You really can’t purchase a home these days without inspecting the roof. Both mortgage lenders and insurance companies are keenly interested in the condition of the roof (as well as all warranted items) and you should be as well.
Many people hope that the roof will simply “pass inspection” in order to keep the home sale moving along. But we wanted to present a few good reasons why the roof condition may be more influential in your Venice home purchase than you thought – and how making sure that the roof is in top shape can save you money.
How the Roof Condition Affects Sales Price
The current standard for obtaining insurance on a home purchase is that the roof must have at least 3 years of useful life on it. When you perform your home inspection, a general inspector will indicate if the roof has many years left, or if the roof condition is questionable – or outright miserable! Once a general home inspector voices any concern, your relator will likely call in a professional roofing contractor for an expert opinion. You will receive an educated estimate as to the remaining life left on the roof.
If the roof condition indicates less than 3 years of remaining life, you may have to negotiate the cost of replacing the roof into the sales price. Many insurers will not provide insurance at all in these cases, meaning that the deal may not happen at all unless the seller will replace the roof prior to closing. However, there are some insurance policies which will give a buyer 90 days from the date of purchase to install a new roof. In these cases, you may wish to try to recoup some of the cost from the seller.
Generally, if the inspection reveals that the roof has more than three years worth of life left on the roof, a seller will not be motivated to provide funds for a new roof.
How Roof Condition Affects Insurance Rates
If your roof is towards the end of its useful life, your rates will most likely be higher. Not only are they taking the likelihood of damage to the roof into account, but a roof in need of repair is also more apt to result in interior damage to the home and attic. Also, a roof constructed over two decades ago may not have been built up to the most stringent hurricane codes.
Constructing a new roof – utilizing the most innovative materials and adhering to the latest codes – will lower your insurance rates substantially.
It is important to note that your insurance company will not pay for a new roof unless it is caused by a storm or other extreme event. They do not replace old roofing materials which have deteriorated due to normal wear and tear. So even if you buy a home with an acceptable enough roof to facilitate the sale, they will not cover the cost of the new roof in a few years. This is why many buyers look for help with replacing an old roof from the sellers of the home.
If You are Selling a Home
You may be surprised to learn that a new roof carries with it the highest ROI of any home improvement project. In fact, if you replace your old roof with a brand new roof before listing the property, you can reasonably expect a 100% ROI on that investment. Not only will you be giving the new buyer peace of mind, but you will make the buying process easier, and keep their insurance rates lower.
If you need a roofing inspection, roof repair, or new roof installation in Venice, North Port, or Englewood – call [company_name] today.
