What You Should Know About Making Roof Repairs Before Selling Your New York Home

Contemporary home buyers strongly favor move-in ready properties due to busy schedules, a lack of DIY skills compared to previous generations, and rising construction costs. These factors motivate them to seek homes requiring minimal maintenance.

This is unfortunate news for homeowners looking to sell a property that needs repairs due to issues such as termites, mold, or a leaky roof. The damage could be a result of severe weather in the New York area or simply the natural wear and tear of an aging home. However, there is a silver lining: not every homeowner facing common roofing problems must undertake roof repairs before attempting to sell. For further details, please continue reading.

You Need to Know What a New Roof Costs

Realtors often talk up new roofs as a great selling point. They’re a hit with buyers because they please mortgage lenders and insurers, freeing up funds for fun renovations instead of pricey repairs.

For today’s homeowners, though, roofs can be a headache. Replacing a roof usually costs between $7,000 and $20,000. With construction costs going up, roofs can really break the bank. Actual prices could be even higher, depending on location, roof structure, and materials, among other factors.

To make matters worse, a new roof doesn’t bring much bang for the buck, even though it might impress potential buyers. According to Zillow, homeowners who spring for a new roof typically get back less than 60% of what they paid. That’s a far cry from the solid returns you’d expect from other worthwhile upgrades. So, when selling a house, it’s hard to justify prioritizing roof repairs based purely on financial reasons.

You Need To Know A New Roof’s Hidden Costs

Getting a new roof can be a big expense. There are lots of unexpected costs and it takes up a lot of your time. For homeowners looking to sell, finding the time to research roofing companies, costs, and supplies can be tough.

Plus, getting inspections and price quotes from different suppliers, and taking time off work to oversee the process, adds to the demands. This can mean putting off other important tasks or using up vacation days.

You Need To Know About The Costs Related To Timing

Typically, the housing market is busiest in the spring and summer. With nice weather and kids out of school, families find it easier to move. On the flip side, buyers steer clear of holidays and bad weather, which can bring challenges and hazards.

Unfortunately, in the New York area, spring and summer are the best times for roof replacement. Getting a new roof might make homeowners put off selling, which could mean missing out on important market opportunities.

Timing can be tricky for homeowners who need to sell their property due to finalizing a divorce, inheriting a home, or facing an emergency medical crisis. If they put off getting a new roof installed, these property owners might wind up paying a higher price for a home they’ve owned for months. Examples include:

• Taxes
• Insurances
• Utility Bills
• Mortgage Payments
• Maintenance Costs

When you’re replacing a roof, you might come across extra expenses. Homeowners could find leaks or other damage when the old roof is removed, or they might need to fix support structures due to damage. It’s important to deal with these issues before finishing the roofing project and putting the property on the market.

You Need To Know About The Option To Leave the Roof As-Is Even If Damaged.

Many homeowners think about selling their houses as-is, even with a broken roof, but this approach can be harmful for sellers. Unfortunately, it’s not a good idea if you want to sell through the traditional real estate process. To understand why, let’s consider what home buyers typically require. You’ll need to address the following aspects, which will likely involve repairs or replacements. This highlights one of the challenges of not replacing the roof and opting for a conventional sale through a realtor.

Before making a purchase, it’s crucial for traditional buyers to have a thorough inspection of the property. This is necessary to ensure that properties meet the lender’s standards, especially for purchasers who need a mortgage. To qualify for financing, homes must adhere to industry-required safety and habitability criteria. Additionally, home insurance is usually required for buyers.

Inspectors are required to assess and document the condition of a house’s roof, underscoring its significance. Insurance providers may limit coverage for houses with roof damage, and lenders may deny mortgages for houses with broken roofs.

To be prepared, it’s important to address any roofing issues, as potential buyers are often put off by such concerns. Surprisingly, this is one of the primary factors that lead customers to choose a competing product. The reason behind this is that many homebuyers allocate a significant portion of their savings towards the down payment. Consequently, after purchasing their new home, they may face a financial constraint that prevents them from undertaking major home modifications, such as roofing, for a considerable period of time. As a result, they tend to avoid purchasing properties that appear to require significant renovations, including the installation of a new roof, within the next five years or so.

If you’re thinking about withholding information about roofing issues from potential buyers, think twice. Although it can be tempting and is often attempted, a traditional home sale requires a comprehensive inspection that includes assessing and documenting the condition of the roof. This step is crucial for buyers seeking mortgages and homeowners’ insurance, as inspectors are trained to identify problems. The roof, being one of the key structural components, receives close scrutiny during the inspection process.

Furthermore, every state has a statute that requires disclosure in some form. This means that if sellers fail to disclose known issues or hide housing problems, buyers have the right to take legal action. These standards, although they may vary slightly, are applicable to all cases. It is imperative for property owners to directly address the issue of damaged roofs. In New York, the law is unequivocal – disclosure in home sales is mandatory.

The Best Option For Selling a House With a Bad Roof Is Cash Buyers

Struggling property owners might feel stuck with a faulty roof. Traditional sales can be tough, and fixing the roof may not be worth it unless the house is in great shape and needs no other work. In these cases, going with a professional house buyer like Velocity House Buyers in New York could be a great choice.

When you sell to a professional house buyer, you don’t need inspections, disclosures, repairs, or improvements. You don’t even have to worry about clearing out clutter from the attic or basement, or getting rid of unused items. Plus, there are no commissions, closing fees, or extra expenses. With Velocity House Buyers, you can accept their cash offer with no obligations. And if you do, the deal can be wrapped up and you’ll get paid in about a week. Velocity House Buyers buy houses all over New York, including Poughkeepsie, Middletown, Newburgh and more!If this sounds like a good option, even if your home needs more repairs or has significant damage, and you still want to sell quickly, feel free to check us out on our website. Learn about our process and our local reputation. Contact us today at 717-639-2164. We’d love to chat about your situation.