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Re-roof or sell with existing roof? What are the deciding factors?

We are planning to sell and relocate in about 2 years. If I were to stay, I would be thinking of re-roofing very soon as we are getting close to seeing some ageing on the roof. Will I get the bulk of my investment back by doing so at this point? Any suggestions or advice?
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April 22 2009 - Norman
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Thanks for your feedback everyone. We are in the process of re-roofing after having several roofers, as well as my insurance appraiser, take a look at things. Roofing is an odd industry to say the least. One roofer said that he saw no damage and told me it would come to nothing to have my insurance company take a gander at the shingles. Another roofer practically 'begged' me to call my insurance agent and allow him to visit with the insurance appraiser to show them the damage "he" had found. Needless to say, I apparently have "damage" I didn't know I had. Which, I suppose...is a good thing! So, with that help of some hungry roofers and a "benefit of the doubt giving appraiser" I was able to get at least half the money to replace my roof. So, that is what I'll do. I'll replace the roof with some good quality, eye appealing shingles in hopes of not giving any potential buyers a reason to not give the place a second look. Again, I appreciate all of your opinions. Thanks.
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May 29 2009
NO homeowners insurance company will pay to replace the roof unless its due to a tree falling through it or something.  You said if you were to stay, you'd replace it.  That might be your answer there.  If the condition is such that you think it needs to be replaced then so will a buyer or a lender. I continue to say, don't leave open points of negotiation.  A new roof can be a great selling point while a marginal roof could be a deal breaker.
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April 24 2009
As an Inspector nothing makes me frown like an old roof... nothing makes my Clients smile like a new roof.

All the Client sees is a BIG expense and on average, according to the National Association of Certified Home Inspectors, Client ask for $3.00 is price concessions for every $1.00 in actual problems! Don't give buyers reasons NOT to buy your home!

Its not so much what you don't get back...it's what you have to loose.

A new roof is something EVERY Buyer wants and few buyers want to deal with.

Also don't forget the potential problems that a bad roof represents in the eyes of an Inspector....Mold, Rot, Insects,  ALL of these "potential" problems may be noted by the Inspector in a "Cover His Ass" Statement.
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April 23 2009
If the roof is bad enough that it won't pass muster with an appraiser, you would either have to replace it or escrow funds at closing. With so many buyers going FHA or other federally backed mortgages, it's more imperative than ever to have a home that is in tip top condition. 
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April 23 2009
It depends on how bad the condition is...if it is poor enough, a lender will require a new roof or repairs to close.

Also, roof leaks can create much more major problems - so if you are going to stay there for a couple of years, make sure it isn't leaking during that period or you may have a much bigger set of issues to deal with.
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April 23 2009
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I would call a local roofing company and see how much a reroof would cost. When they come out to bid, you can ask how much life is actually left on the roof. Buyers and their inspectors do look at the age/condition of the roof. If you have less than 2-3 years of life left when you sell, you may be asked to provide a roof certificate or to reroof. The economy is tight so it is worth checking to see how much it wouldcost. If you can get a good bid, I would go ahead and do it so you can use that new roof as a selling feature. A new roof says to buyers that the house has not been neglected and that a major item has been crossed off the "to do" list. Run the numbers and see how much it might cost.
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April 23 2009
I searched the internet.  It looks like the average ROI nation-wide on roof replacement is about 70% (I found ranges of 60% - 85%).  You might want to talk to local roofers/contractors and RE agents to get a better idea of the ROI locally.

Some potential buyers will be turned off by a roof that appears to be in poor condition.  When the time comes to sell, you will increase the number of potential buyers if the roof is not an issue.  That is not a recommendation to replace the roof.  But that is something to consider when you make the decision.
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April 23 2009
Depending on how old is your roof. Have you tried approaching your home insurance agent if they would cover to replace the roof? Not sure if this will impact your premium but will atleast give you return while selling the property before you have a roof leak.
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April 22 2009
 
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