New roof and resale value

[ithos]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

[Stu from NYC]

I would speak to a couple of real estate folks for that info.

When we moved here thought of paying off bond and was told by several agents not worth it as people will often not factor that into the cost of the house

[ithos]

I would speak to a couple of real estate folks for that info.

When we moved here thought of paying off bond and was told by several agents not worth it as people will often not factor that into the cost of the house

You are right. I figured that real estate professionals also peruse TOV. Of course it is important that the appraised value would also reflect the new roof in case the new buyers are going to get a mortgage.

[villagetinker]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

You may be forced to replace the roof as soon as the insurance companies realize the age of the roof. I already know of 3 neighbors with houses about 6 months newer than ours all insured by Progressive (including ours) that had their insurance not renewed.

[dewilson58]

You will NOT recoup your investment.

The buyer's insurance company may or may NOT care.

[ithos]

You may be forced to replace the roof as soon as the insurance companies realize the age of the roof. I already know of 3 neighbors with houses about 6 months newer than ours all insured by Progressive (including ours) that had their insurance not renewed.

I have Progressive and they are not renewing any home policies in Florida. Several people I know have been able to find insurance companies that will write a policy. I am unaware of anyone forced to replace a 15 year old roof because of insurance considerations.

[retiredguy123]

Anytime you do an upgrade to your house, you should never expect to recover the entire cost. I have looked at houses where the agent will present me with a list of upgrades where the seller is asking for 100 percent of the cost. That is absurd.

[Toymeister]

The OP has asked if he should wait to install a new roof, I would wait. I have a villa for sale with a new roof, no one mentions it as a buying advantage despite it being posted in the propery description. No one.

[JoMar]

Anytime you do an upgrade to your house, you should never expect to recover the entire cost. I have looked at houses where the agent will present me with a list of upgrades where the seller is asking for 100 percent of the cost. That is absurd.

Depends on what the upgrades were and when they were done. Recouping 100% of the cost may be a savings for the buyer since costs to do it after they purchase their home will probably be more expensive. Plus, they don't need to go through the demo and reconstuction phases which is worth something unless they like living in chaos.

[Papa_lecki]

Wait. I have a villa for sale with a new roof, no one mentions it as a buying advantage. No one.

Did your realtor put in the description on realtor.com “new roof”?

You can search it - you’ll get something back, according to here, it’s about 56%. I would guess 40 to 50% of the value will be returned.
Access Denied (https://www.hgtv.com/lifestyle/real-estate/top-home-updates-that-pay-off-pictures)

#10 Roofing Replacement (Asphalt Shingles)
Average return at resale: 56.9%

Roof replacement is an inevitable long-term cost of homeownership, particularly if you own an older home with a neglected roof. Replacing a roof with 30 squares of fiberglass asphalt tiles costs an average of $30,680, and you can make an average of $17,461 back at resale.

Fiberglass asphalt shingles are usually less durable than materials like slate or metal, but they are more affordable and one of the most popular types of roofing material you’ll find on homes. The shingles come in a variety of colors, allowing you to pick a tone that boosts curb appeal and best matches your home’s exterior. Other considerations are the wind rating and impact resistance of the shingles, especially if you live in an area that often sees high winds and hail.

[Snakster66]

Wait. I have a villa for sale with a new roof, no one mentions it as a buying advantage. No one.

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.

[Two Bills]

If I were a prospective buyer, and looked at, or was considering a property with a 15yo. roof in TV, I would definitely make any offer reflect replacement cost, whatever the asking price was.
Take it, or leave it.
Not in same category as some snagging or cosmetic upgrades regarding property condition.
JMTC.

[Papa_lecki]

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.

Me too.
I looked at roof age, HVAC age and bond balance.
I knew I was replacing the kitchen no matter where I bought.

None of these would disqualify a house - location and lot were the #1 factor.

[retiredguy123]

Assume that you have a house with a 15-year old roof that is worth $400K. Now, spend $20K on a new roof. Unfortunately, no one will pay you $420K for the house, and a bank appraiser will not increase the appraisal by $20K.

[Velvet]

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.

Wow! You and I really differ. My first consideration when buying a house, was the location of the home, near to what, and it’s elevation. Those things I cannot change. Roof is easy to change.

[Topspinmo]

Really don’t matter, you’re going to take an offer that right for you. If not reject offer. Nearly all buyers try to get price knocked down for one reason or the other. Some use needs new roof, new A/C, new kitchen remodel, new bath remodel, new flooring, new paint. All cosmetic if they are in good serviceable condition. IMO you will never recover money spent on upgrades. If some one upgrades their going to want more, just way it is.

[Fredster]

Wait. I have a villa for sale with a new roof, no one mentions it as a buying advantage. No one.

I don’t agree with that. I’ve seen numerous listings that mention in the description that the roof was just replaced or had been a year or two ago!
I don’t think the OP would recover the cost, but a lot of
buyers might like the fact, that they don’t have to deal with insurance issues or having it replaced!

[Craig Vernon]

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.

Agree with this as a buyer. Three questions 1. Roof 2. AC 3. Bond. All will lower value if not within my reasoning.

[retiredguy123]

To me, this is a no brainer. If you are selling a house, don't make any improvements. Just be more receptive to a lower price. I have seen listing agents talk sellers into making costly improvements. They are not doing the seller any favors.

[rjm1cc]

My guess is no you will not. But how about offering a credit toward a new roof if the subject comes up. To start you could add the cost of the credit to the sales price.

[RobertScott]

I have Progressive and they are not renewing any home policies in Florida. Several people I know have been able to find insurance companies that will write a policy. I am unaware of anyone forced to replace a 15 year old roof because of insurance considerations.

I just renewed with Progressive.

[RobertScott]

To me, this is a no brainer. If you are selling a house, don't make any improvements. Just be more receptive to a lower price. I have seen listing agents talk sellers into making costly improvements. They are not doing the seller any favors.
This means you would only be looking for cash buyers, those who would have mortgages have to get insurance and they won't get it for a 15 year old roof.

[drdoug59]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

According to zillow and Realtor.com housing prices in TV are decreasing in 2024. Whether prices will stabilize in 2025 I do not know. But you would be putting money into an investment that is now depreciating, I would suggest no., but up to you

[retiredguy123]

This means you would only be looking for cash buyers, those who would have mortgages have to get insurance and they won't get it for a 15 year old roof.
Not necessarily. For buyers who need a mortgage and cannot get insurance, you can always include a new roof in the contract. But once you buy a new roof, potential buyers will discount the cost you paid for it. I suspect that a lot of houses being sold have roofs that are older than 15 years. They are not all uninsurable.

[midiwiz]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

Putting a new roof on, assuming it's asphalt shingles will only improve your ability to sell quicker as a 15 yr old roof will hesitate if not turn away quite a number of buyers. If you replaced the roof with a metal roof, then you increased value, and no you never get back what you pay for it.

For example, when doing comps, you put in a pool for $100,000. Your value adjustment might only be 40,000. It will never be 100,000 or higher.

[MandoMan]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

When I first bought in The Villages four years ago, the fact that the roof and HVAC system and appliances were only a year off and the bond paid off definitely convinced me to make an immediate full-price offer. That may not be the same as getting your money back, but if the alternative is no sale or sale for a lot less, it’s something like that. These days, if buyers discover before the sale is completed that they can’t get home insurance unless they put on a new roof, they may cancel the sale, require the owner to put on a new roof for the sale to go through, or ask for a cut in price. Wouldn’t you?

[retiredguy123]

When I first bought in The Villages four years ago, the fact that the roof and HVAC system and appliances were only a year off and the bond paid off definitely convinced me to make an immediate full-price offer. That may not be the same as getting your money back, but if the alternative is no sale or sale for a lot less, it’s something like that. These days, if buyers discover before the sale is completed that they can’t get home insurance unless they put on a new roof, they may cancel the sale, require the owner to put on a new roof for the sale to go through, or ask for a cut in price. Wouldn’t you?
I would just point out that an individual buyer requiring a new roof for a guaranteed sale, and a seller installing a new roof hoping to recover the cost from an unknown buyer are two different situations.

[sowilts]

I would speak to a couple of real estate folks for that info.

When we moved here thought of paying off bond and was told by several agents not worth it as people will often not factor that into the cost of the house
Great advice.

[ithos]

I agree that most improvements will never be fully recouped when selling the house. I just was wondering what was the typical impact on the appraisal and resale value.

For a new owner, if the roof is 17 years old then there is the consideration that insurance will probably be more difficult to get plus they will have to pay for a new roof in the next couple of years or sooner. This would be even a bigger factor if they were trying to finance it.

[ithos]

Great advice.

I am not at the stage where I want to start dealing with real estate agents. If I did then I would feel that I had a moral obligation to list it with them.

I appreciate the feedback on this thread and overall it has been beneficial.

[MX rider]

We just sold our home that was 15 years old. Roof was still in excellent condition. But we went ahead and put a new roof on anyway because we felt it would be an issue for many buyers. Our realtor agreed. Especially since insurance companies prefer your roof to be less than 15.

Did we recover any of the cost? That's hard to say. I would guess some, maybe 50% or less.
The home we moved to got a new roof in February, so that was a plus in our minds since the home is 17 years old.

[retiredguy123]

We just sold our home that was 15 years old. Roof was still in excellent condition. But we went ahead and put a new roof on anyway because we felt it would be an issue for many buyers. Our realtor agreed. Especially since insurance companies prefer your roof to be less than 15.

Did we recover any of the cost? That's hard to say. I would guess some, maybe 50% or less.
The home we moved to got a new roof in February, so that was a plus in our minds since the home is 17 years old.
Most real estate agents are happy for a seller to spend their own money for improvements and/or upgrades. It makes it easier for them to sell the house. But, remember that it is a conflict of interest because the agent benefits at your expense. I actually knew a seller who replaced laminate countertops with granite because their agent told them to do it. The only way I would spend a significant amount on improvements is after I tried and failed to sell the house without the improvements. A new roof is a huge expense to pay on a house that you are trying to get rid of.

[Cuervo]

I posted this same message on the topic of shingle damage.

My home is 12 years old, and I just had my roof replaced three months ago and so did a number of my neighbors, for most of us it was painless. The company that replaced mind did all the approval work down to the color I was permitted to use and my insurance company which is Farmer had me only pay a $500 deductible.
Plus, they finished the job in three days even though they had to stop for rain occasionally.
One of my neighbors point out to me insurance companies would rather pay for a roof replacement, than having to pay not only for a roof replacement but also having to pay for whatever damage could be caused by rain pouring into the home because the roof was not replaced.

Have a company come out check your roof and find out how much your insurance company will cover; in my case I would have been out of my mind not to have it replaced for $500.

[EatthMama]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.
You will have a tough time selling a house with a 15yr old roof. What I have done with clients in the past is state in thr MLS listing that the roof will be replaced with a signed contract. Then I have the roofer agree to replace the roof and get paid net 30 so it comes out at closing. This way nothing comes out of your pocket and the new owners are thrilled with an insurable roof.
Since most people make a nice profit off their homes in TV, the extra for the roof seems nominal.
Happy to help you if you aren’t already working with an agent and your house is south of 466.

[Skunky1]

No, it is maintanance.

[MX rider]

Most real estate agents are happy for a seller to spend their own money for improvements and/or upgrades. It makes it easier for them to sell the house. But, remember that it is a conflict of interest because the agent benefits at your expense. I actually knew a seller who replaced laminate countertops with granite because their agent told them to do it. The only way I would spend a significant amount on improvements is after I tried and failed to sell the house without the improvements. A new roof is a huge expense to pay on a house that you are trying to get rid of.

Comparing it to countertops is apples and oranges. A 15 year old roof is and issue when selling. If we hadn't put one on, more than likely the buyer would have required it. Plus, some people won't consider looking at a home with an older roof. We felt it was the best way to get it sold. I was just saying our realtor agreed and she's very good btw. We bought and sold that home, and bought this one thru her.

[Indydealmaker]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

You cannot recoup the cost of roof replacement. Not replacing will be a deterrent to your house selling competitively.

[banjobob]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.
My opinion buyers want older homws with new or newer foofs and AC systems relativly new ,otherwisw the market for your home is seriously downgraded, as far as recovering the costs doublful just makes you home a better candidate for consideration for purchase when those are done.

[lorilorilori]

I put my house in Clermont FL up for sale a few years ago. For a small amount more I upgraded to "Architectual Shingles" and what a difference in appearance. Yes, I think it helped to sell the house faster as it had better "curb appeal" the new people could move right in w one less worry.



I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

[CoachKandSportsguy]

How much did the steering wheel cost on your used car? Why do people prefer new cars over old cars? Less worry about unforeseen maintenance issues. Same with houses.

A new roof vs and old roof will get different buyers, ones that are more price sensitive than others.
People may overlook the roof if the house has all the other desirables on their list of requirements.

So the answer always is, "every house and buyer is a unique situation"

Other ways to look at the sale:
what's the recent sales and prices look like for as close to a comparable as possible.
That's what a good real estate agent will use. .
Also, you can pretend to be a buyer and go look at selling costs of comparables to get a feel as a buyer
prices and conditions of comparables. Also you are competing against the current inventory for sale at the time you list the house,
which you have no control over, so get an idea of what's for sale right before you sell

Or a new roof vs an older roof won't get the purchaser a reason to want to discount your price.
A new roof probably will sell faster as it appeals to more people for something les to worry about.

Upgrades may not recover the particular cost from within the bundle of land, location, and house particulars from the buyer.
But the new roof gives one less point to dissuade a buyer, or one less point to negotiate from the for sale price, and maybe a quick sale as none of the other houses for sale at the time of your sale, will have a new roof.

These are all externality conditions in your sale environment, none of which you can control other than the price.

Good luck

We have done upgrades / replacements knowing that the house should sell quickly for a competitive price, which is our desires, time to close, versus absolute top dollar cost accounting, which can be calculated, but not the value which is dependent upon each unique buyer.

[RoboVil]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.
I can tell you when I was looking for houses in the Villages, one of my criteria was a roof not older than 5 years or a price to compensate for replacement cost + hassle. Mostly, I focused on houses with newer roofs. So, while I doubt if you recoup the investment, your house will probably sell sooner.

[dewilson58]

You will NOT recoup your investment.

The buyer's insurance company may or may NOT care.

Well you are heading for 50 responses.
Some long, Some short.
Some apply to The Villages, Some don't.
I stick with my original response.

If "overall" your house is nice, the neighborhood is nice, you are reasonable with your price..............your house will sell in a reasonable amount of time. Some buyers will try to find excuses NOT to buy your house. Some buyers will try to use their "logic" to determine YOUR price. Some buyers are just looking for the cheapest price. Just move past these "guys"............it's The Villages, there will be another buyer tomorrow.

:coolsmiley:

[bragones]

The OP has asked if he should wait to install a new roof, I would wait. I have a villa for sale with a new roof, no one mentions it as a buying advantage despite it being posted in the propery description. No one.

I think new roofs have come to be expected. Seems buyers will only mention a roof it is NOT newer.

[retiredguy123]

Well you are heading for 50 responses.
Some long, Some short.
Some apply to The Villages, Some don't.
I stick with my original response.

If "overall" your house is nice, the neighborhood is nice, you are reasonable with your price..............your house will sell in a reasonable amount of time. Some buyers will try to find excuses NOT to buy your house. Some buyers will try to use their "logic" to determine YOUR price. Some buyers are just looking for the cheapest price. Just move past these "guys"............it's The Villages, there will be another buyer tomorrow.

:coolsmiley:
I agree. Replacing your roof is the most expensive maintenance/upgrade you can make. Doing this just to sell a house is a financial mistake. For the same amount of money, you could replace the HVAC system, water heater, washer and dryer, and every appliance in your kitchen. Or, you could do a complete kitchen renovation. Or, you could replace all the flooring. Any of these things would make it easier to sell your house because that is what most buyers look at.

[Cliff Fr]

I have a 15 year old roof. If I were to replace it and put my house on the market in the next year or so would the increased value be high enough to recoup most of the cost? Or is it wiser to just wait and let the new owners replace it? I live in The Village of Fernandina.

My two cents: I would say that it will make your house sellable for whatever the market price is. I think it's expected that the house be in insurable condition.

[kamal]

Did your realtor put in the description on realtor.com “new roof”?

You can search it - you’ll get something back, according to here, it’s about 56%. I would guess 40 to 50% of the value will be returned.
Access Denied (https://www.hgtv.com/lifestyle/real-estate/top-home-updates-that-pay-off-pictures)

#10 Roofing Replacement (Asphalt Shingles)
Average return at resale: 56.9%

Roof replacement is an inevitable long-term cost of homeownership, particularly if you own an older home with a neglected roof. Replacing a roof with 30 squares of fiberglass asphalt tiles costs an average of $30,680, and you can make an average of $17,461 back at resale.

Fiberglass asphalt shingles are usually less durable than materials like slate or metal, but they are more affordable and one of the most popular types of roofing material you’ll find on homes. The shingles come in a variety of colors, allowing you to pick a tone that boosts curb appeal and best matches your home’s exterior. Other considerations are the wind rating and impact resistance of the shingles, especially if you live in an area that often sees high winds and hail.

I just signed a contract to get my roof replaced for $9K which is around 23 squares. Owens Corning or Certain teed architectural asphalt designer shingles of my choice. The roofer has 5 star reviews and well established in the area. Not sure where you are getting an average of $30K for 30 squares for ashpalt shingles figures from.

[BlueStarAirlines]

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.


Absolutely! Buying a house with a roof more than 8 years old is just buying someone else's trouble. There are enough homes on the market where you can exclude those and not have to worry about replacing or having insurance issues.

[ithos]

I agree. Replacing your roof is the most expensive maintenance/upgrade you can make. Doing this just to sell a house is a financial mistake. For the same amount of money, you could replace the HVAC system, water heater, washer and dryer, and every appliance in your kitchen. Or, you could do a complete kitchen renovation. Or, you could replace all the flooring. Any of these things would make it easier to sell your house because that is what most buyers look at.

I don't think older appliances are going to prevent someone from obtaining home insurance. A roof near EOL definitely will make it much more difficult. Unless you find buyers who are woefully uninformed about the new policies, it will be a big factor.

Why would anyone buy a house where there is a concern about obtaining insurance? Only if you gave them an incredible deal.

The AC is a good point. If you replace it with a 410A condenser, then you will have at least 15 years before they have to worry about a new one. There are already approved alternatives for 410A refrigerant which is being phased out. After 2025 it will be much more difficult to find 410A condensers which means you may have to replace the inside unit too. That costs almost as much as a roof.

[retiredguy123]

I don't think older appliances are going to prevent someone from obtaining home insurance. A roof near EOL definitely will make it much more difficult. Unless you find buyers who are woefully uninformed about the new policies, it will be a big factor.

Why would anyone buy a house where there is a concern about obtaining insurance? Only if you gave them an incredible deal.

The AC is a good point. If you replace it with a 410A condenser, then you will have at least 15 years before they have to worry about a new one. There are already approved alternatives for 410A refrigerant which is being phased out. After 2025 it will be much more difficult to find 410A condensers which means you may have to replace the inside unit too. That costs almost as much as a roof.
I agree that an uninsurable house would be a problem. But, I think a house with a 15 year old roof is insurable. You may need to get a roof inspection. I haven't kept up on the Florida law, but I believe that there are new rules about what insurance companies can and cannot do with respect to older roofs. It may be worth the time to call a few insurance companies and possibly get your roof inspected.

[CFrance]

You will have a tough time selling a house with a 15yr old roof. What I have done with clients in the past is state in thr MLS listing that the roof will be replaced with a signed contract. Then I have the roofer agree to replace the roof and get paid net 30 so it comes out at closing. This way nothing comes out of your pocket and the new owners are thrilled with an insurable roof.
Since most people make a nice profit off their homes in TV, the extra for the roof seems nominal.
Happy to help you if you aren’t already working with an agent and your house is south of 466.
What does "net 30" mean?

[Two Bills]

What does "net 30" mean?

I would hazard, that seller has $30k deducted from after sale figure, to renew the roof.
Sounds like the agent has a pet roofer on the books, putting a little more icing on her already costly cake.
Sure as heck, in a position where a new roof was last resort, and imperative for a sale, I would find my own cheapest roofer.

[retiredguy123]

What does "net 30" mean?
It is 30 day loan that the roofer is providing that, hopefully, will be paid by the seller from the closing proceeds. Obviously, if the closing falls through, the seller will need to pay the roofer out-of-pocket.

[retiredguy123]

I would hazard, that seller has $30k deducted from after sale figure, to renew the roof.
Sounds like the agent has a pet roofer on the books, putting a little more icing on her already costly cake.
Sure as heck, in a position where a new roof was last resort, and imperative for a sale, I would find my own cheapest roofer.
I agree with everything, except the "30" refers to days, not dollars.

[Two Bills]

I agree with everything, except the "30" refers to days, not dollars.

Thanks for correction.

[melpetezrinski]

What does "net 30" mean?

Net 30 is a payment term. You see this very often in corporate business. In this case, the purchaser has 30 days to make payment of net amount (full payment). There are several payment terms that offer discounts if paid earlier. 5/10 n30 is a 5% discount if paid within 10 days of service provided or product delivered and then net amount due after 30 days.

[Velvet]

You will have a tough time selling a house with a 15yr old roof. What I have done with clients in the past is state in thr MLS listing that the roof will be replaced with a signed contract. Then I have the roofer agree to replace the roof and get paid net 30 so it comes out at closing. This way nothing comes out of your pocket and the new owners are thrilled with an insurable roof.
Since most people make a nice profit off their homes in TV, the extra for the roof seems nominal.
Happy to help you if you aren’t already working with an agent and your house is south of 466.

Just increase the asking price and include the credit for a roof. Location is far more important. If one plans to live in that house and not use it as a rental then they buy the house they love. Not the one with a new roof.

If the seller does all sorts of renovations to “increase the value of the home” which the buyer likely will change anyway, since almost no renovation costs are recouped 100% the person who benefits from the changes is the real estate agent by making a larger commission.

[LianneMigiano]

People mistakenly believe replacing something essential like the roof adds resale value. It might help the home sell faster than other homes that have 15 year-old roofs - but a home must have a roof. Replacing it does not add value.

[CarlR33]

If I were a prospective buyer, and looked at, or was considering a property with a 15yo. roof in TV, I would definitely make any offer reflect replacement cost, whatever the asking price was.
Take it, or leave it.
Not in same category as some snagging or cosmetic upgrades regarding property condition.
JMTC.I would bet it would not be on most buyers radar that are from outside FL.

[Snakster66]

Wow! You and I really differ. My first consideration when buying a house, was the location of the home, near to what, and it’s elevation. Those things I cannot change. Roof is easy to change.

I wouldn’t have been looking at it if it didn’t have a desirable location to us.

[jrref]

Not sure who you are talking to, but I just bought in the last month. I was deep in the market for 6 months. Age of roof was one of the first considerations in EVERY house I looked at. A new(er) roof was a huge advantage in my (a buyer) eyes.

To the OP. As a buyer I didn't look at a new roof as something that increased the value of a house. I looked at an old roof as something that decreased the value of a house, I factored in a roof replacement cost in MY valuation of a potential purchase and adjusted target price accordingly. When I shopped for insurance on the house I bought, THEY were certainly interested in the age of the roof.

This is a great response. Although you may not recoup the entire cost of the roof, most potential buyers will deduct the cost of the roof when making a bid. If the roof is really old, it will come up in the inspection. You may get lucky and find someone with deep pockets who won't care but at the end of the day expect your home to be on the market a very long time.

As far as the bond is concerned. Agreed, most say it doesn't make a difference but then why on homes with the bond paid off does the listing say in very big letters "BOND PAID"? The truth is, if your bond is paid off, its just another selling point for your home like a new roof, new appliances, etc..

[kkingston57]

You will NOT recoup your investment.

The buyer's insurance company may or may NOT care.

Better not paying now. Who knows what the market will be next year. Could get better(people moving from the coast) or could be worse (people's anxieties due to hurricanes)

[kkingston57]

Did your realtor put in the description on realtor.com “new roof”?

You can search it - you’ll get something back, according to here, it’s about 56%. I would guess 40 to 50% of the value will be returned.
Access Denied (https://www.hgtv.com/lifestyle/real-estate/top-home-updates-that-pay-off-pictures)

#10 Roofing Replacement (Asphalt Shingles)
Average return at resale: 56.9%

Roof replacement is an inevitable long-term cost of homeownership, particularly if you own an older home with a neglected roof. Replacing a roof with 30 squares of fiberglass asphalt tiles costs an average of $30,680, and you can make an average of $17,461 back at resale.

Fiberglass asphalt shingles are usually less durable than materials like slate or metal, but they are more affordable and one of the most popular types of roofing material you’ll find on homes. The shingles come in a variety of colors, allowing you to pick a tone that boosts curb appeal and best matches your home’s exterior. Other considerations are the wind rating and impact resistance of the shingles, especially if you live in an area that often sees high winds and hail.

Are your %s national or Florida. Florida is probably one of a few states where this is a problem.

[Velvet]

This is a great response. Although you may not recoup the entire cost of the roof, most potential buyers will deduct the cost of the roof when making a bid. If the roof is really old, it will come up in the inspection. You may get lucky and find someone with deep pockets who won't care but at the end of the day expect your home to be on the market a very long time.

As far as the bond is concerned. Agreed, most say it doesn't make a difference but then why on homes with the bond paid off does the listing say in very big letters "BOND PAID"? The truth is, if your bond is paid off, its just another selling point for your home like a new roof, new appliances, etc..

Yes, and the price of the house goes up proportionally too.

[Babufrick]

An informed buyer would factor this in to the offer based on roof condition. Air conditioning unit age should also be considered.

I wouldn’t touch a house with a 15 year-old roof. In the words of Remo from Casino, why take a chance? No need to deal with inevitable insurance issue.

[Velvet]

An informed buyer would factor this in to the offer based on roof condition. Air conditioning unit age should also be considered.

Yes, so would an informed seller.

[Babufrick]

Yes, so would an informed seller.

I feel like I am reading the Villages news

[Topspinmo]

Putting a new roof on, assuming it's asphalt shingles will only improve your ability to sell quicker as a 15 yr old roof will hesitate if not turn away quite a number of buyers. If you replaced the roof with a metal roof, then you increased value, and no you never get back what you pay for it.

For example, when doing comps, you put in a pool for $100,000. Your value adjustment might only be 40,000. It will never be 100,000 or higher.


For most districts only the developer properties can have metal roofs.

[retiredguy123]

An informed buyer would factor this in to the offer based on roof condition. Air conditioning unit age should also be considered.

I wouldn’t touch a house with a 15 year-old roof. In the words of Remo from Casino, why take a chance? No need to deal with inevitable insurance issue.
As a seller, you should know that a lot of buyers are NOT informed.

[Topspinmo]

I don't think older appliances are going to prevent someone from obtaining home insurance. A roof near EOL definitely will make it much more difficult. Unless you find buyers who are woefully uninformed about the new policies, it will be a big factor.

Why would anyone buy a house where there is a concern about obtaining insurance? Only if you gave them an incredible deal.

The AC is a good point. If you replace it with a 410A condenser, then you will have at least 15 years before they have to worry about a new one. There are already approved alternatives for 410A refrigerant which is being phased out. After 2025 it will be much more difficult to find 410A condensers which means you may have to replace the inside unit too. That costs almost as much as a roof.

Water heater older than 10 years sure could affect insurance. Insurers pre inspect took pictures of water heater dates and air handler dates.