Brand New Roof Cost Re-Coup? I am putting my house on the market in a few weeks and had already set the price

Asked by Jack, Missouri Wed Apr 23, 2008

in the low $300s. Then I come to find out that I need a whole new roof and chimney that is going to cost me $12,000. Is the cost of a brand new roof (high-end, lifetime warranty roof mandated by my HOA) an attribute that I could use to increase the asking price as relative to comparables in my neighborhood? Does a brand new roof add value? My house isn't listed yet, so this is a pre-listing issue. And how much could I expect to recoup? $3K? $5K? More?

Thanks!

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5
Margo Nielson, Agent, Glastonbury, CT
Wed Apr 23, 2008
In my opinion, in this slower market, I think anything you can do to make your home more saleable is worth doing. If there is less than 5 years of life left on the roof, I would reroof. When buyers make an offer in this market, they will usually add up everything they think they need to have done and their number will usually be higher than what you can do the job for. They then subtract their cost from your asking price and then some. Having said that, you always must weigh the costs of the job and your return. It probably wouldn't pay to totally remodel a kitchen that would cost you $30,000, but it might pay to put a new roof on.
0 votes
Norm Marcioch, Agent, Sayville, NY
Wed Apr 23, 2008
Suggest you get a 2nd and 3rd roofing opinion and quote for the best service and price possible. Then list your home "as is" in original price range or with a enhanced list price reflecting a credit or allowance of $xxx reflecting your best quote... This way you can can be in control and the buyer can get the color roofing they love not what you thought looked good and spent the money in advance for.
0 votes
Lauri Gibson, Agent, Redding, CA
Wed Apr 23, 2008
Typically maintanence repairs don't add to your selling price, but it will be a great selling point. A bad roof is a big issue with most buyers. A good question for your listing agent is: Did you consider the poor condition of the roof when advising me on a listing price? If he or she did then you would probably be able to bump up your listing price. Remember in this current market listing your house at the correct price is the most important factor in getting your home sold. Good luck.
0 votes
Linda Slocum,…, , Santa Clarita, CA
Wed Apr 23, 2008
The new roof will only add value to you home as compared to your neighbors if your neighbors all have older roofs. If you neighbors already have newer roofs, then you'll just be bringing your home up to the level of the rest of the community, and thus there would be no increase in value over the competing homes. The fact that the HOA is mandating certain roofs and repairs seems to indicate that your home is past-due for this upgrade.

However, having the new roof in place will help to keep buyers from offering lower prices for your home based on the fact that the roof needs to be replaced. Buyers do have a tendency to over-value the cost of repairs, so if there are any major items that need attention your home would likely bring you a lower sales price than if you had these repairs completed.
0 votes
Victor Schwa…, Agent, Fripp Island, SC
Wed Apr 23, 2008
I believe a new roof would be an asset when selling your home. It is one fault that a home inspector would find that could negate the sale.
0 votes
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