Consider the following factors before purchasing or rejecting a home with a damaged roof.
Associated Damage
On the one hand, roof damage can cause damage to other parts of the house. On the other hand, damage to other house parts can also damage the roof. For example, a leaking roof can allow water to infiltrate the house and cause structural damage. Similarly, foundation damage can affect the walls and hence the roof.
Therefore, you should investigate the roof damage to determine its causes and effects. That way, you can make an informed decision based on the existence or lack of associated damages.
Damage Extent
You should also have a clear idea of the damage. For example, does the roof lack a few shingles that you can easily replace, or does it have damaged structural support? The damage extent determines:
- Whether the house is livable
- How much you need to fix the damage
- How fast you can fix the damage
You need a specialized home inspection to understand the extent of the damage.
Purchase Type
Different factors come into play depending on how you plan to buy the house. For example, the decision to buy a house with a damaged roof is solely yours if you want to buy the property with cash. However, other third parties might have a say on your decision if you plan a mortgage purchase.
For example, you need home insurance to close a mortgage purchase, and insurance companies might not cover properties with extensive damage. In addition, your lender might not process your mortgage if the damage is extensive and the house is uninhabitable.
Property Price
You should also consider the property price in light of the roof damage. Extensive roof repair can be expensive, so the property's pricing should reflect that part. For example, two comparable houses should not cost the same if one has a damaged roof and the other a perfect roof.
Your Finances
Estimate how much you will need to fix the room and proceed with the purchase only if you have the repair funds. Don't forget that a home purchase is a significant investment, and you might struggle with finances for some time after the purchase.
For example, you need money for:
- The down payment
- Home insurance
- Inspection
- Mortgage fees
- Attorney fees
Therefore, you should only assume you have the roof repair funds after accounting for every cost associated with the purchase. For more information, contact a realty business such as HS Capital Realty LLC.
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