Home Appraisal And New Roof- All that you need to know

A home’s competitive position in the real estate market is evaluated with the help of home appraisals. And the level of experience and training they have undergone affects the real estate appraiser salary therefore this is something you should bear in mind too when engaging their assistance.

The opinion of value proposed by an appraiser represents, in general, the culmination of market analysis, comparing a home against at least three others.

Appraisers consider overall wear and tear that a home has undergone in its age. Apparently, the condition of the roof can influence the appraiser’s evaluation. As such, a new roof can help signify the normal maintenance of your home, and significantly influence the appraised value.

Real Estate is a Competitive Market

Appraisers and inspectors, simply put, scrutinize a home for defects in different ways. Having said that, a damaged roof is sure to be included by both in evaluating the appraisal value. For obvious reasons, a damaged or old roof can put your home at a competitive disadvantage in the real estate market. Since the roof of your home is visible to passers-by, they can potentially rule out your house, if your roof is damaged or old.

The Normal Maintenance or Adding a New Roof?

Regardless of what you decide, the condition of your roof does affect your home appraisal, as is obvious from what has already been discussed. So, what are your options? Well, add a new roof to your home. Replacing your roof falls under the preventive maintenance that you undertake for your home. Consider this, an old or damaged roof may fail to protect a home from water damage. This would, in turn, mount to include damages caused to your interiors. All these repair costs can negatively affect the appraisal value for your home. According to some top-notch appraisers, lack of preventive maintenance can lose up to 10% of a home in its value. A worn-out roof may not alone cause to devalue the home, but the resulting damages to interiors would surely raise eyebrows.

The Effective Age or Economic Life

A numerical value of years, that an appraiser expects a home to survive is known as the home’s effective age or its economic life. For example, a 60-year-old home could have an effective age of 35 years. This is only true if its owners have maintained the home regularly. Regular maintenance helps compare your home with new ones and effectively fetch better appraisals. A close measure of the effective age of any home is the condition of its roof. The better you maintain your roof, the more it fetches for the value of your home.

Maintenance Costs

In general, replacing the roof would add to the cost of your home maintenance, but won’t add much to its value when you try to sell it. Conversely, you should be spending not more than 3% of your home’s value on maintenance annually. This would help keep it in good condition for appraisal while keeping your investment to the minimal.

Nevertheless, the appraisal value for your home depends upon many factors, out of which the condition of your roof is one. Whether you are putting up your house in the market for sale, or you wish to appease your own eyes, maintenance is crucial and it helps with appraisal, all in all.