Buying a new house is an exciting time – especially when you find your dream home. You know what I mean. It has the correct number of rooms, and it’s in the ideal location. It has a big backyard, and you can imagine entertaining friends in the backyard.
Before your potential dream turns into a nightmare, you have to do one thing – you need to check the roof. You need to ask the current owners how old the existing roof is, and you need to get the roof inspected.
Here are some of the roofing issues an inspector will be looking for:
- Loose tiles or shingles
- Structural damage and sagging
You may encounter other issues, some of which won’t be visible to the naked eye. For example, water damage may have caused rot to set in if a leak has been there for some time. This is why an inspection is highly recommended.
Some roofing problems may be a simple fix, some more complex. Sometimes the issues you encounter may require a total roof replacement. The complexity of the fix, and associated costs that come with this, may have a significant impact on your purchasing decisions.
If a roof will need replacing, it’s not necessarily the end of the world. There are many options available to you and, if the vendor really needs to sell, you have a relatively strong negotiating position.
Here are some options available to you:
Ask the seller to pay for the replacement roof
The first step should probably be to ask the seller to pay for the replacement roof (without raising the price they are selling the house for.)
Ask the seller to reduce the price paid by the cost of a replacement roof
If they don’t want to pay for a replacement roof, you might try to see if they will reduce the price of the house by as much as it would cost replace the roof.
Ask the seller to split the costs of a replacement roof
If they are not prepared to pay for the total cost of a replacement roof, you might try to negotiate and see if they would split the price of a replacement roof.
Walk away from the deal
If the damage is too extensive, and the vendor is not willing to negotiate on price, maybe it’s not your dream home. It might be time to walk away and find another home.
Extend your credit and pay for it yourself
If it is your dream home, but the vendor won’t budge, you might have to get access to some more cash and pay for the repair or replacement yourself.
For obvious reasons, the best option for a “dream home” is for you to buy a home with a structurally sound roof. This option is not always available to you, though. As we’ve advised, make sure you get a roofing inspection before signing a purchase contract, and if roofing repair or replacement is needed, we’ve outlined some of the options available to you.