Congratulations on looking for a new home to purchase. You just found the one that you love in the perfect location you want to live. Just one problem — the roof is in bad shape and needs to be replaced. What do you do? Here is some information that will help you make a good decision and investment.
Needs a new roof
If your home inspector climbs back down the ladder after examining the roof and tells you that it needs to be replaced, you don’t necessarily have to move on and start your search all over again.
Today homebuyers have more negotiating power than they may realize in this situation. Insurance companies usually will not issue a policy on a home with an older roof that needs replacing, even if it is not leaking. Mortgage lenders require buyers to get homeowner’s insurance as a prerequisite for closing on the loan.
There are basically four options to consider:
Seller pays for a new roof
Get the seller to pay for a new roof. The seller can put a new roof on the house without changing the sales price. Depending on what market is occurring – buyer’s or seller’s market? This would be ideal for you!
Spilt the cost
Both you and the seller can split the cost of a roof 50/50 to make sure that the sales transaction goes through. You can pay part of the cost in cash at closing or by agreeing to a price increase to include the cost of the roof. You can have your sales agent do the negotiating.
Pay for a new roof yourself
Pay for the new roof yourself. You can make arrangements to pay in cash for the new roof at closing or take the sales price up to include the cost of the roof. Make sure your appraisal has enough room in for your mortgage.
Get a renovation Loan
You can talk with your lender to see if you can get a renovation loan to pay for the roof. This would be a separate transaction than cash or your mortgage depending on which direction you go in. Check with the insurance company to see if this is an acceptable option.
If you really like this house, you don’t have to let the roof stop the transaction. Let your realtor come up with a creative solution so you can move into the home with a new roof and live happily ever after.
Contact a roofing specialist. Check out your roof condition now to make sure you don’t have any possible problems like loose or missing shingles, etc.
No. 1 Home Roofing is proud to deliver quality service to its clientele in local communities, and therefore has years of experience in re-roofing and patching flat roofing systems.
No. 1 Home Roofing is a family owned and operated roofing company conveniently located on US Highway 19 in Palm Harbor, Florida. We are dedicated to providing top quality workmanship and materials to ensure that your new roof is done right. We specialize in shingle, tile, and flat roof installation, repairs, and maintenance. Contact us for an appointment and/or estimate at 727-781-7663.