Friday, February 15, 2019 / by Elizabeth Sorensen
If you want to get top dollar, you’ll want to ensure that your home can qualify for all loan types. 75% of buyers that will look at your home will be FHA or VA buyers. These loan types have much more stringent requirements when it comes to home condition. FHA and VA loans require your roof to have 5 yrs of more of life left. There cannot be any missing shingles or any other blatant repairs needed. Many sellers shy away from FHA/VA buyers, but it is simple economics- If you are eliminating 75% of the market, you are drastically reduce the buyer demand, which in turn will negatively affect the eventual sales price of your home.
What is a roof certification? Although the majority of buyers will have a home inspection, a thorough roof inspection and certification is not typically done by a home inspector. This is a certified roofing contractor who will climb up on your roof and issue reports on:
-Condition of roofing materials, ridges, caps, and drip edges
-Soundness of drains, downspouts, and gutters
-Flashing around roof pipes, chimneys, vents, valleys, and mounting of HVAC units
-Estimate the remaining years of roof life and certify the inspection
For a couple hundred dollars, a roofing contractor can evaluate your roof for any repairs needed and estimate the life expectancy. This can end up saving you thousands for a several reasons:
First, if you wait until you are under contract with a buyer before discovering issues or low life expectancy, the buyer could decide to back out causing your home to have to be re-listed. “Back on Market” (BOM) homes nearly always sell for less as they now have a negative stigma that something may be wrong with this home as the buyers backed out after inspection.
Secondly, with a certified roof inspection you will be armed with confidence as you enter into a purchase contract. The roof is one of the buyer’s top concerns due to the replacement costs and ability to qualify for a loan. Being able to provide buyers with a roof certification up front alleviates a huge concern for buyers, thus giving you an edge on your competition, because both parties already know what the home inspection will reveal about the roof.
Lastly, as mentioned earlier, with your roof certified you are opening your home up to the greatest number of buyers thus increasing the demand for your home.
I’m Elizabeth Sorensen with Haven Real Estate. To find out more, or for any other questions, reach out to me at the number below. I look forward to hearing from you!