Selling house, roof needs to be replaced

Macicka

I want to put my house on the market. It's in Central Oxford in a prime location and great from inside - I have done lots of work. EAs said the guide price is £575,000. I had my roof checked and it will need to be replaced at a cost of 18k. I'm willing to take a financial hit and lower the price by 18k, and tell the buyers from the outset as well so surprises. It can be done in 3 days. Is there anything else I need to think about - any other risks with selling the house with this type of issue? Would you have the roof repaired first?  (EAs told me it wouldnt increase the value of my house so still I'd need to accept a loss). 

jonnydeppiwish!

Why does it need to be replaced?

Macicka

jonnydeppiwish! said:

Why does it need to be replaced?

It's an old Victorian roof. I had several quotes and the front cannot be repaired apparently - all roofers said the same. There's a tiny leak already, and these get bigger over time. 

propertyrental

you are living (happily?) in the property at present and presumably it is not raining inside?

And you've 'done lots of work' so presumably all you nice new decor is not getting ruined by the rain?

So I'm guessing the roof is old, maybe covered in moss etc, and perhaps with some cracked/missing tiles? But otherwise sound?

OK, maybe it will need replacimng in the future but what roof doesn't?

I'm also guessing the roofer you got round was looking for a nice bit of business (£18K).

I may be way off the mark but my advice is to patch any obvious leaks (£2-300?) and then wait for your buyer to bring up a price reduction after survey, which they might or might not do.

And if they do, maybe offer to pay half of whatever their surveyor/roofer suggests.

eddddy

The major problem would be if a mortgage valuer looks at the property, and decides that the roof is so bad that it's not mortgageable.

But hopefully that won't happen.

Macicka

 Can that happen? I bought it 3 years ago, and the mortgage valuer was ok with it and  didnt point it out.
It's an old roof with cracked slates and moss. 

Olinda99

I would market it and not mention the roof

wait for the surveyor to come around when you get an offer and take it from there

bluelad1927

Olinda99 said:

I would market it and not mention the roof

wait for the surveyor to come around when you get an offer and take it from there

How does this work (I honestly don't know)

 You sell the house declaring on the forms that it's in good order as far as you know. New owner moves in and find they need a new roof. They get a couple of quotes only to be told that the roofer was here 6 months ago quoting for a replacement

NameUnavailable

bluelad1927 said:

Olinda99 said:

I would market it and not mention the roof

wait for the surveyor to come around when you get an offer and take it from there

How does this work (I honestly don't know)

 You sell the house declaring on the forms that it's in good order as far as you know. New owner moves in and find they need a new roof. They get a couple of quotes only to be told that the roofer was here 6 months ago quoting for a replacement

It's up the any buyer to check the condition of the property themselves. That's why most people get a survey.

Sarahspangles

bluelad1927 said:

Olinda99 said:

I would market it and not mention the roof

wait for the surveyor to come around when you get an offer and take it from there

How does this work (I honestly don't know)

 You sell the house declaring on the forms that it's in good order as far as you know. New owner moves in and find they need a new roof. They get a couple of quotes only to be told that the roofer was here 6 months ago quoting for a replacement

The concept of caveat emptor (roughly, 'buyer beware') applies to houses. It's a Victorian house, buyers are expected to get a surveyor in and factor in the future costs of maintenance.

There's no requirement to point out the faults, but tactically if it's obvious it needs doing you can say so upfront and that it's factored into the price, to save the deal unravelling later on.

NameUnavailable

I would list it as it is, at the suggested asking price (assuming you think that's about right) not allowing for a new roof.

If someone wants to buy it, they will probably get a survey and that will probably suggest that a new roof is required. The prospective purchaser will then (probably) negotiate on the price.

Given that they will be getting full value from a new roof I wouldn't expect to have to cover the total cost but that's down to the negotiations.