For most home buyers, any mention of roof damage is enough to make them sprint in the opposite direction. Buyers who are not in the market for a fuser upper are typically trying to snap up a home in the best possible condition, and roof damage repairs can be very costly.
But should a faulty roof put you off, or does it provide an opportunity to negotiate the price of the house? Consider these factors before making a decision.
How bad is the damage?
The extent of the roof damage is one factor that should influence your decision.
“If some or all of the shingles were blown off during a one-off event like a tornado, hurricane, or tree fall due to a storm, it should be enough to correct structural damage and replace the shingles,” he says Frank Lesh, past president and executive director of the American Society of Home Inspectors.
The problem with roof damage, however, is that it can be more extensive than it seems.
“Be aware that a bad roof can lead to other problems, such as: B. on drywall construction of the ceiling, insulation or even to replace constructions, ”he says Shawn Breyer, Owner of Breyer Home Buyers in Atlanta. And these additional problems can add to the cost of fastening the roof.
Can You Get FHA Loan?
Buyers who plan to finance the house with a loan from the federal housing administration can only save 3.5% in the end. However, in order to be approved for the FHA loan, the property must be in a livable and insurable condition and the buyer must have property insurance prior to taking out property insurance.
To get property insurance, the insurance company needs a four-point inspection that covers the condition, installation, air conditioning, condition and life expectancy of the roof Juan Rojas, Licensed Real Estate Agent with JPR International Real Estate in Miami.
“If the roof doesn’t have a life expectancy of at least three years, an insurance company usually can’t insure it,” he says.
If your are planning on getting an FHA loan, trying to buy a roofed house may be harder than it’s worth.
What if it’s just an old roof?
Perhaps there is no proven damage to the roof; Maybe it’s just very old, around 20 years old. The lifespan of your roof is determined by the material and weather conditions in your area. Slate, copper, and tile roofs can have a lifespan of 50 years or more. Holzshake roofs last about 30 years; Fiber cement shingles last 25 years; and asphalt shingle roofs last about 20 years, according to the National Association of Home Builders.
Home buyers shouldn’t necessarily shy away from a house with an older roof, says Lesh.
“It would depend on the quality of the workmanship and materials, and whether there are any signs of abnormal wear and tear,” he says. “For example, a 20 year old undamaged adobe roof in the American Southwest is more likely to last longer than a brand new composite shingle roof in the same region.”
Should you buy a house with roof damage?
Ultimately, the decision is yours; However, most of the experts we’ve spoken to believe that problems with a roof shouldn’t keep you from buying a home – as long as there are regulations in place.
“As long as the damage has been or is being repaired, buying a house with a damaged roof shouldn’t be a problem,” says Lesh.
Maya Madison, a real estate agent at Keller Williams Realty in Metairie, LA, believes you should definitely consider buying a home with roof problems.
“During the inspection period, get a quote from a licensed contractor to repair or replace the roof,” she says. “Either the seller agrees to fix the problem before selling, or he’ll take the amount off the purchase price.”
And if you don’t agree with the seller’s decision, you can cancel the contract during the inspection period.
However, if you do decide to buy, Breyer warns against letting the sellers do the repairs. He advises buyers to get their own quotes and then negotiate the price based on the amount it will cost to repair or replace the roof.
“The goal of the sellers would be to save money, which means they’ll hire the cheapest contractor and you could get a roof repair that lacks quality,” says Breyer.