I had a client talk to me about their roof the other day. They plan to put their home on the market soon and they wanted recommendations as to what they should do - New Roof or not. As a Realtor representing them, my job would be a lot easier selling their home with a new roof. However, what really needs to be asked -- "Is the investment going to turn into top dollar for their home?"
Here are a few things, in my opinion, that should consider:
- It's a Buyer's Market
We have been in a buyer's market for quite some time. Good Realtors will guide their buyers to properties that provide the most home for the money. I always tell my clients the two most important things to look at when considering buying a home is foundation and roof. After all, these can be the most costly if not in the best condition. Third and forth on the list would be plumbing and electrical.
- State of the Roof
The roof sheathing and outer roof over 20+ years of age most likely has experienced deterioration regardless of type of roof (composition, tile, wood shake, even metal). The cost of replacing your roof may provide a worthwhile investment to conscious buyers who are looking to get the most for their money in addition to "peace-of-mind" knowing the cost of replacing the roof will not be out-of-pocket. In my experience that lenders also put more positive weight on a new roofs than ones at the end of their life.
Before any decision is made, have more than one roofing professional out to take a look at your roof and provide a detailed report of the state of your roof and recommendations (have them include photos if possible).
- Competitive Market Analysis
Today, you not only have to convince buyers that the price they are paying for your home is worth it. You also have to convince the Bank! Homes that are priced quite a bit higher than others in the neighborhood, regardless of upgrades and updates, may not be able to capture the value they deserve. Banks are much more conservative than in the past and appraisers have tightened up their practices as well.
There are several situations in my recent past where, when asked, I recommended against a new roof and my clients opted for roof repair. The recommendation I would make is to know the state of the homes that have sold in your neighborhood, have intimate knowledge of the state of your roof (where there are leaks, drainage issues and deterioration) and have your Realtor or trusted Real Estate professional provide their view of value with and without a new roof. An informed seller is always more powerful these days!
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Dave Harbison
Long Beach REALTOR®
Main Street Realtors (562)618-9770
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Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
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Labels: Craftsman, Dave, edison, Future of Real Estate, Home Seller, Long Beach Architecture, Long Beach Bungalow, Long Beach Heritage, Long Beach Seller, Naples, roof, Virginia Country Club
# posted by
Dave Harbison @ 10:24 AM
