Should I Spend $4400 To Fix The Roof?
Hi I am selling a home that has a mother-in-law suite connected to the main house. In additional to this "unfavoriable" structure, the roof is really old and the roofer just found out that the roof does not have ventilation at all and is rotting the wood.
Right now I'm selling at the average price level, I just don't know if I should spend $5k to fix the roof and jack up the price a bit or just to wait for buyers to say sth. My other option is to do lease option which in most situations tenant don't say anything about this. But I'm thinking in that situation, I still own the house and wouldn't want the wood to be continuesly rotten. Ugh, I know it's a hard decision for me becuase it's 5k!
what would you do?
Since you have knowledge of a material defect in the property, you are legally obligated to at least diclose it to a buyer. How ever you agree to deal with it would be between you and the buyer.
Why is the mother-in-law suite "unfavorable"? They can add a lot of value to the property.
You know about the roof, and you had a roofer on the roof. Lawsuits usually come up several years down the road. Two years from now when they find out the roof is bad, the neighbor remembers seeing a roofing truck in your drive ..... you get the picture.
First, get another roofing opinion and another estimate. Roofers are notorious for trying to drum up work. I have never had a roofer come out and say that the roof was fine and needed no repair.
Tell the buyer that the roof is older and that when it is replaced that there will be some wood work required, but that there are no known leaks.
Brenda
Thanks! It looks like I should just fix it and maybe raise the price a it to reflect it.