Buying A House That Needs A New Roof

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Buying a house that needs a roof is fine, if the price of the house reflects that it needs a roof replaced. But you are maybe missing a couple of important pieces of information.

What Does Closing Cost Cover When buying a home, closing costs usually range from two to five percent of the loan value. The down payment can be anywhere from zero to 20 percent of the home’s purchase price, depending on what.

 · About the Author: The above Real Estate information on the 20 things to do before buying a house was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.

The latest is, the house we’re meant to be buying is not watertight. We thought we were buying a structurally sound house with just old fashioned decor. Our surveyor didn’t pick this up as he obviously didn’t go onto the roof. But we sent a specialist surveyor round today who found that the roof is "done" and the house is leaking.

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Should You Buy a House That Needs a New Roof? Option 1: Ask the Seller to Pay for the New Roof. Option 2: Agree to Split the Costs of a New Roof with the Seller. Option 3: Take Out a Purchase-and-Renovate Loan to Pay for a New Roof.

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When it comes to buying a new home, one of the biggest expenses people worry about is replacing the roof. A new roof is often worth a lot to potential buyers, because it puts their minds at ease.

Perhaps my definition of "needs roof repair/a new roof" and the lenders definition are different. In retrospect, I was likely too forthcoming with the insurance companies. The house is habitable, there is no interior water damage, but many shingles have been blown off and the inspector and roofing contractors recommended a new roof or varying.

One option is to leave the home’s price higher but require that the seller complete the work for you as a condition of you buying the house. You’ll have a higher mortgage and down payment, but you won’t have to come up with $20,000 in one lump sum to pay for the repairs yourself.