Should I buy a house with an old roof in Monmouth County?
Yes and no, the answer to this question will be determined by several things. Are you searching for a new home to buy within the next few months? You may have found an awesome home and you love everything about it, just one problem though, the roof is over 30 years old and will for sure need to be replaced. The million dollar question becomes whether you should buy the home with an old roof or look for something else. In this article we will discuss the pros and cons of buying a home with an old roof and if it is something that you should consider doing.
When someone lists their home for sale they ALWAYS talk the most about the highlights and benefits of the property while trying to downsize potential issues like broken HVAC systems and old roofs. These issues need to be taken into consideration before buying the home and making an offer with the seller. Since the roof needs to be replaced the buyer may have more negotiating power and can do several things with that power. You may be able to convince the buyer to lower the cost of the home to match the price of a new roof. You may be able to get the owner to install a new roof themselves before the home is closed upon or you may end up having to pay for the roof yourself out of pocket. These are just 3 of the routes you could take with this power.
One thing you need to understand is just because a roof is old doesn't necessarily mean that it is failing or leaking everywhere. There are premium asphalt shingles that can last more than 30 years if maintained properly over time which means that yes the roof is old but it may last for another 3-4 years without any problems. We would still try to negotiate the price lower for the home but there are many cases where you may not see any leaks for a few years after you purchase the home. Eventually however the time will come when the roof needs to be replaced.
Let's say for example that the seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000, if you are able to talk the seller down to $190,000 then you just got them to cover the cost of the roof replacement. If you have tried negotiating with the seller and they keep declining your offers you will either have to walk away from the purchase or pay for the roof yourself. This may be a deal breaker for you if the price of a new roof cannot be included in the loan amount from the bank. For most older roofs as long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
Like mentioned in the very first paragraph, everyone's situation will be different and there will be different kinds of sellers with each family. Regardless of the situation, when you are trying to close on a home be sure to have open communication with the seller regarding the roof condition and your desires. Remember to take into consideration your loan company, many loans will not be approved on a home with a damaged roof. An FHA loan example has certain guidelines and requirements the home must pass if you are to get the money. This means if you are using an FHA loan and the seller refuses to negotiate you will have to walk away from the property most likely. There are many people who will benefit from buying a home with an old roof, while others will consider it a red flag and walk away. If you need a roof inspection near Monmouth County then be sure to call our roofing company today! We can help determine the condition of the roof along with an accurate estimate for the roof replacement.
When someone lists their home for sale they ALWAYS talk the most about the highlights and benefits of the property while trying to downsize potential issues like broken HVAC systems and old roofs. These issues need to be taken into consideration before buying the home and making an offer with the seller. Since the roof needs to be replaced the buyer may have more negotiating power and can do several things with that power. You may be able to convince the buyer to lower the cost of the home to match the price of a new roof. You may be able to get the owner to install a new roof themselves before the home is closed upon or you may end up having to pay for the roof yourself out of pocket. These are just 3 of the routes you could take with this power.
One thing you need to understand is just because a roof is old doesn't necessarily mean that it is failing or leaking everywhere. There are premium asphalt shingles that can last more than 30 years if maintained properly over time which means that yes the roof is old but it may last for another 3-4 years without any problems. We would still try to negotiate the price lower for the home but there are many cases where you may not see any leaks for a few years after you purchase the home. Eventually however the time will come when the roof needs to be replaced.
Let's say for example that the seller is asking $200,000 for the home and a new roof is going to cost roughly $10,000, if you are able to talk the seller down to $190,000 then you just got them to cover the cost of the roof replacement. If you have tried negotiating with the seller and they keep declining your offers you will either have to walk away from the purchase or pay for the roof yourself. This may be a deal breaker for you if the price of a new roof cannot be included in the loan amount from the bank. For most older roofs as long as there are no serious leaks, damages, holes or missing shingles the roof should be ok for a while.
Like mentioned in the very first paragraph, everyone's situation will be different and there will be different kinds of sellers with each family. Regardless of the situation, when you are trying to close on a home be sure to have open communication with the seller regarding the roof condition and your desires. Remember to take into consideration your loan company, many loans will not be approved on a home with a damaged roof. An FHA loan example has certain guidelines and requirements the home must pass if you are to get the money. This means if you are using an FHA loan and the seller refuses to negotiate you will have to walk away from the property most likely. There are many people who will benefit from buying a home with an old roof, while others will consider it a red flag and walk away. If you need a roof inspection near Monmouth County then be sure to call our roofing company today! We can help determine the condition of the roof along with an accurate estimate for the roof replacement.