Should I Buy a House With a Damaged Roof?
Should I Buy A House With A Damaged Roof?
Most home buyers are likely to run for the hills as soon as they find out that a home that they’re interested in buying has a damaged roof. However, buying a house with a damaged roof is not always a bad idea, as long as you do your homework and understand the required repairs. Wondering if you should buy a house with a damaged roof? Here are some things to consider.
Understand The Extent Of Damage
A home with minor shingle damage due to a recent hurricane or windstorm is one thing – a home that has had a leaky roof for multiple years due to improper maintenance is another thing altogether.
You need to make sure that you understand the extent of the damage. A few faulty shingles are usually a pretty simple repair, and won’t cost you too much. But if there is extensive water damage that continues throughout the rest of the home, you’re likely going to be on the hook for a big repair bill. We recommend consulting with an experienced home inspector to determine the overall condition of the roof and the underlying structures.
Consider The Age Of The Roof
An asphalt roof with minor damage that’s 15 or 20 years old is, in most cases, near the end of its lifespan anyway. That means that it may not be a bad idea to buy the home anyway, and simply replace the entire roof. Again, though, we recommend consulting with an expert before you decide to do this.
Get An Informed Quote For Repairs
Beyond simply getting a home inspection, you should also get in touch with some roofing contractors, to get an informed quote based on the damage found by your inspector. They should be able to give you a reasonable quote over the phone, based on the findings of your home inspector. This will help you understand if investing in this home is actually worth it.
Work With Your Lender And Insurer, And The Buyer
Some loans, like FHA loans, will require the house to be in “livable” and “insurable” condition. And, in that same vein, many insurance companies won’t insure a home with serious roof damage. This means that you may need to work with the buyer to negotiate repairs before you buy the home, or you may simply have to walk away, and buy a home with an intact roof.
Is Buying A Home With A Damaged Roof A Good Idea?
Without examining the home in question, it’s impossible to answer this question. In some cases, a damaged roof is not a major problem, and will allow you to negotiate a great rate on the purchase of a piece of property. But in others, it can cause extensive damage that could cost thousands of dollars to repair.
What’s the best way to get an answer to this question? Hire Inside & Out Property Inspectors! We can examine the roof and other structures of a home that you’re interested in buying, and help you determine if it’s a good investment. Contact us now for more information, or schedule your appointment today.