Homeowners take pride in their homes. The typical homeowner wants to know that their home incorporates the latest styles and trends to ensure it does not appear old-fashioned or out-of-date. If you’re planning to sell your home in the next one to three years, a residential roof replacement could help you get the best possible sale price. At Straight Line Roofing & Construction, we provide helpful guidance to determine what direction makes the most sense.
Does A Roof Replacement Increase Property Value?
In almost every instance, replacing an existing roof will improve a home’s property value (or at least remove a potential buyer’s reason to negotiate down the sale price due to the roof’s age and condition). Most homeowners looking to sell will work with a real estate agent. This experienced professional will help you set a list price that reflects what you can realistically expect to get based on your home’s condition.
To calculate a home’s fair market value, you need to compare it to similar properties that have recently sold in your neighborhood or local municipality (i.e., perform a comparative market analysis (CMA)). Accounting for prevailing market trends, a CMA will analyze recent sales of comparable homes that have roughly equivalent square footage, age, condition (exterior and interior), features, location, and need for renovations (among other factors).
Is It Better To Replace A Roof Before Selling?
Real estate agents and home improvement professionals generally advise homeowners to make particular “repairs” or “upgrades” before listing their homes to improve their homes’ marketability. A house with outdated features will substantially detract from its overall aesthetic quality and curb appeal. Consequently, the listing (and closing) price could easily be 15 to 25% less than the homeowner might garner by modernizing exterior surfaces (such as siding, windows, doors, and (especially) roofing).
An aging roof may cause a prospective buyer to reconsider whether or not to make an offer. If they do submit an offer, it could be for significantly fewer dollars than they otherwise would be willing to pay if the house had a new (or even newer) roof. A potential purchaser understands that a dilapidated or failing roof will require replacement in the near future. Instead of risking your house sitting on the market for an extended period or receiving a “lowball” offer, replace your old roof with a new one.
Benefits Of A Roof Replacement
As a homeowner, if you remain unconvinced that a roof replacement provides the best opportunity to maximize your home’s market value, consider the following advantages of pursuing this course of action:
Maintain Leverage During Negotiation
A home sale is more than merely accepting the first offer you receive. If market conditions are favorable to sellers, you likely will receive multiple offers. Whether you garner one offer or many offers, as a seller, you have more leverage when your home is in excellent condition than if your home needs repairs and upgrades. A prospective buyer has less leverage to make a reduced offer or negotiate down the final closing price if their inspector or the appraiser reveals that the roof needs significant repairs or replacement in the near future.
Receive The Full Asking Price
Your home’s list (or asking) price is based on a thorough analysis of market conditions, considering your home’s overall condition. Although calculating the list price is not an exact science, real estate professionals use the latest tools and techniques to determine an accurate approximation. Setting the asking price at a more aggressive amount requires the home to be move-in ready. Additionally, if the prospective buyer is working with a mortgage company, a downgraded appraisal value could adversely affect the final closing price.
Spend Less Time On The Market
Time is money. If your home remains on the market several months longer than expected, as a homeowner, you could be paying thousands in property taxes, utility expenses, marketing costs (for example, if you stage your home), association fees, and maintenance costs. This delay in selling your home may be the result of overpricing because potential buyers observe issues (such as an aging or failing roof) and refuse to consider your house as desirable. Ultimately, you want to avoid giving prospective purchasers a reason not to make a reasonable offer.
Choosing A Qualified Roofing Contractor
Homeowners in Sacramento and surrounding areas, including Cameron Park, CA, can trust the licensed professionals at Straight Line Roofing & Construction to provide exceptional craftsmanship using only the highest-quality roofing materials. We are this region’s most established residential roofing company. We routinely remove and replace aging or deteriorating roofing systems.
Contact Straight Line Roofing & Construction today to discover more about our residential roofing services or to book a free consultation and get a no-obligation estimate.
