Imagine you just put your home on the market, only to discover a new water stain in the ceiling — the telltale sign of a leaky roof problem. Should you spend the money to repair your roof before selling your home, or should you sell it like it is, tell the new owners about the problem and let them deal with it?
Here’s some leaky roof advice to help you cope with this situation:
- There’s no guarantee you’ll get your money back: Before you spend money on a new roof or a roof repair, keep in mind that the average return on the money homeowners spend on roof repairs before selling is about 53 to 62 percent.
- Repair it if you want to sell your home faster: If your home has been on the market for a while, or if you’re in a hurry to sell, your best bet is to pay to fix your roof. A home in good repair will always sell a lot faster than a fixer-upper.
- Don’t repair it if you can’t afford it: Not everyone has the cash available to pay for a new roof. If you can’t afford it, don’t do it. Adjust your price and sell your home as-is.
If you’re ready to sell your home but it’s in need of repairs, you’ll have some legal obligations to adhere to in terms of reporting any known damage to would-be homebuyers. Makes sure you fully understand the legal reporting requirements that apply to you. Homebuyers will also want to know their legal right to know about damage areas as well.
Source: redfin.com, “Should You Repair Your Roof or Sell As-Is?,” accessed March 02, 2018