[asianthree]

Originally Posted by Misky1951

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.

So in contract you acquire a roof inspection, roof has 6 year life you are good to go. Anything less, owner can either pay to put on a new roof, or make an offer without. However houses are literally selling the same day. If you love the house, take that in consideration, you will get homeowners insurance, but most likely have to replace the roof in 30 days or be canceled

[kathyspear]

Originally Posted by Papa_lecki

Agree - I wouldn’t suggest a house for my brother, let alone a friend. I would share my experience in TV.
I am amazed people are making a $200,000 or $400,000 decision, but don’t spend $1000 for a trip to see the house.

When we bought our previous house my sister and her hubs went to a few homes for us and we video conferenced as they walked through. (We had been here multiple times so we did know the areas somewhat.) Our sellers were willing to give us (in writing) ten days to fly down and view the property in person (and cancel with no penalty). In a hot market I don't know that many sellers would agree to that but ours did and it worked out for us.

k.

[Laker14]

DW and I just bought a home built in 2006, and it will need a new roof soon. Still has the original.
It passed inspection, and we did get insurance, but we know, and we have it "budgeted"...well not really budgeted but we know it's gonna happen sooner than we would like.
I just considered it part of the deal.

We didn't have a hard and drawn out negotiation, but I felt the price we agreed upon was a fair price, considering the roof. I felt the seller was very reasonable.
Once DW goes back to work we'll be able to afford the new roof. (I haven't brought that part up yet....)

[bobdeb]

Originally Posted by Papa_lecki

Agree - I wouldn’t suggest a house for my brother, let alone a friend. I would share my experience in TV.
I am amazed people are making a $200,000 or $400,000 decision, but don’t spend $1000 for a trip to see the house.

Ditto...

[Inspector Mark]

I have been a home inspector for 27 years. This question comes up almost daily. There is nothing wrong with buying a house that will soon need a new roof but your offer should reflect that.

I always explain to people the the cost of the house is not the price you are paying. The true cost is the total of the offer price, cost of needed improvements (roof, AC, Furnace, etc), and the cost of desired improvements (paint, carpet, new kitchen, etc).

If you add all of that up and you feel like you got a fair deal, then you found the right house. If you add them up and find you could not resell the house for that price, then start negotiating the sales price down or keep looking.

I know the housing prices are through the roof right now but that does not mean you should take a bath. Rent for a year and you will look like a genius!

[Laker14]

Originally Posted by Inspector Mark

I have been a home inspector for 27 years. This question comes up almost daily. There is nothing wrong with buying a house that will soon need a new roof but your offer should reflect that.

I always explain to people the the cost of the house is not the price you are paying. The true cost is the total of the offer price, cost of needed improvements (roof, AC, Furnace, etc), and the cost of desired improvements (paint, carpet, new kitchen, etc).

If you add all of that up and you feel like you got a fair deal, then you found the right house. If you add them up and find you could not resell the house for that price, then start negotiating the sales price down or keep looking.

I know the housing prices are through the roof right now but that does not mean you should take a bath. Rent for a year and you will look like a genius!

I see what you did there.

[banjobob]

You eventually will need to replace it at 20 years , maybe sooner our roof was 19 years old ,no leaks just worn out.

[markusb741]

Absolutely an issue that should be dealt with before buying any home with a 15 year old roof. We got a cancellation notice from The Villages Insurance Carrier because of our 15 year old roof and could not get insurance from many different carriers. We ended up using USAA Insurance at twice the cost of our previous policy. The cost of a new roof is around $10,000.00 for a typical 2 bedroom home. I would definitely factor that into my offer or just plan on putting a new roof on.

[J1ceasar]

Right now it's crazy just like it was about 20 years ago. Prices are going up 20 or 30% every year due to shortage of Labor and materials. There are some perfectly acceptable Senior communities 30 - 50% less in cost per square foot within 10 mi of The villages. Unless you must play golf every single day I'd recommend you look elsewhere whether the roof is new or old.

[l2ridehd]

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.

[Girlcopper]

Originally Posted by retiredguy123

Yes, it is definitely an issue. The agent works for the seller. I don't think you can say that the agent is not honest, especially since they told you the age of the house.

No the agent isnt dishonest. You dont say that there is anything wrong with the roof except age. Thats all hes obligated to disclose. He works for the seller and hes not your buddy. Thats why you have the house inspected. You know…..buyer beware

[DIver0258]

Originally Posted by Misky1951

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.

Roofs over 10 years old become suspect and begin to be hard to insure. We just experienced this when we sold a 12 year old villa. The buyer had to sign an acknowledgement that they was aware of the roof condition and age.

HB 76 gos into effect July 1, 2021 to help address insurance costs in Florida and limit roofing contractors soliciting insurance claim roof replacement.

The bill also makes several changes to tackle what insurers claim has been an explosion of roofing claims and litigation, including making it illegal for roofing contractors or any person acting on their behalf to make a “prohibited advertisement,” including an electronic communication, phone call or document that solicits a claim. Offering anything of value for performing a roof inspection, an offer to interpret an insurance policy or file a claim or adjust the claim on the insured’s behalf will also be prohibited. Additionally, contractors are prohibited from providing repairs for an insured without a contract that includes a detailed cost estimate of the labor and materials required to complete the repairs. Violations could result in fines of $10,000.

VLS agents do work for the seller, this is not to say they will mislead a buyer. Our agent was very upfront about this when we purchased our first home here. She said don't discuss thing in my presence about a higher offer you may be willing to make etc... if the seller asks me if you would go higher I am obligated to tell them. We have sold and purchased several homes through her and she has never once mislead or lied to us. The old adage buyer beware holds true do the due diligence on a prospective property.

Armed with the knowledge about roof age your friends can negotiate when purchasing a home with an older roof.

[noslices1]

Originally Posted by Misky1951

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.

Depending on the size of the house and the age of the roof, if it is old, offer them the amount they ask, less the price of a new roof and put one on when you move in.

[llaran]

the villages insurance are brokers for several insurance companies, as are many other brokers

[taruffi57]

FACT: Shingle manufacturers warrantee - in writing, that their shingles will last 25 yrs. (3-tab type), and 30 yrs. (architectural type). Assuming no hail or other violent weather damage, why would those mfrs. accept that huge liability - unless they know 25 & 30 yrs. is accurate? In my 16 yrs. of daily roofing work in TV - 42 yrs. total in the business in Florida, I have seen many cases where perfectly good roofs with many yrs. of remaining life, have been unneccesarily rejected by either insurance companies or lendors. Unfortunately, most roofing companies will go along with this, at a roof inspection, because they want the reroof job. Try to find you an honest Roofing Contractor who will write you an accurate Roofing Inspection Report.