Newark, NJ · Member since 2017 · 28 posts · 6 votes
I'm just starting out with RE, so forgive me if this question is overly basic, but I could not find a straight answer in the search. When looking at houses and figuring out whether or not to repair or replace the roof, how exactly do you decide? If an asphalt roof has a life of 20-30 years, and your flip's roof is in decent condition after 15 years, would you simply do some roof maintenance? Basically, what are the factors that I should consider to make this decision?
Most loan types require that a shingle roof have at least 5 years left on it. This doesn't necessarily mean that if you have a 25 year roof and its been 21 years then you have to replace it. Some roofs will last longer than the stated shingle life and others will last less. The lenders will require a general contractor evaluate the roof and state that there is five years left if the appraiser questions it.
I there are leaks in the attic, major staining on the shingles, places where shingles have been replaced with discolored shingles, or the lower sections of the roof getting a lot darker than the upper section, these are indicators that the shingles are nearing the end of their life and will be a red flag to appraiser.
Also if the repairs of the roof cost 25% or more of the cost of a new roof than you are probably better off to replace.
These answers are just a guideline and it depends specifically on the case by case situation to decide, but hopefully this helps a little. Thanks Aaron