Purchasing a House with Poor Roofing Condition

It can really be an annoying thing. You have been searching for the ideal home in your location. Then, you’ve found one. It is within your budget range, a neighborhood you want, and has your desired floorplan. However, you will then discover during the inspection day that the property has a poor roofing condition.  

Is it worth giving up your home over if the roof requires repair? If you really love the house, perhaps your answer is no. However, there are a couple of things you have to consider. Aside from hiring tile roof repair St George, here are a couple of things you can think about: 

Are You Purchasing Using Cash? 

You are free to buy a house with a poor roofing condition if you’re buying a house with cash and don’t need a mortgage. You will only require insurance coverage if a house is secured federally by a mortgage. Thus, if you really want the house, you can buy it, repair the roof, and then get insurance. 

Options for Poor Roofing Conditions 

Speaking with the seller of the house is perhaps your first line of defense. The seller might be willing to install a new roof before closing if you can negotiate the sales price to reflect a new roof. The sales price is usually increased by the roof’s price. Thus, you’ve got to ensure that the house will still appraise for the increased sales price. However, in general, the ROI of a new roof is close to 100%. 

The seller might either pay for the roof before closing if you ever choose to consider this path. They can also ask a roofer if they’re willing to be paid out of the closing’s proceeds.  

A couple of sellers might not have the money to install a new roof on the house. If this happens, you can ask the mortgage company if they’ve got any programs that will enable you to buy the home and install a new roof within 3 months of purchase. Also, you might qualify for a house renovation loan. Basically, this enables the same thing. In addition to that, there are insurance companies that will offer coverage for an initial period at an increased price. However, they will lower the price after you install a new roof and have it inspected. 

Mortgage Needs 

Almost every mortgage company will need the roof to have at least 3 years of useful life when you’re buying a house. A roof inspector or a home inspector can determine this during the inspection phase. You might be needed to acquire a 4-point inspection if you’re getting an FHA loan. This will tackle the roof’s age.  

The mortgage approval might be in danger if you can’t get a certification from an expert that the roof is enough and meets the needs of the mortgage company. This means that you might not get the house that you want.  

Also, if the roof has a poor roofing condition, you might also find that getting a cost-effective insurance policy is almost not possible. 

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