Should I buy a house with an old roof in Durham, NC?
Did you know that the average house in the country will sell in just under 67 days? Now depending on the economy this will fluctuate a little bit, however this means that sellers can sell quickly and home buyers have to be on their best game to snag a deal. Many homebuyers look for the best priced house that can fit into their budget, rarely do people consider the condition of the roof or how old it is (in fact most people listing their home don’t mention the roof unless it was recently replaced). So what happens if the house you want to buy has an old roof? Does this mean you should walk away or consider looking at other houses?
The answer will depend on YOU, however having an old roof on the home you are wanting to buy can actually be a selling point and be a benefit to you if navigated correctly.
A well maintained roof that is 15 years old can actually be in better shape than a roof which was installed 7 years ago but has never been maintained. When we say the roof was never maintained we mean there are tons of leaves in the gutters and flat spots, leaking swamp coolers etc. Your potential home’s roof can be 25 years old but still be in decent shape, it all depends on the quality of the roofing material used and how the previous homeowner handled its maintenance. Just because a roof is old doesn't necessarily mean that it is failing or leaking everywhere. You may not see any leaks for a few years after you purchase the home but eventually you will need to replace the roof if you go through with the purchase.
If the roof is older and you want to replace it with a new one when you purchase the home you may be able to talk the seller down to help with the cost. The seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000 lets say, if you are able to talk the seller down to $190,000 then you just got him/her to help install a new roof for you. During the purchase of a home there is always some negotiating and if the house has an older roof this gives you some more tools in your belt to get a good deal. If you think about it, the seller could have replaced the roof before they sold it so if you will do it for them and all they have to do is accept a lower offer it might be in your favor. If the seller is unwilling to go down on the cost of the home you can always ask them to install a new roof before closing takes place. If they continue to decline you can either walk away, pay for the roof with your own money, offer to pay for some of the roof or live in the home for a little while until you can put a new roof on the house. As long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
If you are planning on living in the home long term we always recommend investing in the property and placing a new roof on the house. Installing a new roof on a home can increase the property value and make the home more desirable when the time comes to sell it (if you choose to do so). Each and every situation will be different when you are trying to buy a home, be sure to have open communication with the seller about what you want out of the negotiations regarding the roof. In many cities before someone can sell the home they have to go through a pre-sale home inspection which should have already addressed the roof’s health and if it is a concern to the buyer. In fact some loans for first time home buyers will not allow the purchase of a home unless the roof and other aspects of the home meet certain expectations. Be sure to check with your mortgage lender, broker and real estate agent to make sure the house adheres to all the requirements. Always work with a home inspector before the house is closed upon, they will be able to tell you the health of the entire home (not just the roof). Some people will really benefit from buying a home with an old roof while others find it a major red flag, like mentioned above each person's situation and views will be different. You just have to find out which one will work better for you. If you do decide to purchase the home be sure to give our local roofing company a call today for a free estimate.
The answer will depend on YOU, however having an old roof on the home you are wanting to buy can actually be a selling point and be a benefit to you if navigated correctly.
A well maintained roof that is 15 years old can actually be in better shape than a roof which was installed 7 years ago but has never been maintained. When we say the roof was never maintained we mean there are tons of leaves in the gutters and flat spots, leaking swamp coolers etc. Your potential home’s roof can be 25 years old but still be in decent shape, it all depends on the quality of the roofing material used and how the previous homeowner handled its maintenance. Just because a roof is old doesn't necessarily mean that it is failing or leaking everywhere. You may not see any leaks for a few years after you purchase the home but eventually you will need to replace the roof if you go through with the purchase.
If the roof is older and you want to replace it with a new one when you purchase the home you may be able to talk the seller down to help with the cost. The seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000 lets say, if you are able to talk the seller down to $190,000 then you just got him/her to help install a new roof for you. During the purchase of a home there is always some negotiating and if the house has an older roof this gives you some more tools in your belt to get a good deal. If you think about it, the seller could have replaced the roof before they sold it so if you will do it for them and all they have to do is accept a lower offer it might be in your favor. If the seller is unwilling to go down on the cost of the home you can always ask them to install a new roof before closing takes place. If they continue to decline you can either walk away, pay for the roof with your own money, offer to pay for some of the roof or live in the home for a little while until you can put a new roof on the house. As long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
If you are planning on living in the home long term we always recommend investing in the property and placing a new roof on the house. Installing a new roof on a home can increase the property value and make the home more desirable when the time comes to sell it (if you choose to do so). Each and every situation will be different when you are trying to buy a home, be sure to have open communication with the seller about what you want out of the negotiations regarding the roof. In many cities before someone can sell the home they have to go through a pre-sale home inspection which should have already addressed the roof’s health and if it is a concern to the buyer. In fact some loans for first time home buyers will not allow the purchase of a home unless the roof and other aspects of the home meet certain expectations. Be sure to check with your mortgage lender, broker and real estate agent to make sure the house adheres to all the requirements. Always work with a home inspector before the house is closed upon, they will be able to tell you the health of the entire home (not just the roof). Some people will really benefit from buying a home with an old roof while others find it a major red flag, like mentioned above each person's situation and views will be different. You just have to find out which one will work better for you. If you do decide to purchase the home be sure to give our local roofing company a call today for a free estimate.