When looking at buying a home there are many factors to consider like the location, potential equity to be gained, overall budget, how long you plan to live there, how amazing the kitchen is etc. but let’s focus on what’s known as the ‘homebuying checklist’. This checklist is also helpful for a homeowner looking to sell a home as it provides insight into the home buyer’s mindset.
For most homebuyers, the checklist includes factors listed above such as location of the home, overall budget for mortgage payments, HOA fees, and home maintenance or fix-ups. Additionally, home buyers are concerned with the age of the property and the age, style and condition of the home’s features and appliances. The main concerns are understandably the ones with the highest costs associated such as, age of the roof, water heater, furnace, air conditioning, carpet or flooring etc.
For those selling a home, just put yourself in the buyer’s shoes. When considering a home with the original roof vs a home with a roof that has either been newly replaced or recently repaired, which would you choose? One of the most expensive features of a home is the roof but studies have shown there are significant returns on investment from either repairs or replacements. In a study done by Remodelers Magazine, sellers can expect a 53.4% return on investment from roof replacement and 61.7% from repairs (RM, 2019).
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