When selling a house, there are several hurdles you would have to navigate. Some of these are critical to the sale’s success, and if the boxes aren’t checked, the entire transaction could stall or fall through. One of these is that the house’s main features have to be in good condition.
Your roof’s status, condition, and lifespan could very well determine whether you can sell your house. Given just how critical it is to the continued integrity of your building, it’s a non-negotiable factor. So, how do you about selling a house with major roof issues?
What Are the Risks of Selling a House With Major Roof Issues?
You could very well attempt to sell a house with major roof issues. However, the issues are bound to be out at some point. Here are some of the risks of proceeding with the sale.
House May Not Pass Inspection
If you’re trying to sell the conventional way, which is listing on the open market, your prospective buyers would likely be using a lender. Lenders mandate an inspection to protect their interest in the house and ensure the property is in a good state. While minor roof issues such as leaks may not be easily detected by the average homebuyer, a professional housing inspector would definitely notice this.
Usually, inspectors spend a lot of time on the roof checking for any damages or signs of wear. Minor issues like missing or loose shingles, mold growth, gaps or holes, and standing water must be fixed immediately.
Given just how capital-intensive replacing and in some cases, repairing a roof can be, buyers want the house’s roof in prime condition. If your roof has significant damage, then you will have a hard time getting a buyer willing to purchase your house in that condition.
Lender May Refuse to Finance
The lender may mandate that the roof be replaced before they provide the buyer with the needed sum to make the purchase. In addition to protecting their interest in the house, a bad roof also constitutes a safety hazard. If you’re unable to replace the roof, the deal dies.
The House May be Uninsurable
Homeowners must have homeowner insurance as a matter of importance. Upon examining your house and seeing the state of your roof, certain insurance companies may decline to renew existing homeowner insurance policies particularly if the roof is over 20 years old. They could agree to renew if the home passes an inspection. If not, they won’t renew until the roof is replaced.
Could Impact the Sale Price
A bad roof could potentially take thousands off your home value if you choose not to replace it. Most buyers will significantly underprice the property because of this one factor. Replacing the roof improves your chances of making a sale and increases home value too.
How Much Does Roof Repair Cost?
Depending on whether you’re making minor or major repairs, roof expenses could set you back a decent amount.
Minor Repairs
The cost of minor repairs ranges between $150 and $1,500. Some of these activities can be DIY if you have some basic knowledge, however, it’s always advisable to have a professional come in. This is because of safety considerations and the fact that you could end up exacerbating the issue. Here are some common minor repairs:
- Removing pooled water
- Patching small leaks
- Gutter cleaning
- Fixing a hole or puncture
- Replacement of cracked or missing shingles
- Flashing (resealing, corroded spots, small holes)
Major Repairs
Major repairs are never DIY and require an expert to work with specialized material. The cost of these repairs could range between $1,500 and $7,000. Prior to commencing the repairs, you may need to conduct an inspection, costing between $100 and $600 and acquire a permit (s) which is usually around $75. The professional may also point out potential problems and recommend that they be fixed to avoid issues in future.
Replacement
Replacing your entire roof may be necessary if it is over 20 years old and is significantly damaged or is seeing recurring issues. Before determining whether you need a new roof, an inspection is necessary. You would then be told the state of your roof, and a recommendation on whether or not to change would be provided. Replacing your roof could set you back over $10,000 for an average-sized home.
What Are Your Options for Selling?
Generally, you have two options:
- Repair/ replace and sell
- Sell as-is
Repair/ Replace and Sell
This is the route that most homeowners with enough money and time go. This option is expensive and requires a lot of time. The repair involved would require being handled by professionals. After repairing or replacing, as the case may be, you then list with a real estate agent.
The typical listing period is between 90 and 120 days, which implies more waiting, and after the sale, you will have to pay fees such as agent’s commission and certain other closing costs.
Sell As-Is
If you don’t have any money to make repairs or replacements, or you simply aren’t interested in making them, it’s not the end of the road for your home sale. The idea of selling as-is is that you really do not have to lift a finger, you can really just sell your house in that very state.
This option is especially practical if you’re trying to get the house off your hands in record time and need to access cash fast. You can choose to sell to a local cash buyer and get the cash value of your home in as little as seven days. You get to skip agent fees and the entire listing process, as well as the potential wait for several weeks or months to get potential buyers.
Who’s going to buy? We can help out with that! We buy houses that need serious repairs or are in various other conditions. At dsouzahomebuyers, we can provide you with a cash offer for your house in no time!
You don’t have to deal with any of this hassle. No need for repairs or renovations! Fill out this form to get the process started, and we could be closing in as few as 7 days!
Remember, no fees, no commissions, no closing costs!
If you have any other questions, definitely call us at (925) 503 8193.
Final Thoughts
Major roof issues can stall your house sale if you’re unable to afford the repairs or replacement. As such, you may be unable to make the sale happen. If you’re in a situation like this, opting for a local cash buyer is a practical solution to this dilemma. Of course, ensure that you review your options before making a decision.
