With a limited amount of time and money for a few key renovations before selling your home, you may need to choose the improvements that give the best return for your money. For example, will replacing a roof translate to a higher resale value for you than an ensuite bathroom? If you are wondering where to put your renovation dollars, here are some thoughts about new roofs.
Preparing your home for resale is always a challenging project but purchasing a house is also a significant matter for most people. If potential buyers like your house’s general look, they can likely imagine their version of future dream renovations. On the other hand, if they look up at your worn roof and see a large expanse of work on their already-busy plates, they may move on to another house.
If you choose to replace your home’s roof, the future cost-savings from the newfound energy efficiency should be pointed out during the sale. If your house shows the promise of money savings for a buyer, they add it to the Advantages side of their checklist. In addition, not having to negotiate a loan or line of credit for a potential new roof is a definite asset for a buyer.
A roof, by its physical nature, is perceived as a big thing.
There is always a wish list of future wants in a buyer’s head, and that list has more to do with emotional niceties than the required replacements of a house’s basic structure. If a new roof is already in place, it allows the buyers to dream of their future wants without the guilt of feeling they must first replace the core components of the house.
The more your home provides an opportunity for a potential buyer to get closer to the rewards of their dreams, the more they will be emotionally drawn to your home.
Neutral, neutral, neutral. If you are selling your home, keep in mind this is not the time to think out of the box, design-wise. The business of roofing is to let other aspects of a home to shine, giving it its’ best protection while displaying an understated attractiveness. Many people, for instance have an aversion to a true brown roof. Appeal to the largest group of today’s design-savvy buyers and resist your love of red roofs when deciding to sell your home.
The Canadian Truth about Property Disclosure Statements discusses two different kinds of defects; 1) a Patent Defect, which is a visually obvious thing like a hole in the wall from a got-out-of-hand indoor hockey game, and 2) a Latent Defect that is not visible, but is a potential problem for buyers:
“Examples of latent defects that should be disclosed include a problem with the foundation, an illegal basement apartment or a very serious water in basement or roof water problem that has not been repaired.”