4 Reasons to Repair Your Roof Before Selling Your Home
When you are deciding whether you should invest the money to repair your roof before attempting to sell your home, there are several things to consider. For example, a roof repair can save you money compared to a roof replacement while making your home more attractive to potential buyers. If you need more reasons to choose a roof repair, here are still several reasons why you should consider repairing your roof before you sell your home.
Your Home Will Stand Out & Lead to a Faster Sale
If there are several properties for sale in your area, then you will need to make your home stand out from the others. A freshly repaired roof can make your home a better investment than other homes in the area that do not have similar updates. This can make your home sell more easily in highly competitive areas.
Making your home stand out in a competitive neighborhood will likely help you end up selling your home faster. The extra feature of a recently repaired roof will most likely encourage buyers to bid on your home, which means that you will either be able to sell it quickly or for a higher amount of money than you would have before fixing the roof. In many cases, you may have both higher profits and a faster selling time.
Many Banks Will Not Finance Homes With Roof Problems
This is perhaps the most important reason why you should consider repairing your roof before listing your home. Most banks and lending institutes will not consider financing a home with roof problems. This would mean that anyone wanting to buy your home would have to pay in cash, which could drastically limit the number of buyers interested in your home. Also, many people willing to pay the full sum of a house expect a large discount simply for not having to deal with the long process of financing a home.
Your Insurance May Cover the Costs of Your Repairs
If the damage to your roof was caused by storm damage or another issue that is covered by your insurance, then you may want to consider getting your insurance to cover the repairs before you sell your home. If you do not repair your roof, your buyer will likely be able to negotiate a lower price for your home to cover the cost of the repairs. Essentially, you will risk losing an amount equal to the cost of the repairs when you sell. It is more financially reasonable to have your insurance company pay for the repairs rather the amount of the repairs from your potential profits.
However, you should keep in mind that a claim on your insurance can end up driving up your insurance rates in most areas, so it is important to decide whether it is worth it to use your insurance or to swallow the cost of the repairs on your own.
You Will Be Able to Take Advantage of the Roof Until Your Home Is Sold
If you intend to live in your home until you sell it, then you will likely appreciate your roof repairs. You will be able to feel safe and secure in your home and not fear that leaks will start to form during large storms. Although this may only be for a few months, the extra peace of mind is worth it to many homeowners.
Although fixing your roof may not have as high of a return on investment as other remodeling projects, it is an important project to take on if you want to sell your home in a timely manner for the money it is worth. For more information, contact companies like All American Roofing Incorporated.