Homebuyers often search for a home with the best possible condition at a lower price. When they see or hear of roof damage, they most likely get discouraged and look for other prospects. Little did they know, this might be an opportunity to negotiate and save money.
Before making the final decision, look into these factors:
1. How Serious Is the Damage?
See how bad the damage is. If a storm or hurricane has blown off the shingles, replace them. Some roof damage can be more serious than they appear. Other issues may occur, including insulation, ceiling drywall, or even structural replacement if this is the case.
During the inspection, look for professionals near you, such as Trojan Roofing, and ask for a quote. Trojan offers help with roof repairs without hidden charges.
2. How Will You Finance Your Purchase?
If you plan on using a Federal Housing Administration (FHA) loan to finance the house, remember that it should be in its livable and insurable condition to be approved. Plus, you should have secured property insurance before closing.
To get property insurance, the insurance company requires a four-point inspection, including plumbing, electrical system, HVAC, and roof’s condition and life expectancy. Generally, they can’t insure it if the roof doesn’t last for up to three years.
What’s best about an FHA loan is that the down payment is lower and requires lower credit scores than other conventional loans.
3. Old Roof
Nothing should deter you from buying it if it’s an old roof issue. A roof’s life expectancy depends on the materials and weather in the area. Clay or concrete roofs can last up to 100 years; slate and copper roofs last up to 50 years or more, and woods can have a life expectancy of 25 years.
Also, the installation plays a vital part in a roof’s lifespan. Sometimes, shoddy installation requires roof replacement after several years. During the inspection, ask the seller how old the roof is and check the gutters to ensure the drainage systems are in good condition.
If the roof has minor damage due to natural disasters, look for a reputable hail damage roof contractor, then negotiate the price of the house.
The Final Decision
First, gather essential details about the house. Know or ask the homeowner how old the roof is. If possible, ask for any documentation to prove. See the roof and attic yourself during the inspection, then get a second opinion from a professional roofing company, like Trojan Roofing. Click here to see how it works.
Ask what repairs are needed and an estimated cost. After knowing the overall condition of the roof, make an offer. Consider the total cost of the repairs or replacement, if necessary, on top of the house’s price. Ask the seller to shoulder the repairs or replacement or take care of it, but negotiate the total cost of the house.
If the seller is not open to negotiation on roof repairs and price point, it’s time to walk away if you see the following roof conditions:
- Water stains on interior walls as this may be due to excessive water damage.
- Sagging roof due to structural damage
- Moisture in the attic space, which could lead to poor ventilation issues.
The ultimate decision is up to you. You can proceed with the purchase if you love the house, its location, weather conditions, etc., and the only problem is the roof.
