Does your property have issues with the roof? How old is it? Can it be repaired? Should it be? Roof replacement is a topic that is coming up more and more in the real estate game. The reason is simple: in many popular areas, older houses are going on the market and some have roofs that are over 10 years old. While some of these structures can last 25 years or more, it’s important to have a quality roof on the property if you are going to try and maximize your value. The same goes with other areas of the home.
Making small or large improvements to your property before listing it is a smart way to maximize the value and get the most from a potential buyer. There may also be some tax breaks involved when you complete the sale, but check with your accountant on that first. Making improvements to a property can only improve your chances of getting a great deal. However, there’s a difference between making important changes and just trying to temporarily fix something.
Roof Replacement Vs Repair
A new roof could cost you $30,000 or more. Is that something you want to spend before selling a house? However, if your roof is 15 years old or older, it may be something that keeps buyers away from the property. Along with their concern about the quality of the roof is the insurance provider who will either not approve the structure or charge the new owners far more.
This is why you need to consider a replacement option rather than just making repairs. If the structure is under 15 years old, it makes more sense to try and repair it unless it has experienced major damage. Repairing it could resolve the issues and help you to move forward with a sale. But if the roof is in bad shape, replacement is going to be the only option.
Why Replacement Is Better
If you can invest the time and money into making important upgrades to your property, you can drastically raise the value of your home. In most cases, an investment of $100,000 in upgrades, for example, will increase the home value by that much or more. That’s why this is a smart investment if you are thinking about selling your home in the future.
Another advantage of a replacement is if you end up not selling your home for a while. It could be a cooling market, you do not get the right offer or you decide to stay a bit longer. Having the needed upgrades done simply means your investment is there waiting for you to cash out whenever you want, and in the meantime, you can enjoy the property.
Maximizing Home Value
There are several parts of the home that will need to be reviewed and possibly upgraded if you want to get the best value for the property. It’s understandable that over the years, certain areas of the home may take on more wear and tear than others and each property is different. If you want to address areas you are sure need to be improved, feel free to begin.
There are some key areas of a property that buyers will look at to determine if they want to move forward with a possible offer. These areas include the roof, windows, kitchen, bathrooms and the yard. Things like the types of flooring, paint or wallpaper and designs or colors and other things will have an influence, but these areas are usually the top ones reviewed.
Do It By The Book
Whatever work you do, do it by the book. You do not want to do things without the approval of code enforcement. Having permits and showing the work was done correctly is a major benefit to you and the buyer of the property. Realtors will check to see if permits were pulled and if not, it could cause you to lose major value in the property.
If you are hiring professionals to do the work, make sure they are licensed and insured as well. However, it’s recommended that you still take the time to speak with the local officials about the project and learn everything you can about what to expect. This gives you a better understanding and options if your contractors do not work out.
Ask A Realtor
When in doubt, the best thing to do is to meet with a realtor. Your realtor will review the house with you and recommend what they think you can and should do. Yes, they want to make a sale for you as quickly as possible but if they see a way for you to make more money by investing in your property, it may be the right move to make.