What if you need to replace a roof on the home you’re selling in London, Ontario? Often roofs are the last thing a seller wants to pay for. However, you might be surprised to know that the more renovated the structure/bones of a house or building is, the quicker it will sell. Do you really need to repair your 17-year-old roof before selling it? Is a buyer deterred from buying a house with a roof they’ll need to replace?
Any buyer will reduce the amount they will pay for a house that requires work, especially for a place that needs work on its bones, the structure that holds it together. They include windows, doors, a roof, and the home’s foundation. The costs of renovations can quickly grow, given the unknowns involved.
According to the Remax blog, “Renovations that save a homeowner money, in the long run, will draw a higher Return on Investment (ROI), around 75%, depending on the scale of the renovation.”
The seller can pay for the roof replacement and raise the property’s value, or lower the asking price, undertake no work, but lose attracting potential buyers by burdening them with the work. It comes down to whether the seller wants to present the house in a state of negotiation, requiring the real estate agent to sell a failing roof.
A buyer who responds to high-end finishes will look at a bargain shingle, knowing it does not fit the look of the rest of the house and will factor in the cost to tear it out and replace it.
If the seller is unsure how much active life the roof has left, they must find out. The sale of a house requires information to be truthful and on point. Buyers value a seller that knows about the home they are considering buying.
You do not have to legally replace your home’s old, unsafe, or faulty roofing, but you must disclose its condition. If you choose to replace your roof, please see the roofing portfolio of Forest City Roofing and contact us below.