Whether or not you are planning to sell, if you’re a homeowner in Toronto, you’ll know that we are in the midst of the hottest real estate market ever. And you wouldn’t be blamed for entertaining the thought of getting in on the action.
But, while resale prices are showing double-digit increases, taking advantage of the market isn’t always as easy as it might appear. There’s a lot of competition in the market. Everyone knows the market’s hot and they all want to make the best of it. That means sellers are using for more home “staging” techniques, repairs and renovations to attract buyers and the highest possible price for their home.
Remember Your Roof
Of course, you should always maintain your roof, repair it as needed and replace it when its time. But if you’re selling, does it pay to repair or replace your roof to help sell the house faster and/or for more money?
Your roof affects the value of your home in two main ways.
1. Curb Appeal
Yes, you rarely think of your roof and it has become just another part of the overall look of your home. So how much difference does the look of your roof make to a potential home buyer? A lot. While they may not realize it, studies show that buyers make a decision about whether or not they like a home within the first few seconds of seeing it from the outside.
Remember, buyers will probably check out your house online, either on a real estate site or on Google Street View, before they decide to visit. They can even view your home from overhead, so your roof should be in tip top condition.
2. Potential for Added Costs
First, you know that whether you get one done or the buyer does it, there will be a home inspection. That means the age and condition of your roof will be noted. With roof replacement costs of over $10,000 on some homes, the potential for extra expenses in the foreseeable future could affect how many buyers you get, how many days your home remains on the market and its final selling price.
Regardless of how much your roof affects the value of your home, it makes sense to have a solid roof over your head.