Purchasing a new house is a big undertaking, it can get complicated, and downright confusing. This is especially true if your local roofers Southern Illinois let you know that the house needs a new roof. Just because a home needs a new roof does not mean that the house is not worth purchasing, as every home is going to need a new roof every 20 to 25 years, however, any roofing problems should be outlined before the house is purchased. The amount of time a roof will last will depend largely on the type of materials used as well as the quality of the installation. While there will inevitably be small repairs needed every once and a while you are eventually going to need to just replace the entire roof if you plan to stay in a home for 15 years or more. If you are looking to buy a home and are searching for homes that are 25 years old or older, there is a very high likelihood a roof replacement will be needed.
If you are going to close on a home that needs a new roof the best time to get it done is at closing, rather than waiting. This is not only the most convenient and efficient option, it is also ideal because you have yet to move your property into the home. Meaning you don’t need to worry about damage or living in the home during the course of the roof replacement, which means no disturbances for you! There are many roofers Southern Illinois that offer relatively fast roof replacements, and some can even offer one day turn arounds.
Can you get a Mortgage on a Home that Requires a New Roof
In order to get a lender to release funds when buying a home, you need to have a homeowner’s insurance policy that takes effect as soon as you close on the house. When purchasing a house that needs a new roof, the only reason it would affect your ability to get a mortgage is if your insurance company does not cover the home until the repairs/replacements are made. Most insurance companies allow about a month for the repairs to be made while being covered, however this varies from company to company.
What if my Home Inspector Spots Damage? Ask Roofers Southern Illinois!
According to interNACHI, it is not required for a home inspector to actually step foot on your roof, which means he or she will most likely be viewing your roof from the ground. Because of this, the inspector will only spot significant damage. If damage is spotted, then a full roof inspection will probably be suggested. A general rule of thumb is that, if the inspector deems the damage bad enough to require an inspection, insurance will most likely not give you coverage, nor can you get a mortgage until it is repaired.
What if the Home Fails the Roof Inspection?
No matter who requests it, if the home fails the roof inspection done by one of the various roofers Southern Illinois, this can lead to problems getting a mortgage. Every lender will require the buyers of a home to get a homeowner’s insurance policy that will go into effect upon closing, with evidence of that policy needing to be presented. While a failed inspection will make it difficult to get insurance or a mortgage this doesn’t mean that sale can’t be made. During the buying process you should determine who will be in charge of covering the replacement costs of the roof, and what all needs to be done to replace the roof. These repairs can be done before closing on the house, with the roofer being paid at closing. In this case you most likely won’t be able to activate your homeowner’s insurance policy until the roof is fully repaired.
Have more Questions for Roofers Southern Illinois?
If you have any more questions regarding the purchase of a new roof on your new home, or any other roofing questions do not hesitate to call your local roofers Southern Illinois at Home Re-Nu. Home Re-Nu has been serving the Southern Illinois area for over a decade and would be happy to answer any questions you may have. Contact us today!