Should I buy a house with an old roof in Raleigh?
Are you looking to purchase a home in the next few months? You may have found a home that you love, the layout is great and the yard is big. Just one problem though, the roof is determined to be over 30 years old and will need to be replaced. The big question is whether you buy the property or walk away due to the old roof. In this article we will discuss the pros and cons of buying a home with an old roof and if it is something that you should consider doing.
Many homebuyers look for the best priced house that can fit into their budget but rarely do people consider the condition of the roof. Many people listing their home don’t mention the roof unless it was recently replaced which makes the home seem more appealing. 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 to this question will depend on YOU. Having an old roof on the home you are wanting to buy can be a benefit and a con to you depending on your circumstance and stage of life.
First we need to understand that just because a roof is old doesn't necessarily mean that it is failing or leaking everywhere. There are premium asphalt shingles that can last more than 30 years if maintained properly over time. This means that the roof may look old but may last for another 3-4 years without any problems. While you may not see any leaks for a few years after you purchase the home you will eventually need to replace the roof if you go through with the purchase.
Buying a home with an old roof allows more negotiating power for the buyer. You may be able to talk the seller down on the asking price of the home to help with the cost of replacing the roof. Let's say for example that the seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000, if you are able to talk the seller down to $190,000 then you just got them to cover the cost of the roof replacement. While buying a home there is always a negotiating process, if the house has an older roof this gives you some more tools in your belt to get a good deal and get a lower price. 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 and your purchase the home. This can be written inside the agreement and your realtor should be able to help. If the homeowner continues to decline you can either walk away, pay for the roof with your own money or wait a few years to replace the roof once you have saved up enough. For most older roofs as long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
Each situation for a buyer will be different when you are trying to close on a home, be sure to have open communication with the seller regarding the condition of the roof and desired actions you want them to take. If you are a first time home buyer then buying a home with an old roof may not even be an option for you. Some loans such as the FHA loan will not allow the purchase of a home unless the roof and other parts of the home meet certain requirements. Be sure to check with your mortgage lender, broker and real estate agent to make sure the house adheres to all the requirements. There are many people who will benefit from buying a home with an old roof, while others will consider it a red flag and walk away. If you need a roof inspection near Raleigh then be sure to call our roofing company today! We can help determine the condition of the roof along with an accurate estimate for the roof replacement.
Many homebuyers look for the best priced house that can fit into their budget but rarely do people consider the condition of the roof. Many people listing their home don’t mention the roof unless it was recently replaced which makes the home seem more appealing. 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 to this question will depend on YOU. Having an old roof on the home you are wanting to buy can be a benefit and a con to you depending on your circumstance and stage of life.
First we need to understand that just because a roof is old doesn't necessarily mean that it is failing or leaking everywhere. There are premium asphalt shingles that can last more than 30 years if maintained properly over time. This means that the roof may look old but may last for another 3-4 years without any problems. While you may not see any leaks for a few years after you purchase the home you will eventually need to replace the roof if you go through with the purchase.
Buying a home with an old roof allows more negotiating power for the buyer. You may be able to talk the seller down on the asking price of the home to help with the cost of replacing the roof. Let's say for example that the seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000, if you are able to talk the seller down to $190,000 then you just got them to cover the cost of the roof replacement. While buying a home there is always a negotiating process, if the house has an older roof this gives you some more tools in your belt to get a good deal and get a lower price. 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 and your purchase the home. This can be written inside the agreement and your realtor should be able to help. If the homeowner continues to decline you can either walk away, pay for the roof with your own money or wait a few years to replace the roof once you have saved up enough. For most older roofs as long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
Each situation for a buyer will be different when you are trying to close on a home, be sure to have open communication with the seller regarding the condition of the roof and desired actions you want them to take. If you are a first time home buyer then buying a home with an old roof may not even be an option for you. Some loans such as the FHA loan will not allow the purchase of a home unless the roof and other parts of the home meet certain requirements. Be sure to check with your mortgage lender, broker and real estate agent to make sure the house adheres to all the requirements. There are many people who will benefit from buying a home with an old roof, while others will consider it a red flag and walk away. If you need a roof inspection near Raleigh then be sure to call our roofing company today! We can help determine the condition of the roof along with an accurate estimate for the roof replacement.