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/)
-   -   New roof and resale value (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/new-roof-resale-value-353639/)

Topspinmo 10-11-2024 12:41 PM
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 10-11-2024 12:59 PM
Quote:
Originally Posted by Toymeister (Post 2378026)
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 10-11-2024 01:13 PM
Quote:
Originally Posted by Snakster66 (Post 2378034)
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 10-11-2024 01:21 PM
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 10-11-2024 02:31 PM
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 10-11-2024 07:49 PM
Quote:
Originally Posted by ithos (Post 2377996)
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 10-11-2024 07:52 PM
Quote:
Originally Posted by retiredguy123 (Post 2378087)
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 10-12-2024 04:20 AM
Quote:
Originally Posted by ithos (Post 2377973)
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 10-12-2024 04:50 AM
Quote:
Originally Posted by RobertScott (Post 2378148)
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 10-12-2024 05:40 AM
Quote:
Originally Posted by ithos (Post 2377973)
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 10-12-2024 05:44 AM
Quote:
Originally Posted by ithos (Post 2377973)
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 10-12-2024 06:01 AM
Quote:
Originally Posted by MandoMan (Post 2378181)
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 10-12-2024 06:45 AM
Quote:
Originally Posted by Stu from NYC (Post 2377981)
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 10-12-2024 06:47 AM
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 10-12-2024 06:54 AM
Quote:
Originally Posted by sowilts (Post 2378212)
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.


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