Spring is almost here and with that, the onslot of homes getting ready to hit the housing market. Whether you’re looking to sell your current home or searching to buy, chances are you’re noticing the value of a great roof.
Here are 3 things to keep in mind when buying or selling a home:
- Roof issues are one of the top problems found during home inspections.
- A bad roof could get your mortgage application denied.
- Roof warranties can be transferred, but there are limitations; read the fine print to obtain transfer.
According to an HGTV article, the most common problem found during home inspections is roof-related. “Most important is the number-one defect detected during the inspection process: moisture and drainage. This is the leading cause of dry rot, major structural damage and toxic mold. It is important that grading of the property slopes away from the home. The roof must be inspected and be watertight”. In other words, a roof problem is a big deal. And a bad roof to a potential new buyer, a deal-breaker.
In this article by mymortgageinsider.com, a bad roof is one of the top 5 reasons a mortgage application is turned down. It’s important for buyers and sellers to take this information into account when applying for a mortgage loan. A new roof is something that is often a negotiated item between the parties and sometimes is a cost that is split. Knowing a reputable, local roofer (like Capstone Roofing, if you’re in Oklahoma) is so valuable in this process so that you get a real number estimate that is accurate to with which to negotiate.
Another thing to keep in mind when you’re buying or selling a home is a roof warranty transfer. Buyers should make sure to get the warranty of a new roof transferred when making their home purchase. Many times there is a fee involved in this process. Also important to note, most manufcaturers only allow transfers one time to one buyer. The security of a new roof is a great thing but, even better, a roof with a transferable warranty!
Don’t go into the buying or selling process blind. You can alleviate stress by educating yourself before an issue arises, especially one involving a roof. Contact a professional roofing contractor to get an estimate or inspection to know exactly what costs are involved; it could just save you a lot of time and money.