When you are considering purchasing an investment property to rehab and sell, always start from the top. A new roof is an investment that may seem costly at first but will pay off when you put your house on the market. As investors who purchase and remodel homes we should have as our primary goal to always produce a quality product for the consumer. The satisfied home buyer is our best source of advertisement and the way of creating an excellent reputation that will result in your homes selling faster than the competition. Lets look at a few reasons why making this investment is a great idea.
1. Protection: The roof protects the home from water damage. It may seem reasonable to save the extra cost and allow a 15 year old roof to remain on the house because it has not started to show any signs of problems…and it may still look decent. The reality is that with every day that passes the odds of a leak increases. Many times these leaks go undetected for long periods of time and simply damage the roof sheeting and insulation before becoming more serious and actually dripping through the ceiling. This can cause major interior damage and also leave the new owner with the expense of replacing the roof.
2. Eliminate Red Flags: The roof is the icing on the cake in your remodel project. Older roofs may have unsightly stains, cracked or curled shingles and even moss or other plant life growing on it. Many roofs are dull and faded. This gives a “red flag” to the buyer that they may be looking a major expense a few years after purchasing the house. The estimated age and condition of the roof is also reported on home inspection reports. A new roof gives your buyer peace of mind.
3. Increase Curb Appeal: The roof is one of the first things your potential buyer will see when they drive by the property. Consider your roof as a primary factor in your remodeling plan. The roof is always a determining factor in the exterior colors you choose for the house. I remember a rehabber who had purchased a 1920’s house with lots of charm. He was painting the house a nice bluish-gray color with a crisp white trim which accented the beautiful architectural features of the home. In order to cut cost on his rehab budget he had elected to allow the existing roof to remain since it was only about ten years old and still in good condition. This could have worked but there was one major problem he failed to recognize. The roof color was green. Now he had to choose between repainting the house or replacing the roof because of the color clash. . Remember… always coordinate the color scheme and the design plan to start from the exterior and carry through the interior.
4. Be The Best: In a market flooded with a record high inventory of homes for sale it is to your advantage to do everything you can to make your house the best. A nice new roof radiates the image of “quality” to buyers. Having the words “New Roof” on the MLS listing will definitely catch the attention of potential buyers. It will also communicate your commitment to producing a quality product.
Replacing a roof will be a major expense in your rehab project. Failure to make a decision to include a roof replacement in your budget will result in your project going over budget. It will cost you time and money.
I strongly recommend that you do not neglect including this in your rehab budgets. The peace of mind a buyer feels when they know the roof is new will convert in to a quicker sale and a satisfied buyer.