When purchasing a home, people most often think problems closing on the home would revolve around the mortgage. Sometimes, this is true, but another issue these days is the roof? The roof, you may ask. But the roof is only a contributing factor to the underlying issue. The issue is getting homeowners insurance on the home. When a mortgage is involved in purchasing a home, if you cannot get homeowners insurance, you cannot get a mortgage. In Florida, with the occurrence of high winds, whether hurricanes, or severe thunderstorms, when a roof is 20 years old, it is difficult to get insurance. Insurance companies often refuse to insure the home. If you can get insurance, be prepared for high premiums.
I have a friend who has a roof on her home that is 16 years old. Her insurance premium doubled because of the age of the roof. That is a good sign that the next step for her is to either replace the roof, or have the insurance cancelled. If there is a mortgage on the home and the insurance is cancelled, your mortgage lender will require you to get insurance, or they will handle your mortgage per the agreement you signed with them.
The best advice when looking for a home, is to ask your Realtor the approximate age of the roof. Most people expect a good roof on the home they purchase, and it usually becomes a negotiating item during the offer period. Another time to negotiate is after the home inspection, if the roof is determined to be at the end of its life. This is the least favorable way because you already have several hundred dollars invested, and several weeks of valuable time. So, it’s best to work any objections out up front. A good Real Estate professional should be aware of the age of the roof, and research permits to see when or if the roof was replaced.
If you are looking for a home, why not use the best real estate professional there is. Your RE/MAX Select Professionals are waiting to assist you with their vast knowledge in real estate. Call today.