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Buying A Home That Needs A New Roof

Buying A Home That Needs A New Roof

Sometimes a buyer is in a state of dilemma whether to buy a house that needs a new roof. But if you found a house that is perfect with its roof in poor condition, should you leave it for another house? It is important to bear in mind that there are various options that you are supposed to consider before making such a move. The following are 3 options that you can consider when buying a perfect house with a broken, damaged or outdated roof. For added reassurance you can contact a roofing in Rimbey professional to come give their opinion.

 

Take Out a Purchase and Renovate loan to pay for a Roof Repair

It’s a wise move to absorb any of the roof repair cost if the seller declines to bear the cost. In a situation where you don’t have enough money, you shouldn’t worry as you can get finance for your roof repair from the purchase-and renovation loan. It’s a home finance loan which upgrade and repairs homes. Expenses can be added to arrive at the total mortgage amount. For instance, the house requires $400 and the roof repair cost $20 for your renovation and purchase mortgage loan will amount to $420. If you are needing to repair the roof, you could also use the opportunity to add skylights to a few roofs for natural light.

 

Ask the Seller to Pay for the Roof Repair or replacement

The real estate agents can provide free services to home buyers, through negotiating good deals including the option of professional roof repair and the seller might accept to absorb the cost without changing the price of the home sale. You should ensure your agent specifies your agreement roofing contract with the house seller and how the work will be carried out. This will ensure the seller not to reverse the terms of your agreements.

 

Agree to Split the Cost of the Roof Replacement with the Seller

In a case where the seller won’t agree to absorb the whole expenses of a new roof, you can suggest sharing the cost 50/50 split which the seller is likely to agree on. This kind of agreement involves both parties whom may agree to deposit their shared amount of the roof replacement cost into escrow or the seller may agree to reduce the purchase price of the house accordingly.

The buyer, therefore, should not worry about buying a house with a damaged roof which requires repair or replacement as there are options that provide roof repair services at an affordable price. These options will enable a buyer to hire a professional roofer to inspect the roof and give an accurate estimate of how much the new roof or the repair will cost and agree with the seller on how they can meet the cost.

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