Selling Your Old House? Get the Roof in Good Shape First
If you are planning on putting your old house on the market, you are probably wondering what types of improvements you should make, if any, in order to help you clench a sale. While some improvements may be appealing to prospective homeowners, other improvements may be necessary, particularly when it comes to roofing. Before putting your house up for sale, it's a good idea to make sure the roof is in good shape. Here's what you need to know.
Bad roofing is a warning sign
One of the most crucial elements of any structure is the roofing. Roofing is what keeps the elements of weather out of the structure, which helps prevent water and wind damage. Because of this, most mortgage companies will not lend money to people to buy structures that have bad roofs. Roofing that is in disrepair is a huge warning sign to lenders and tells them that there is likely significant and expensive damage to the structure and the interior of the home.
That could mean the value of the home may not be as high as previously thought, particularly if there is extensive hidden damage to the structure of the house. The hidden damage could include wood rot and mold growth inside the walls. The insulation could also be water logged and damaged, which could cause the new homeowners to have high heating and cooling costs.
Bad roofing could delay closing or turn away buyers
Any time there's a risk of higher-than-normal costs to homeowners, mortgage companies consider whether or not those high costs could cause the homeowners to default on their mortgage, which could cause them to go into foreclosure. These are the types of things that are considered by underwriters and others who are involved in the process of approving mortgages.
Bad roofing may cause the mortgage lender to delay the closing until further inspections are done and/or the roofing has been repaired by you or the expenses to repair the roofing by the new homeowner lowers the final price of the house.
If mortgage companies will not approve loans so people can buy your home, then you could be left with property investors as being the only ones who will be able to buy it. Property investors typically pay cash and usually try to drive the price down as low as possible. While this may be appealing if you are in a hurry to move, it could hit your pockets hard if you are counting on using the profits for your next large purchase.
For more information about your roof, contact local contractors like Skywalker Roofing.