{"id":4829,"date":"2021-05-23T01:33:13","date_gmt":"2021-05-23T00:33:13","guid":{"rendered":"https:\/\/businessfinancenews.com\/?p=4829"},"modified":"2022-01-01T05:59:28","modified_gmt":"2022-01-01T04:59:28","slug":"buying-a-house-with-an-old-roof","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/re\/buying-a-house-with-an-old-roof\/","title":{"rendered":"Buying A House With An Old Roof"},"content":{"rendered":"\n

Buying A House With An Old Roof<\/h2>\n\n\n\n


Even if the homeowner does not perform a disclosure of the last reparation of the roofing (2<\/a>) before a verbal offer is released with contractual value (6<\/a>), the current condition of the roof will be discovered through the exercise of the home inspection (3<\/a>), which is a legal right of the prospective buyer (4<\/a>). An exhaustive scrutiny of the roofing, tiles, and shingles (1<\/a>) is a standard article on the checking protocols of all the reputable home inspectors (5<\/a>) because buying a house with an old roof or hidden defects (8<\/a>) might have a huge impact on the negotiation of the price (7<\/a>). When they communicate the buyer with the result of their inspection, along with the condition of the roof, the prospective buyer will either accept the deal (10<\/a>) or do a price negotiation (9<\/a>) in which conditions they would be buying a house with an old roof (11<\/a>). <\/p>\n\n\n\n

How to retrieve all the details and perform an informed decision about buying a house with an old roof?<\/strong><\/p>

  1. Request the seller written documents regarding the previous reparations performed on the roof.<\/strong>

    <\/p> <\/li>

  2. Bring a home inspector to examine the condition of the roof before buying a house with an old roof.<\/strong>

    <\/p> <\/li>

  3. Request an inspection and an estimation from a professional roofing specialist.<\/strong>

    <\/p> <\/li>

  4. Perform a scrutiny on the old roof visually yourself.<\/strong>

    <\/p> <\/li>

  5. Negotiate the price with the seller considering the estimation received, your cash flow to assume the repairs on the old roof, and your personal goals regarding the property.<\/strong>

    Bear in mind that FHA loans, USDA loans, and VA loans are very strict with the condition of the house. Therefore, the status of the old roof should be very good in those cases.<\/p> <\/li><\/ol><\/div>\n\n\n\n

    Rehab Loans Useful When Buying A House With An Old Roof <\/h2>\n\n\n\n

    The cost of paying for a roof repair can be added directly into the amount of the loan you are applying for, but there are two different rehab loan programs in which the cost can be added to the total loan amount that are very important to consider when you are buying a house with an old roof.

    Several products are available in the market to assist you in dealing with this type of situation, including the FHA 203K loan as well as the Fannie Mae Homestyle Renovation loan.<\/p>\n\n\n\n

    For an FHA loan<\/a>, a minimum amount of down payment is required of at least 3.5%<\/a> of the purchase price, with this exception<\/a>, whereas for a Fannie Mae loan, the minimum down payment is 5%.<\/p>\n\n\n\n

    Other possibilities would require a higher down payment like this one<\/a>, which we do not recommend.<\/p>\n\n\n\n

    The lending companies may also allow the seller to fund the roof repair escrow, which is a fund that is put aside when the transaction closes to cover the cost of those repairs.

    It is often the case that the seller is willing to make the repairs on the roof along with the deal so that it can be successfully completed.

    Regardless of what you decide, you will need to contact your lender to find out what your options are when it comes to roof repair, and you will need to double-check with the agent for the household insurance policy before buying a house with an old roof to confirm they will sign off on whatever plan you come up with.<\/p>\n\n\n\n

    What Does It Cost To Replace An Old Roof<\/h2>\n\n\n\n

    For a 2,000 sq. ft roof with architectural shingles on a house with two stories, the US average ranges from $6,730 and $13,338 for people who replace a roof for the first time. However, most people are willing to pay a modal average of $8,700 for a roof replacement<\/strong>.<\/p>\n\n\n\n

    It will cost only $3,500 for a roof replacement on a 1,000 sq. ft house with a single story to replace asphalt shingles on the roof. On the 2-story house, the project will cost a high of $44,000 to install slate shingles on a roof covering 2,000 square feet with reinforcement of the roof deck.<\/strong><\/p>\n\n\n\n

    COSTS TO REPLACE AN OLD ROOF<\/th><\/tr><\/thead>
    National average cost<\/td>$9,000<\/strong><\/td><\/tr>
    Average range<\/td>$7,000-$12,000<\/strong><\/td><\/tr>
    Minimum cost<\/td>$3,500<\/strong><\/td><\/tr>
    Maximum cost<\/td>$44,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Roof Replacement Cost by Project Range<\/h3>\n\n\n\n

    Low cost range $3,500: Asphalt shingles on a 1,000 sq.ft. 1-story roof<\/p>\n\n\n\n

    Average Cost project $9,000: Replacing a 2,000 sq.ft. roof with architectural shingles on a 2-story home<\/p>\n\n\n\n

    High-cost project $44,000: Slate shingles plus roof deck reinforcement on a 2,000 sq.ft. roof of 2-story home<\/p>\n\n\n\n

    Average Cost to Replace a Roof by Size<\/h2>\n\n\n\n

    The size of your home and roof play a major role in how much your roof replacement costs and have to be considered before buying a house with an old roof.<\/p>\n\n\n\n

    Roofs come in many shapes and sizes, but the general rule is that your roof will be roughly 1.5 times your square footage.<\/p>\n\n\n\n

    So, a 1,000 sq.ft. home will have a 1,500 sq. ft. roof. Roofing material is sold and installed by the square, which is 100 sq. ft. So if your roof is 1,350 sq.ft., you should purchase 1,400 sq. ft. of material on average. <\/p>\n\n\n\n

    These figures are a guideline. Make sure you have your actual roof measured by a professional to get the exact dimensions.<\/p>\n\n\n\n

    The average cost range per roof square replacement is $350 to $600<\/strong> per square, but some materials cost less or more, depending on your roof\u2019s condition.<\/p>\n\n\n\n

    Roof Size<\/th>House Size<\/th>Average Old Roof Replacement Cost<\/th><\/tr><\/thead>
    1,000 sq.ft.<\/td>667 sq.ft.<\/td>$3,500 – $6,000<\/strong><\/td><\/tr>
    1,200 sq.ft.<\/td>800 sq.ft.<\/td>$4,200 – $7,200<\/strong><\/td><\/tr>
    1,350 sq.ft.<\/td>900 sq.ft.<\/td>$4,725 – $8,100<\/strong><\/td><\/tr>
    1,500 sq.ft.<\/td>1,000 sq.ft.<\/td>$5,250 – $9,000<\/strong><\/td><\/tr>
    2,000 sq.ft.<\/td>1,333 sq.ft.<\/td>$7,000 – $12,000<\/strong><\/td><\/tr>
    2,200 sq.ft.<\/td>1,467 sq.ft.<\/td>$7,700 – $13,200<\/strong><\/td><\/tr>
    3,750 sq.ft.<\/td>2,500 sq.ft.<\/td>$13,125 – $22,500<\/strong><\/td><\/tr>
    4,500 sq.ft.<\/td>3,000 sq.ft.<\/td>$15,750 – $27,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Cost of a New 1,000 Sq.Ft. Roof<\/h3>\n\n\n\n

    The average cost of a 1,000 sq.ft. roof averages $3,500 to $6,000<\/strong>. A roof this size is found on a home that is approximately 667 sq.ft. in size. <\/p>\n\n\n\n

    These costs assume that the home does not need roof reinforcement. It also assumes that the home has a normal pitch range that is between 4\/12 and 8\/12. <\/p>\n\n\n\n

    This means that the roof rises between 4 and 8 inches for every 12 inches of the roof. Roofs that have higher or lower pitches may have different costs.<\/p>\n\n\n\n

    1,200 Sq.Ft. Roof Cost<\/h3>\n\n\n\n

    The average cost of a 1,200 sq.ft. roof is between $4,200 and $7,200<\/strong>. A roof this size would be on a home that is approximately 800 sq.ft. These costs assume that the roof would not require any reinforcement. <\/p>\n\n\n\n

    They also assume that the pitch of the roof falls into the normal range of 4\/12 to 8\/12. This means that the pitch climbs between 4 and 8 inches for every 12 inches of roofing. <\/p>\n\n\n\n

    If your roof is higher or lower than this pitch, it may have different costs and will vary the final cost of buying a house with an old roof.<\/p>\n\n\n\n

    Cost of a 1,350 Sq.Ft. Roof<\/h3>\n\n\n\n

    The cost for a new 1,350 sq.ft. roof ranges from $4,725 to $8,100<\/strong>. A roof of this size, would be on a home of approximately 900 sq.ft. <\/p>\n\n\n\n

    These costs include the complete tear-out of the old material and the installation of the new material. They do not include any reinforcement of the roof or replacement of the roof deck. <\/p>\n\n\n\n

    They also assume that the pitch of the roof falls in the normal range of 4\/12 to 8\/12, meaning the roof rises between 4 and 8 inches for every 12 inches of roofing.<\/p>\n\n\n\n

    Cost of a New 1,500 Sq.Ft. Roof<\/h3>\n\n\n\n

    The cost of a 1,500 sq.ft. roof is between $5,250 and $9,000<\/strong>. A roof this size would be on a home that is approximately 1,000 sq.ft. <\/p>\n\n\n\n

    These costs include the complete tear-out of the old roofing material and the new roofing installation. They do not include any reinforcements of the roof or replacement decking. They are calculated apart and you should obtain an estimation when buying a house with an old roof.<\/p>\n\n\n\n

    These costs assume that the roof has a pitch that falls between 4\/12 and 8\/12. If the roof is higher or lower in pitch, the costs could be different.<\/p>\n\n\n\n

    2,000 Sq.Ft. Roof Replacement Cost<\/h3>\n\n\n\n

    The cost of a 2,000 sq. ft. roof replacement averages $7,000 to $12,000<\/strong>. This roof will most likely be on a home that measures approximately 1,333 sq. ft.<\/p>\n\n\n\n

    These costs are for a total roof replacement of the shingles and underlayment. They do not include the costs of decking replacement or roofing reinforcement for heavier materials. <\/p>\n\n\n\n

    They also assume that the pitch of the roof falls between the range of 4\/12 to 8\/12. Roofs with a pitch that is higher or lower than this could have different costs.<\/p>\n\n\n\n

    2,200 Sq.Ft. Roof Replacement Cost<\/h3>\n\n\n\n

    The cost of a 2,200 sq.ft. roof replacement ranges from $7,700 to $13,200<\/strong>. A roof this size is found on a home that is approximately 1,467 sq.ft. These costs are for a full roof replacement. <\/p>\n\n\n\n

    This includes the tear-out and installation of the new roofing material. It does not include the replacement of the roof deck or roof reinforcement. If your roof has serious damage and needs either of these additions, your costs will be higher.<\/p>\n\n\n\n

    Cost of a 3,750 Sq.Ft. Roof<\/h3>\n\n\n\n

    The cost of a new 3,750 sq.ft. roof is between $13,125 and $22,500<\/strong>. A roof this size will be found on a home that is 2,500 sq.ft. <\/p>\n\n\n\n

    These costs are for a full roof replacement when buying a house with an old roof.<\/p>\n\n\n\n

    This includes tearing off the old roof and replacing it with new roofing material. Costs do not include the replacement of the deck or the roof reinforcement. If your roof needs this additional work, your costs will be higher.<\/p>\n\n\n\n

    Cost of a New 4,500 Sq.Ft. Roof<\/h3>\n\n\n\n

    The cost of a new 4,500 sq.ft roof averages $15,750 to $27,000<\/strong>. A roof this size will be found on a home that is approximately 3,000 sq.ft.<\/p>\n\n\n\n

    These costs are for a full roof replacement. This includes the tear-off of the old material and the installation of new roofing material. <\/p>\n\n\n\n

    Costs do not include any decking replacement or roof reinforcement. If your roof needs this additional work, your costs will be higher.<\/p>\n\n\n\n

    Material Requirements When Replacing An Old Roof<\/h2>\n\n\n\n

    As long as you choose the right material, you will save a significant amount of money on your roof’s total price, both for the materials and the labor that is included in the installation process and will help you decide when buying a house with an old roof.<\/p>\n\n\n\n

    It is evident that in some cases heavy roofs require reinforcement of the deck, and in other cases they require specialized labor. Your roof material is a major component of the total cost of your roof together with the pitch and shape of the building.<\/p>\n\n\n\n

    Whether or not you can save money on your roof installation depends largely on the material that’s chosen. It is evident in some cases heavy roofs require reinforcement of the deck, and in other cases they require specialized labor. <\/p>\n\n\n\n

    The price for materials will vary depending upon whether a lightweight material such as asphalt shingles are used; it would be more expensive to use tile sheets which may also need heavier structural support due to its extra weight.<\/p>\n\n\n\n

    Whether using an ordinary rooftop design with four slopes up from each side meets your needs, or if complex designs like hip-roofs make sense financially dependent upon many factors including site slope and building shape. <\/p>\n\n\n\n

    So when buying a house with an old roof also weigh the materials required for the reparation or replacement of the old roof, as follows:<\/p>\n\n\n\n

    Material<\/th>Cost of Old Roof Replacement per Sq.Ft.<\/th><\/tr><\/thead>
    Asphalt Shingle<\/td>$2.50 – $4.50<\/strong><\/td><\/tr>
    Vinyl (PVC)<\/td>$3 – $8<\/strong><\/td><\/tr>
    Bitumen<\/td>$4 – $8<\/strong><\/td><\/tr>
    Rubber<\/td>$5 – $10<\/strong><\/td><\/tr>
    Architectural Shingles<\/td>$6 – $8<\/strong><\/td><\/tr>
    Metal<\/td>$7 – $14<\/strong><\/td><\/tr>
    Cedar<\/td>$8 – $12<\/strong><\/td><\/tr>
    Composite<\/td>$8 – $15<\/strong><\/td><\/tr>
    Concrete Tile<\/td>$9 – $18<\/strong><\/td><\/tr>
    Green<\/td>$10 – $35<\/strong><\/td><\/tr>
    Solar<\/td>$12 – $25<\/strong><\/td><\/tr>
    Clay<\/td>$15 – $20<\/strong><\/td><\/tr>
    Slate<\/td>$15 – $25<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Cost to Replace an Asphalt Shingle Roof<\/h3>\n\n\n\n

    The shingle roof replacement cost varies between $2.50 – $4.50 a square foot depending on the size of your roof. <\/p>\n\n\n\n

    There are several types of roofing materials that are commonly used for the roof, including asphalt shingles. It can be easily installed, it’s lightweight, and it’s inexpensive. It is a solution cheap to perform when you are buying a house with an old roof and you want to buy the house anyway.<\/p>\n\n\n\n

    The color of the film as well as the thickness and other characteristics of the film are all quite different. Several are constructed to resist hail damage, whereas others are coated in white in order to help keep the roof cool in hot weather. It is also possible to install asphalt shingles over a layer of asphalt, thereby reducing the cost of installation.<\/p>\n\n\n\n

    Vinyl Roofing Cost<\/h3>\n\n\n\n

    It is not uncommon for vinyl or PVC roofs to cost anywhere between $3 and $8 per square foot. <\/p>\n\n\n\n

    An alternative to a pitched roof is to use this method. In addition to having little to no pitch, flat roofs are also more prone to leaks and have different needs as well. <\/p>\n\n\n\n

    Roofs made from vinyl are one of the best ways to meet these needs. The material is spread over the roofs in the form of rolls of material that are rolled. If you would like to make your roof more resistant to water, the seams on the roof can be sealed.<\/p>\n\n\n\n

    Bitumen Roofing Cost<\/h3>\n\n\n\n

    In the United States, bitumen roofing is typically priced at $4 – $8 per square foot on average. <\/p>\n\n\n\n

    A flat roof can also be constructed from bituminous materials. There are a few things to keep in mind concerning this installation and how long it will last. <\/p>\n\n\n\n

    This is another flat roofing material that has a black color, so it gets hotter than most other flat roofing materials. <\/p>\n\n\n\n

    Due to its lack of seams, it is much more water-resistant in comparison to other types of materials. On sheds and modest outbuildings, this is a very common type of roofing system to use.<\/p>\n\n\n\n

    Rubber Roofing Cost<\/h3>\n\n\n\n

    The average price of rubber roofing is about $5 to $10 per square foot. Flat roofs are usually made out of rubber. The membrane is laid out across the roof in such a way that it is completely waterproofed.<\/p>\n\n\n\n

    As a consequence thereof, it is put on in one piece, allowing it to be the most seamless garment of all. Among the more popular materials for flat roofs, this is a long-lasting, rather easy to maintain, as well as fairly easy to install material.<\/p>\n\n\n\n

    Architectural Shingles Roof Cost<\/h3>\n\n\n\n

    In general, the costs of architectural shingles range from six to eight dollars per square foot. New types of asphalt shingles have been introduced to the market recently, including architectural shingles.<\/p>\n\n\n\n

    The terms “laminated shingles” and “synthetic shingles” are sometimes used interchangeably. As a result of the fact that they are thicker, these shingles offer much more long-term durability than asphalt, with a much greater life expectancy. <\/p>\n\n\n\n

    It is because of their resistance to things like hail damage and their lightweight that they do not require any additional reinforcement on the roof. <\/p>\n\n\n\n

    Having a selection of different colors to choose from, they are easy to install. In recent years, architects have made houses more interesting, through the use of architectural shingles as roofing materials.<\/p>\n\n\n\n

    Metal Roofing Cost<\/h3>\n\n\n\n

    In the United States, steel roofs average between $7 and $14 per square foot, according to the latest data. <\/p>\n\n\n\n

    Some metal roof types include standing seams, corrugated tin, and metal tiles, which come in several different sizes, shapes, and colors. <\/p>\n\n\n\n

    There are many advantages to metal roofs, such as durability, longevity, and a low maintenance cost. There are certain types of roof decks that need to be reinforced before installation, depending on the type you choose.<\/p>\n\n\n\n

    Cedar Roofing Cost<\/h3>\n\n\n\n

    It is estimated that the average cost of a cedar roof ranges from $8 to $12 per square foot. It is possible to choose shingles or shakes for a cedar roof. <\/p>\n\n\n\n

    Shakes are typically more irregular in size and shape, whereas shingles are typically more regular in size and shape. When used on a roof, both types must be treated as flame-retardant materials before being placed onsite. For a cedar roof to maintain its integrity, it is imperative that it is maintained in a timely and effective manner. There is generally no need to install any reinforcement for cedar roofs because they are naturally strong.<\/p>\n\n\n\n

    Composite Roofing Cost<\/h3>\n\n\n\n

    Roofs made from composite materials cost between $8 and $15 per square foot, depending on the manufacturer. A composite roof is basically a roof made up of many materials, including fiberglass, paper, wood, asphalt, and laminates which are spliced together to make the shingles. <\/p>\n\n\n\n

    The materials used in making these are highly durable, long-lasting, and aesthetically pleasing. In terms of type, color, and style, there are quite a few options. Installation is easy, and the roof does not need to be reinforced to install them.<\/p>\n\n\n\n

    Concrete Roof Tiles Price<\/h3>\n\n\n\n

    There are about nine to eighteen dollars per square foot for concrete roof tiles installed. Roof tiles made up of concrete can have many different styles. <\/p>\n\n\n\n

    It can be fashioned in a manner that resembles rounded clay tiles or it can be flat tiles that resemble clay tiles. I could not gather the prices of this variation<\/p>\n\n\n\n

    As well as various colors and styles, both are available in a wide array of color combinations. In comparison to tile roofs made of clay, concrete roofs have a longer lifespan and require less maintenance. Depending upon how old, and what the structure of your current roof is, you may want to reinforce the roof.<\/p>\n\n\n\n

    Green Roof Cost<\/h3>\n\n\n\n

    An average roof with a so-called “green roof” costs between ten dollars and thirty-five dollars per square foot. Creating a green roof can be done in a few different ways. It can go from being brief and sweet to be very intricate and extensive. It may be necessary for you to reinforce your roof in order to have the ability to handle such additional weight. <\/p>\n\n\n\n

    Green roofs can be installed on flat roofs or moderately pitched roofs, as long as the roof is not too steep in pitch. It is possible to install a green roof on a roof with a more extensive pitch, but it may increase the cost.<\/p>\n\n\n\n

    Solar Shingles Cost<\/h3>\n\n\n\n

    A solar shingle installation costs anywhere between $12 and $25 per square foot. This unique type of solar shingle gives your house a solar power boost that you can count on. <\/p>\n\n\n\n

    These are shingles that you can install on your roof seamlessly rather than large panels that are installed as part of your roof. The materials can be used simply to cover entire roofs, but they are often combined with other materials because the sun does not often shine on the entire roof at one time. With these shingles, you can add a subtler and natural appearance to your home while helping to reduce your energy consumption, in addition to giving your home a more natural appearance.<\/p>\n\n\n\n

    Clay Tile Roof Cost<\/h3>\n\n\n\n

    For a clay tile roof, the price is in the range of $15 and $20 per square foot. Among the roof tile types that have been used for generations is the clay tile. In addition to their many different forms and styles, they also come in a myriad of styles. <\/p>\n\n\n\n

    The lifespan of these roof tiles is quite long if they are properly cared for. However, they can be fragile and easily broken if they are not handled properly, so you should treat them with care. The installation of this roof might require you to reinforce a section of your roof based on the size and structure of your home.<\/p>\n\n\n\n

    Slate Roofing Cost<\/h3>\n\n\n\n

    The average cost of a new slate roof can range from $15 to $25 per square foot, and there is some variation within that range. <\/p>\n\n\n\n

    The slate material is one of the most durable and longest-lasting roof coverings available on the market today. Generally, it can be expected to last at least a century in most settings. <\/p>\n\n\n\n

    There are a few different types of shades and colors available in slate, which is a natural material. There is no doubt that slate is heavy, so a roof will need to be reinforced to support the weight. <\/p>\n\n\n\n

    If your older home or roof is in bad shape, then you may need to strengthen it further and may have to spend more than you would on newer homes.<\/p>\n\n\n\n

    Material Lifespan In The Replacement Of An Old Roof<\/h3>\n\n\n\n

    It goes without saying that shingles made out of composite materials are the lowest quality roofs on the market, other than those made of rolled material.

    There are many types of composite shingle roofs that are perfect for houses, and they are the least expensive to install, which is why they are amongst the most popular in the market and chosen by many investors when they are just buying a house with an old roof and then flip it.<\/p>\n\n\n\n

    Architectural quality roofs, also known as 3d or “3 tab” roofs, are similar, but have different names: They are an upgrade from the lowly composite shingle roof.  It is important to note that these roofs can last for 30 years. Additionally, they possess a better aesthetic appearance than composite-based roofs.

    When you look at the appearance of the 3-D shingles, you will be able to tell that they are different from a composite.  It doesn’t take long for you to start telling the styles apart once you begin to see a few of each style.<\/p>\n\n\n\n

    Business Case When Buying A House With An Old Roof: The Price Reduction Instead Of A Roof Replacement<\/h2>\n\n\n\n

    The old roof is usually identified during the home inspection, where it is indicated in the home inspection report. As this is not a minor item, the prospective buyer and the seller will discuss this item and recalculate the price. <\/p>\n\n\n\n

    Buying a house with an old roof can have an important impact on the price of the house. They will do this negotiation by themselves or through the intermediation of their representatives, or realtors. <\/p>\n\n\n\n

    There is a tendency of buyers not troubling to bargain over minor details that will not have an impact on the deal altogether. <\/p>\n\n\n\n

    There is no such thing as a perfect house, and there is an implied assumption on the involvement of somebody who purchases a second-hand house that some thumps, abrasions, and contusions are just part and parcel of buying a second-hand home. <\/p>\n\n\n\n

    Markets may also have an impact: For instance, a buyer will be more choosy when it comes to buying in a buyer’s market and less demanding when it comes to buying in a sellers’ market.<\/p>\n\n\n\n

    In contrast, a roof that is due for replacement is far different from a roof that is imminent. In the unfortunate event that the homeowner will not back out of the sale, it is still likely that the agent will come up with one or more of the following factors:<\/p>\n\n\n\n