When preparing to sell your home, one of the many important selling aspects to consider is the condition of your roof. Specifically, you will need to determine how the age of the roof and its current state of repair might affect the asking price and/or the final closing amount. This is where the best roofing company in Toronto may provide some assistance.
From the standpoint of absolute dollars, real estate or housing market analysts estimate that only 50-65% of the money invested in repairing/replacing a roof will be recouped in the final sale price of the home. However, the state of the roof can influence the selling and buying processes in several ways other than just absolute dollars. To this end, and in order to make an informed decision on whether to invest in the roof before putting the home on the market, it would be worthwhile to have two or three roofing companies inspect the roof and quote on potential repairs.
Once the price range has been confirmed for one of the roofing companies to repair or replace your roof, you will need to weigh that cost against some or all of the following factors before deciding on how to proceed with respect to those quotes:
- How quickly can any of these roofing companies begin the work and will that have an impact on your projected or mandated time frame to sell the home?
- To pay the roofer, will you need a loan that must be satisfied upon sale of the home?
- Will the curb appeal of a new or replacement roof attract more potential buyers?
- Is the roof the only aspect of the home in need of repair or will the roofing company invoice be the least of your worries?
- What impact will the current condition of the roof have on the home inspection stage or on the property insurance for the potential new owners?
- If you decide not to proceed with hiring any of the roofing companies, how much of a discount will you need to apply to the asking price for your home?
- Will current market conditions (e.g. a seller’s market) allow you to forego any roofing repairs and still get or perhaps exceed your asking price, or will you essentially need to hire one of the roofing companies in order to increase the probability of realizing that asking price (a buyer’s market)?
These are indeed difficult questions to answer on a general basis as there can be several variables that will impact the decision or outcome in each instance/circumstance. While the representatives of various roofing companies cannot provide any direct or specific answers, they can get the decision process started by:
- Performing a thorough roof inspection
- Determining whether any roofing maintenance is required at all
- Recommending the appropriate repairs or a complete replacement
- Establishing a price range for the work
- Completing the work within an acceptable period of time
Ultimately, your personal preference, in conjunction with the current housing market and the age and overall condition of your roof and your home, will influence your decision on whether to repair or replace your roof when you are preparing to sell your home.
If you are preparing to sell your home and want one of the leading roofing companies in Toronto to assess whether your roof may need repairs, call Avenue Road Roofing today at 416-785-5129 to schedule your free no-obligation assessment.