If you are planning on putting your house up for sale in the near future, you're likely considering doing some basic maintenance and improvements, such as having carpet professionally cleaned and painting the rooms. However, if your roofing is in bad shape, it would be in your best interest to replace or repair the roofing before you put your house on the market. Here's why you should and what you can do about it.
Mortgage Companies Routinely Deny Loans for Houses With Bad Roofs
When a roof is in bad or poor condition, the structural integrity of the house can be severely compromised. Leaky roofing can cause water damage and the growth of mold and mildew. Water damage can cause significant wood rot and make the home unsafe to live in. Water can also damage insulation and electrical wiring, which can cause hazardous conditions and make the house susceptible to fires.
Also, even if there currently is no extensive damage, the mortgage company also has to consider how a bad roof can reduce the value of the house in the future if the roof is not repaired before the mortgage is approved. Due to these reasons, mortgage companies typically deny loans for houses with bad roofs.
Hire a Licensed Roofing Contractor to Assess the Condition of Your Roof
Before you start working with a realtor, it's a good idea to hire several licensed roofing contractors to assess the condition of your roof and determine whether or not it needs to be repaired or replaced so your potential buyers will not have any problems getting a mortgage for the house when you sell it. If the roofing contractors determine that your roof is in need of repair or they recommend replacing the roof, go ahead and have it completed before you put the house on the market.
Have the roofing contractors provide you with estimated costs and timeframes so you can select one that is most suitable for your financial situation as well as your timeline. Make certain, however, that the roofing contractor you choose is licensed to work in your state and has the appropriate credentials. The reason for this is because your buyer's mortgage company may consider roofing repaired or replaced by someone who isn't licensed to be DIY work and, therefore, not approve their mortgage. Also, you could run into similar issues with homeowner's insurance companies and your county's real estate property tax assessment office if you do not have a licensed contractor do the work. To learn more, contact a roofing contractor.Share