Is It Worth It If I Buy a House with Roof Issues?
Homebuyers usually hunt for a house with the best possible condition at a lower price. Roof damage is enough for them not to buy a particular property. But should roof issues scare you off, or an opportunity for you to negotiate and save money?
Consider these factors before finally signing a contract:
1. What’s the Extent of the Damage?
See how bad the damage is. Take note that there are types of roof storm damage. If a disaster has blown off the shingles, replace them. Be aware, though, that some roof damage can be more severe than they appear. Other issues may occur, including insulation, ceiling drywall, or even structural replacement if this is the case.
During the inspection, look for professionals near you and ask for a quote. If you’re willing to shoulder the expenses, make sure the contractors you’re dealing with are experienced and always ask for hidden charges.
2. How Will You Finance Your Purchase?
If you plan on using a Federal Housing Administration (FHA) loan to finance the house, remember that it should be in its livable and insurable condition to be approved. You should also have secured property insurance before closing.
Before you can get property insurance, the insurance company requires a four-point inspection, including the plumbing, electrical system, HVAC, and roof’s condition and life expectancy. In most cases, they can’t insure it if the roof doesn’t last for up to three years.
What’s best about an FHA loan is that the down payment is lower and requires lower credit scores than other conventional loans.
3. Old Roof
If it’s just an old roof, nothing should stop you from buying it. A roof’s life expectancy depends on the materials and weather in the area. Clay or concrete roofs can last up to 100 years; slate and copper roofs can last up to 50 years or more, while woods can have a life expectancy of 25 years.
The installation also plays a vital part in a roof’s lifespan. In some cases, shoddy installation can mean roof replacement after several years. During the inspection, ask the seller how old the roof is and check the gutters to ensure the drainage systems are in good condition.
If the roof has minor damage due to storms or other natural disasters, you may negotiate the price of the house and pay for the repairs. Check here for more info on identifying if a roof needs a repair.
The Final Decision
First, gather essential information about the house. Know or ask the homeowner how old the roof is. If possible, ask for any documentation to prove. See the roof and attic yourself during the inspection, then get a second opinion from a professional roofing company like Trojan Roofing contractor in Indianapolis.
Ask what repairs are required, and a quote. After knowing the overall condition of the roof, make an offer. Consider the total cost of the repairs or replacement, if necessary, on top of the house’s price. Make the seller shoulder the repairs or replacement or take care of it, but negotiate the total cost of the house.
If the seller is not open to negotiation on roof repairs and price point, the following conditions are enough reasons to walk away:
- Water stains on interior walls as this may be due to excessive water damage.
- Sagging roof due to structural damage
- Moisture in the attic space, which could lead to poor ventilation issues.
In the end, the final decision is still yours. If the only issue is the roof, you can proceed with the purchase, especially if you love the house, its location, weather conditions, etc.