When looking to buy a house, you may never find a house that checks all your boxes. Even if you find your dream home, it may need a new fence, HVAC system, or roof. This type of upfront cost could dissuade you from the purchase, but it may not be as bad as you think. Here are some things you should consider when thinking about buying an older home with an old roof.
Most Roofs Have Some Years on Them
Realistically, many roofs are going to have some age on them. Very few houses have brand new roofs, unless the home has just been renovated or has just been built. The average house roof lasts about 15 to 25 years, so a roof that's 10 years old may still have some time on it, depending on how it was built and how extreme the weather is in your area.
As most roofs aren't brand new, an old roof shouldn't be a deal-breaker on a home, as you'll likely be comparing a house to other homes with roofs of about the same age.
A Roof Can Be Expensive to Buy
You can't argue that a roof is a very expensive cost, especially at the outset of your home buying journey. Also, the cost of the new roof may not be able to be rolled into your home loan, so you may need to come up with the cost of the new roof in cash.
At the same time, needing to install a new roof could be a boon, as it does give you some negotiating power. With the knowledge that the roof has to be replaced, you may be able to ask for a discount on the purchase price or some concessions towards the repair.
In fact, if someone is desperate to sell their home, you may even be able to request that they replace the roof themselves, before you purchase the house or after. Of course, this is really only viable if they truly want to sell to you.
You May Have Other Costs
If a roof is not just old but has also been damaged for a long time, it could have lead to other structural issues. You need to have the home thoroughly inspected by a professional contracting team, as they will be able to give you estimates on the damages involved.
Your insurance costs may also be higher than average until you get the roof replaced, as your insurance company is going to need to insure you against incidental problems that could occur with the roof.
You Could Get a Renovation Loan
There are some loans that make it possible for you to get cash out for renovations. These are commonly known as renovation loans, and if you're purchasing a home with a very bad roof, it may be your only option. Some conventional loans will decline a mortgage if the property is in bad condition, unless you can show that you are able to make the necessary repairs at your own personal expense (or through negotiations with the seller).
This is because the company doesn't want to be saddled with a mortgage for an abandoned home, which will in turn be very difficult to sell. Even if the lender is willing to loan you money, you may not be able to get insurance, which is a requirement for nearly all loans.
Buying a home with an old roof can be a positive, as you may be able to get a significant amount of money off the purchase price. However, before you take that step, you need to know exactly how much the new roof and any structural damage is going to cost you. For more information, you can schedule an appointment with All State Construction 1 LLC All State Termite & Pest Control, which handles everything from roofing to exterminations.