How much to raise roof on house?

Question

Hi BP fam - I saw a house today built in 1900. It has a nice walk up attic but the space isn’t functional unless the roof is raised. I think the entire roof needs to be raised. The house is about 1600 sq ft and is a colonial style home. I live in northern NJ. Just based on a google search it seems the price can vary from 50-125k. Can anyone please share how much they believe it would cost to raise a roof? Thank you!

Jaron Walling · Answer

@Amir Ardi Abar Sounds like a good market and promising flip opportunity if you work it right. I'd hammer the comps and review the ARV with a local agent if that's the strategy. If it's a rental I wouldn't touch the roof unless market rent for 4/2 or 4/3 layout supports the investment. In our market projects of that scale (right now) don't pencil out for rentals; hence my reasoning for a flip. It's difficult to cash-flow in general. Doesn't stop OOS buyers from trying though. Best of luck.

Jaron Walling · Answer

That's a problem with older homes. We only own older properties currently. Can you add bedrooms, baths, and increase the ARV?

Jaron Walling · Answer

@Amir Ardi Abar The better question is why and do the comps in the neighborhood justify the expense? What you described is a full remodel of the upper half of the property. I'd get a few quotes and feel out the project. Talk with contractors in person see that they think. Really need to leverage experts on something that extensive. In my opinion it feels like an HGTV show where money isn't real.