The other issue here is the ability to actually buy a house in the current market â€“ there is not a lot out there and if you have an accepted offer, you might want to consider sticking with it instead of continuing to look while prices go up because of lack of inventory.
Lastly, with prices going up so quickly, itâ€™s very possible that you will have made your money back in equity before the roof is finished being installed.
It is always good and bad to find out about issues when doing inspections. Good because you know all the details, but frustrating because it can add to the complexity of the purchasing process.
I think the only way you can decide if it is a worth you buying is to sit down and write down the pros and cons of the purchase. I don't know all the details of the purchase (how much you put down, is there other work that needs to be done, what is the current estimated ROI, was it a multiple offer situation?). There are usually several different deciding factors that dovetail together that will help you make your decision.
Obviously the roof is definitely an important repair. If there are leaks it will only cause more problems down the road.
I would also suggest that you receive 3 bids from different roofers to you can compare and contrast the cost of repair. You may find that you are able to complete the repairs needed for a price that is more comfortable with your bottom line.
Hope that helps!
Alain Pinel Realtors
If you rent it out, and the roof leaked, you will
1) be responsible for damage done to tenant's property
2) you will bear the cost of repairs anyway
3) consider the health risks to the tenants --- why would anyone rent out a house where the roof is likely to have problems?
Your future costs could be higher.....
if I go with this house I will be keeping at least 10 years renting it. .I know real estate marked won't like before anymore. My hope is at least after 10 years I can make some money.
Another huge consideration is if your lender (if you're not buying cash) will allow escrow to close with the current roof in place. If not, either the seller has to replace the roof or you'll end up having to do it. The risk is that if you spend money on the house and escrow doesn't close, you may have a heck of a time getting back what you spent on the roof.
If the seller won't discount the sales price by the cost of the roof or replace the roof himself, I'd seriously re-consider if I want such a deal.