Selling a home that is 18 years old. The roof will definitely be something the buyer wants credit for. It’s not in bad shape but is getting to replacement age. Is it best to replace the roof before listing or wait for the buyer and negotiate credit? Replacement cost is around 11k, selling price is approximately 315k.
In my state, it’s almost impossible to get a roof over 10 years old insured. That could be a major issue.
Lin said:
In my state, it’s almost impossible to get a roof over 10 years old insured. That could be a major issue.
That’s a good point. Insurance companies can make or break a sale.
As your agent, I would suggest eliminating the objection and advertise that it has a fabulous new roof. Buyers will ask for it anyway.
Paxton said:
As your agent, I would suggest eliminating the objection and advertise that it has a fabulous new roof. Buyers will ask for it anyway.
Exactly! When I was house hunting, I looked for homes with new roofs. I didn’t want to deal with negotiations over it.
Depending on where you are, insurance agencies now require roof replacements at a certain age, not condition, for buyers to get insurance. Might be worth calling a few companies.
Rowen said:
Depending on where you are, insurance agencies now require roof replacements at a certain age, not condition, for buyers to get insurance. Might be worth calling a few companies.
That’s been my concern too. In my coastal area, insurance is denying new coverage to people with older roofs.
In that case, I’d replace the roof now on your schedule and budget. You don’t want buyers unable to get insurance, which could lead to a rushed situation.
Lex said:
In that case, I’d replace the roof now on your schedule and budget. You don’t want buyers unable to get insurance, which could lead to a rushed situation.
That sounds smart. Better to control the situation now.
Get your bids now! If they find issues, you can show them the lowest bid stating it has a couple more years left and offer a credit for them to handle it post-sale.
Hal said:
Get your bids now! If they find issues, you can show them the lowest bid stating it has a couple more years left and offer a credit for them to handle it post-sale.
That could work too. Let them deal with it after they buy.
I’d recommend not replacing it. Let them ask for a credit or work after the inspection. It’s part of the negotiation process.
Teegan said:
I’d recommend not replacing it. Let them ask for a credit or work after the inspection. It’s part of the negotiation process.
But what if they find something unexpected? You might end up in a tough spot.
Are you working with a seller agent? If so, what did they recommend?
Kieran said:
Are you working with a seller agent? If so, what did they recommend?
Yes, but I believe in the old saying: trust but verify.
Replace the roof. Shop around for vendors and do it before listing. That way, it’s a selling point and not a negative.
Rory said:
Replace the roof. Shop around for vendors and do it before listing. That way, it’s a selling point and not a negative.
I agree. You control the process that way.
I think a credit is better. You never know what issues might be lurking underneath.
Darby said:
I think a credit is better. You never know what issues might be lurking underneath.
Totally. If it’s not clearly dilapidated, selling as-is with a credit might be the way to go.
Plan for a credit. The color of shingles you choose might not be what the buyer likes anyway.