improve your home value, nonetheless your safety and functionality of your home. If you are looking into your home value because you want to sell it, roof repair or roof replacement is definitely a home improvement option you want to consider.
According to Zillow, roof replacement can increase your home value, however, you may not get a full return on your investment (ROI). There are other aspects to consider during a sales transaction, however. Even if you do not recuperate 100% of what you invested on your roof, you may still come out ahead. Without going into much detail, below are general scenarios of what can happen if you try to sell a house that has a roof problem without fixing it.
You May Have Lower Offers Than What You Anticipated
The roof of a house is one of the first aspects people see as they look at your home from the outside. For example, if you have missing shingles everyone will notice that and use that reason to offer you a lower price than what you listed.
Your Home May Take Longer To Sell
It is important to remember that people are not just looking at your home. They are shopping around and looking at different houses at the same time. Buying a house knowing that there are roof problems will be uncomfortable for anyone and it may take a while for you to get an offer (which is likely to be of a lower value too).
You May Get Fewer Offers
Assuming that a house is correctly priced and that there are no major problems including the roof, more people should be attracted to put in an offer. In a hot market, the owner may get multiple offers to choose from, some may be higher than the asking price. We can almost guarantee that people will not put a higher offer on your house if they know they need to spend money to fix the roof.
The Buyer May Change Their Mind About Purchasing Your Home
Let us say you got an offer and accepted it. Most buyers hire a home inspector who will most definitely check your roof and warn the buyer if there is any damage to it. In the reports they generate, they will recommend it to be fixed. There is a period of time in which the buyer can still back out after the deal. Because roofs are so expensive in general, you can scare away any buyer if your roof shows up with problems on the home inspector’s report.
The Buyer May Ask You For a Credit Or To Fix The Roof
If your roof has problems, and the buyer still wants to purchase your house, you can be sure that they will ask you to do something about it. That means you will either need to spend money to fix it, or they will ask you for a credit which will lower your profit. The number of credit people asks for depends on how much it costs to repair or replace it. Most of the time you can anticipate that if the buyer asks you for a credit, it will be of a higher amount than the actual cost. It will also be higher in states where the cost of the job is higher. Honolulu Roofing is a good example. Roof replacements may cost well above $10,000 in Oahu, depending on the size of the house.
Conclusion
In conclusion, if your roof has problems it will affect your home value one way or another. Your home may take longer to sell, you may have fewer offers to choose from, they may be of a lower price, and you may end up spending the money to fix it/give credit anyway. In this case, you probably lost more money than if you had repaired or replaced the roof before listing it. That being said, we recommend you speak to your realtor about your roof situation for the best experience.
