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About why? For one if the purchase is funded by your buyer, the lender would also have a home inspection completed. If the inspection is not passed on your roof and you are not willing or able to make the repairs to pass a re-inspection, so it is not likely that the sale will happen. Be prepared for an even tougher check if your customers are using FHA or VA financing.
Let us show how a roof’s age and condition can make a real estate deal go south pretty soon. We recently submitted a bid to our customers for a home in Cormorant Point, Sebring. Cormorant Point is a 55+ community within the Golf Hammock Estate that is very well managed. The buyers enjoyed the area, and the home was loved by them. It was just what, and more, they were looking for! Much more than they planned to spend on the house, the buyers offered.
The day of the inspection came and it turned out that there was not much life left on the roof. It was the original roof and 21 years old. The seller estimated that it was a roof for 40 years, to his best knowledge. To have a closer look and to give them an estimate, our purchasers hired a roofing firm. Upon inspection, the roofing company met with us and clarified that most of the granulars on the shingles were gone, after which the shingles would begin to deteriorate in the climate of Florida. After purchase, the buyers were able to put on a fresh roof.
Unfortunately, one insurance provider that would underwrite insurance for a home with a 21-year-old roof could not be found. We made some calls ourselves, only to find out that the only insurance company in Florida able to cover this roof is Citizens insurance. The fact that the buyer’s lender wanted the insurance firm to be classified by AM Best, which Citizens Insurance was not, was what made the deal turn south. The deal did not happen, to make a long storey short, and everyone involved learned a lot about roofing and insurance policies.