Maybe you’re a retiree whose children have already flown the nest, and you’re ready to downsize. Or maybe it’s the reverse: you’re looking to move somewhere bigger to accommodate your growing family. Either way, if you’re reading this, you’re prepping your home for sale, and you’re wondering if you have to replace the roof that’s giving you problems before selling.
The short answer is: it depends. Factors such as budget, timeline, and the effort you’re willing to invest come into play when deciding your course of action.
Of course, you don’t want to hand the problem property over to the new owner. However, you also know that a roof replacement could run well into the thousands–and you just can’t afford that right now. So, what then?
In this guide, we’ll walk you through all the options available to you when selling property with a leaky old roof and any other attendant issues you may be facing, so that you can navigate the process as smoothly as possible.
When Should You Replace the Roof?
When you drill down to it, the root cause of every homeowner’s nightmare boils down to one thing: deferred maintenance.
That’s why regular home inspections are necessary, especially if your property is on the older side, because they allow you to get ahead of the problems before they even start. According to the National Association of Realtors (NAR), roofing and drainage problems are among the most common issues uncovered during an inspection. Given that the roof is the home’s primary protection against the elements, this is par for the course. A periodic roof inspection can be considered a worthwhile investment, especially after a storm. A roof inspection doesn’t cost much, usually between $125-$357, and the benefits far outweigh the cost. A leaky roof starts small, but when not promptly addressed, it has the potential to develop into something more severe. In the worst cases, it can compromise your home’s structural integrity.
Here are signs that a roof replacement is on the horizon, or at the very least, roof repairs are needed:
Light Shining in from the Outside
This is probably the most obvious sign that your roof needs to be checked. If sunlight could get in, then there certainly is a way for moisture to get inside and wreak havoc on the rest of your home’s systems.
Sagging Roof
Your roof should always slope straight down, even after a hailstorm. If you notice any changes, such as a dip in the middle, it could mean that the structural integrity of your roof framing is suspect, and you must immediately repair it.
Damaged or Missing Shingles
Cracked, warped, or missing shingles are considered part of your roof’s normal wear and tear. Depending on the extent of the damage, you can either replace the shingles individually or tear down sections of the roof for replacement.
Shingle Granules
If you have an old roof, you may notice shingles disintegrating into granules, which can clog up your gutters and downspouts. These shingle granules are a surefire way to tell that your roof is at the end of its life span and must be replaced.
Water Stains or Mold Traces
Dark trails or spots in your ceiling are another sign that your roof is leaking. Call in professionals to find the leak and plug it as soon as possible because moisture getting into your walls can provide an environment conducive to mold growth, leading to a host of health hazards. Additionally, moisture could weaken and destroy your home’s structural framing.
Noticing leaks, missing shingles, or a sagging roof? Instead of spending thousands on repairs, you can sell your house as-is and move forward without the stress. Here’s how Lorain County Homebuyers can help.
Why You Should Replace Your Roof Before Selling
So your roof is exhibiting most, if not all, of the warning signs listed above. You can still choose to forego an outright replacement, especially if you don’t have the funds or if insurance doesn’t cover it, but it could hurt your chances of securing a successful sale. You must be aware that your roof condition significantly affects:
Your Asking price
You cannot charge top dollar if your roof has visible issues.
Your Property’s time on the market
A problematic property takes a longer time to sell compared to a move-in ready home.
Buyer’s loan approvals
Mortgage lenders are wary of approving loans for properties that didn’t pass inspection. If your potential buyer can’t have access to financing, then the deal will fall through.
Buyer confidence
A roof in bad condition can never inspire buyer confidence. They might wonder what else is wrong underneath, and they may demand repair credits or a steep discount to account for the risk that they’d be taking on.
Inspection Reports
If your buyer is using VA, FHA, or USDA loans, and the roof is assessed as being in poor condition, they may be outright refused, leaving you to start back at square one.
Roof problems can scare away buyers and lenders, making your home harder to sell. Rather than investing thousands in repairs, sell your house as-is and contact Lorain County Homebuyers today.
How Much Does Replacing Your Roof Cost?
We know that a total roof replacement can run well into the thousands. In Ohio, it ranges between $5,200 and $17,500, depending on the materials used, current labor market conditions, and your home’s square footage.
Since the cost of replacing your roof isn’t exactly chump change, it’s natural to wonder whether you might be able to recoup the amount you invested. The short answer is yes, in most cases. But an even better question to ask is…
Does Improving Your Roof Condition Increase Home Value?
Yes, generally, a well-maintained roof increases home value. How much value is added ultimately depends on the materials used. As mentioned above, the choice of material greatly impacts the roof cost, but in Ohio, with its hot summers, freezing winters, and the occasional wind and hail storm, you must be able to balance your roofing budget with the effectiveness of keeping the weather out.
Let’s go over each type of roof material and how much it adds to your home value. For uniformity, we are going to consider a 2,000 sq. ft. house:
Asphalt Shingles
Asphalt shingles are still the most popular roof in Ohio, owing to their affordability and durability against Ohio’s variable weather. On average, an asphalt shingle roof replacement costs approximately $9,100 and adds about $6,000 to your home value. This is equivalent to about 65% of the amount you spent.
Metal Roof
Another popular choice is metal roofing due to its ease of installation and impressive performance against severe weather. It is also highly customizable, with a vast array of colors and patterns, such as those mimicking clay tiles. If you opt for a metal roof, expect to pay $10,000, but it’s well worth the price due to a stunning 85% return!
Cedar Shingles
A cedar roof is undoubtedly the most aesthetically pleasing roofing material. With its rich red-brown hues, natural charm, and impressive longevity, it goes a long way in boosting your home’s curb appeal. Furthermore, cedar shingles are proven and tested to perform well in Ohio’s humidity. Do note that they must be regularly maintained and provided with adequate ventilation, which can add costs. For a brand new cedar roof, be prepared to spend between $12,000 and $27,000. But don’t worry, this can increase home value, with a 107% ROI!
Synthetic Slate or Composite Shingles
Synthetic slate or composite shingles are derived from plastic and other recycled materials, made to look like the real thing without the weight or the cost. It costs around $16,000-$30,000 with a similar resale value as asphalt shingles, but they last up to 50 years with proper maintenance.
Clay or Concrete Tiles
If you’re looking for fire, rot, and insect-resistant roofing, you can consider clay tiles. They’re also immune to granulation, unlike asphalt shingles, and retain their appearance longer. However, they’re not very good at handling the freeze-thaw cycles in northern Ohio, such as in Elyria or Cleveland. They’re also on the more expensive side, averaging $20,000, with only a 60% return.
In summary, while you may not be able to get back everything that you have put in, a new roof is definitely an advantage when selling your house. It can improve curb appeal, attract serious potential buyers, and help you sell your Elyria house faster and other cities in Ohio.
Tear-Off or Roof-Over: What’s the Difference?
If you’re going all-in and think you should replace your roof, you might encounter the terms ‘tear-off’ and ‘roof-over’. These are two methods of roof replacement:
Roof-Over
As the name suggests, a roof-over or an overlay simply means installing the new roof over the old one. As there is no tear-off involved, the work will be completed faster. The contractor will have to securely attach the new shingles to the existing roof, and they will look and function the same as the old ones without the leaks or damage.
Tear-Off
A more reliable option is a full tear-off roof replacement. It involves peeling off the roof down to the purlins and the rafters and installing a new one. This is a costly and labor-intensive option, but it allows you to check for structural damage and address any other concerns that are uncovered.
Another advantage of doing a tear-off is that since the roofing materials are directly attached to the roof framing system, the new roof is sturdier and would last about 20 years longer than a roof-over.
What Are the Alternatives to Replacing Your Roofing?
If there really is no budget for a new roof and no financing is forthcoming, a total replacement is not the only solution. Who knows, maybe what your roof needs to extend its lifespan are just minor repairs and some TLC? Here are some alternatives to replacing your roof:
Shingle Replacement
Individual warped, curled, or broken shingles can easily be replaced without hurting your bank account. All you need to do is ensure that the new shingles match your existing ones, and you’re good to go.
Partial Re-roofing
This can be considered if the damage to your roof is localized, say, for example, a tree limb fell on it after a recent storm. While a partial re-roof is not as expensive as installing a new one, doing this every few years can quickly add up. Moreover, with each additional section re-roofed, you alter the roof slope slightly, and this imposes a hard limit on how many times you can do this. This is also the reason why it is not advisable to split the job of installing a new roof into phases.
What if You Can’t Repair or Replace Your Roof?
If you don’t have the funds, time, or energy to invest in replacing your roof, then you can consider selling your house as is. This would allow you to skip the expense and effort of paying for an inspection, vetting roofing contractors, supervising the work, and all the other things you need to do before putting your property on the market. Replacing your roof could also take up to three weeks, and you might think that the hassle is just not worth it.
But who would buy a house with roof issues? Is there such a type of buyer?
Of course, there is! They seek out problem properties, and they buy these houses for cash, too!
The answer is a special type of buyer: the cash buyer.
Cash buyers are cash home buying companies, real estate investors, or house flippers, who are always on the lookout for homes in poor condition. They are seasoned industry veterans, typically with a professional construction team ready to handle the required renovation and rehabilitation work, so nothing scares them off.
These buyers don’t wait for inspectors, appraisers, or loan approvals, which immediately eliminates the uncertainty of a deal falling through. That said, this allows them to close transactions fast. As an added bonus, you don’t have to pay real estate commissions since you sale directly with them, so you get to keep more of the profit.
Do note that real estate investors and house flippers are looking to turn properties into profit, too, so their cash offers are usually lower than the market value. This is understandable since all the future repairs are factored into their offer.
Regardless, with the time and money saved, along with the guarantee of a sale, selling to a cash buyer is the best option if you’re selling as-is, allowing you to move forward sooner rather than later.
Don’t have the time or money to replace your roof? Sell your house as-is and work with a company that buys homes in Lorain and nearby cities in Ohio, so you can avoid the repairs and move forward with less hassle.
How to Decide Between Roof Replacement and Selling Your Home As Is
Here are some questions to ask yourself and help you decide on the best course of action:
How extensive is the damage to my roof?
To determine the extent of the damage, you must arrange an inspection. Doing so can also save you money on unnecessary repairs and headaches down the line. Even if your house is old, as long as the inspector finds that the roof is functional, with no leaks or soft spots, then there is no need to replace it.
Additionally, a clean bill of health from a professional home inspector goes a long way in instilling buyer confidence and thus can be used as a marketing tool.
Do I have the money, time, and energy to spare for the repairs?
A home improvement project is not for the faint of heart. Not only does it involve a fat bank account or a very good line of credit, but you would also need to be discerning in screening potential contractors you’d like to work with. Once your roof repair or replacement is humming along, you’d also need to check in from time to time to make sure the work is going as agreed. Evidently, not everyone is willing to exert the effort, and most homeowners would rather pass on the burden of solving the roof issues to the buyer, usually in the form of repair credits or a discount.
What are the prevailing market conditions?
Knowing whether you are in a seller’s or a buyer’s market is absolutely essential before you put your property on the market. For example, if you’re in a competitive market where there are a lot more sellers vying for buyers’ attention, then replacing, or at the very least, repairing your roof should be a no-brainer. Your property won’t be worth a second look otherwise.
On the other hand, if buyers outnumber the sellers, then you can get away with doing very little to the property, as it would sell itself. Sometimes, you might even get market value for it, even if you sell it as is!
Closing Thoughts: Do I Need a Roof Replacement Before Selling My House in Elyria, Ohio?
In short, deciding whether to repair or replace your roof before selling largely depends on the following factors:
- Your current roof condition
- Your local real estate market condition
- Your budget for repairs or replacement
- Your willingness to do the repairs
If you would like to avoid the hassle of managing the replacement or repairs, then you can opt to sell to a cash-buying company. Selling to a cash buyer like Lorain County Homebuyers gets you to the closing table as fast as possible. With our vast real estate experience in Lorain County and the rest of Ohio, we can give you the best offer for your property–regardless of its condition! Fill in the form below so you can get a cash offer delivered straight to your inbox! If you’d like to talk about the property, reach out to us at (440) 681-2114!
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