Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Buying a preowned home with an old roof (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/buying-preowned-home-old-roof-320584/)

dtennent 06-15-2021 07:19 AM
Just a note on pricing - While we had our roof replaced last year (due to a Tamko warranty issue) for $16,000 +, I would expect the price to be much higher today given the rise in construction costs. To echo a previous post, it might be wise to rent for a year to ride out the current market conditions.

Jean G 06-15-2021 07:26 AM
If the roof is over 10 years old I would definitely consider making a discount for a new roof part of the offer

tombpot 06-15-2021 07:30 AM
Simple don’t buy a house with an old roof insurance agencies may not insure you. Our realtor told us not to purchase a home with an old roof

Topspinmo 06-15-2021 07:35 AM
Quote:
Originally Posted by l2ridehd (Post 1959750)
This is a roofing company scam. Roofs last 25 to 30 years with no issues. Many are warranted for that long. Yes you may have damage from hail or hurricane that can change that. If there is no damage it should last 25 years with no issues. The reason insurance companies are leery of insuring is they know these roofers are out here trying to scam seniors. Why else are they knocking on doors offer free inspections and a replacement at little cost to the home owner. They are ripping off the insurance company and putting an inferior product on your home.

Call any shingle manufacturer. They will guarantee their product for 25 plus years if installed correctly. Some will do 40 years with special shingles. If my shingles fail after 15 years. I am going after the manufacturer. This is the biggest roofing insurance scam going.
I agree, just cause you get new roof don’t mean it won’t leak from snotty installation. My neighbor new roof leaks when the old on wasn’t.

Lindaws 06-15-2021 07:37 AM
They would probably have to replace roof for ins. Suggestion: have seller and buyer each pay 1/2.

Spalumbos62 06-15-2021 07:43 AM
Quote:
Originally Posted by gatorbill1 (Post 1959414)
If house is 15 years old with original roof, deduct cost of new roof from your offer and state why. Most sellers would not have a problem with that, if they do, find another property.

Good idea....or at least a good percentage. It really shouldn't scare the buyer so much, if older than 15, well no surprise that replacement is right around the corner.
We bought older than 15 and insured thru foremost.

mikeritz53 06-15-2021 07:45 AM
Quote:
Originally Posted by Misky1951 (Post 1959400)
I've been helping my friends from Boston who are looking to buy a preowned home.

Some of the homes have roofs over 15 yrs old. I asked the agents about insurance. They tell us TV insurance companies will not insure a home with a roof over 15 yrs old. But they tell us not to worry as other companies do.

My friends are concerned about paying top dollar for a home and then worrying about getting insurance or being required to get a roof replacement in a few years

I guess the obvious answer is to find a preowned home with a newer roof.

Does anyone see buying a preowned home with an older roof as an issue?

Also, I would think an honest agent would tell a buyer about this. None of the agents mentioned this until I questioned it.

A Good Realtor will have discussed the Roof issue with his Seller and priced the House accordingly. As a Realtor here the Age of the Roof is one of the 1st things we look at when searching for the right properties to show our Buyers. The 15 yr mark is something the Insurance companies use as a cut off in deciding to insure or not. There are a few that still will insure, some that will insure the house and a reduced amount for the roof, some that will give you 90 days to replace. The key is have your own Realtor that is looking out for only your interest that you can rely on.

Villages Kahuna 06-15-2021 07:49 AM
Plan on paying to replace the roof in a couple of years. But in this crazy housing market, you’re not in a good negotiating position on the price. Your best bet for your friends?…buy a new house.

Larchap49 06-15-2021 08:05 AM
Code
 
Quote:
Originally Posted by DAVES (Post 1959481)
Several reminders. The,"agent," is a sales person. Unless you hired them as a buyers agent they work for the seller not for you the buyer.

Shopping for friends? I do wonder. Shopping for a home is something people should do for themselves. You might for example love the landscaping etc and your friend may not.

A 17 year old roof? Perhaps, an assumption but everything else is likely the same age.
Air conditioning. Plumbing etc. I don't recall when, but you can look it up. The requirement for securing the roof to the home has gotten stronger. Electrical codes have changed. Not sure of the date but they are no longer allowed to use aluminum wiring.
Aluminum wiring stopped in the 70s and new roof tie down codes for reroofs went into effect in 2007 so if house is older than that make sure the home inspector verifies the tie-downs and nailing of the sheathing is up to code as this will add significantly to cost of replacement of roof. Also make sure house does not have propylene plumbing used in the 90s that also makes the house uninsurable. That is Grey plastic pipe but it won't show where it comes out of wall you will probably have to check in the attic. That is part of an inspectors checklist. Lastly if they decide on the house purchase a good home warranty or perhaps make the owners buying it for them part of the deal.

Conniehar 06-15-2021 08:08 AM
It is an issue - the roof will most likely need to be replaced to be insured. I hope your friends are also looking at brand new spec homes. You can get a brand new home for roughly the same price!

Laker14 06-15-2021 08:16 AM
Quote:
Originally Posted by Villages Kahuna (Post 1959830)
Plan on paying to replace the roof in a couple of years. But in this crazy housing market, you’re not in a good negotiating position on the price. Your best bet for your friends?…buy a new house.
I just looked on Trulia. There isn't much pre-owned available, especially between 466 and 466A. I've never seen pre-owned inventory in TV so low.

OhioBuckeye 06-15-2021 08:29 AM
Ohiobuckeye
 
If you want to put a lot of money in a 15 yr. old home, depending on the size of the home you probably could pay 12 to $25,000.+ for a roof that you’ll never get your money back out. I know someone in Harbor Hills that have a 2300 sq. ft. Home there & they want $22,000. for a new roof. As many home at that are in TV I would be looking at a little newer home.

Mhollowaygleasom 06-15-2021 08:45 AM
Insuring an older roof is tricky, depending on which county the home is located in. Sumter County had different requirements than other counties within TV. Sumter County insured older roofs without issue. It’s my recommendation the the potential buyer contact several insurance agencies outside TV to see if insuring an older roof is possible and the cost.

Jimjane 06-15-2021 09:53 AM
Typically an inspection is required prior to purchasing a home. If the roof has issues, you can negotiate the replacement as part of the sale. My neighbor had that exact issue and the roof was replaced prior to the closing. If you are paying cash, then have the inspection and hire one that is not associated with the realtor. Good luck

meme5x 06-15-2021 10:18 AM
I was told if I didn’t replace my roof and decided to sell that an old roof wouldn’t pass inspection.. so replaced it.. upon inspection it had hail damage that I wasn’t aware of.


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