House shoppers typically search for a home with the best possible condition at a lower price. When they see or hear of roof damage, this is enough reason for them to shy away and look for other prospects. However, should a roof issue scare you off, or is it an opportunity for you to negotiate and save money when buying a house?
Before signing a contract, ask yourself these questions and consider these factors:
1. How Severe Is the Damage?
Identify how bad the damage is. If a storm or hurricane has blown off the shingles, replace them. Take note, though, that some roof damage can be more serious than they appear. In this case, other issues may occur, including insulation, ceiling drywall, or even structural replacement that costs you additional expenses.
During the inspection, look for professionals near you, such as this reliable roofing company in Indianapolis, 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. Search the internet or ask for recommendations from the people you know.
2. How Will You Finance Your Purchase?
If you plan on using a Federal Housing Administration (FHA) loan to pay for the house, it should be in its livable and insurable condition to be approved. Additionally, you should have secured property insurance before closing.
Before you can get property insurance, the insurance company performs a four-point inspection, including the plumbing, electrical system, HVAC, and roof’s condition and life expectancy. In general, they can’t insure it if the roof’s life expectancy is three years and shorter.
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
Nothing should deter you from buying the house if the roof is old. As you know, a roof’s life expectancy depends on the materials and weather in the area. Clay or concrete roofs last up to 100 years, while slate and copper roofs can last up to 50 years or more, and woods can have a lifespan of 25 years.
Moreover, the installation plays a vital part in a roof’s life expectancy. Shoddy installation can mean roof replacement after several years. Ask the house owner how old the roof is. During the inspection, 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, negotiate the price of the house and pay for the repairs. You may call Trojan Toofing for roof repair if you’re in Indianapolis.
The Final Decision
First and foremost, gather vital information about the house. Know or ask the homeowner how old the roof is. Ask for any documentation to prove, if you can. See the roof and attic yourself during the inspection, then get a second opinion from a professional roofing company, like Trojan Roofing. You may visit this website for more.
Ask what repairs are needed 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), in addition to the house’s price. Let the homeowner pay for the repairs or replacement, or you may shoulder it, but negotiate the total cost of the house.
If the seller is not open to negotiation on roof repairs and price point, it’s time to walk away if you see the following roof conditions:
- Water stains on interior walls since 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. You can proceed with the purchase if you love the house, its location, weather conditions, etc., and the only issue is the roof.