I'm looking at buying a house in Chicago whose roof is intact and without leaks but very near end of life according to both the general inspection and a roofing spection.
The roof is 1250 square feet and is quite flat
I initially requested a $10K credit and the seller (a flipper who recently rehabbed the house) countered with $5K.
$5K strikes me as a bit on the low side, but I don't know about these things. We got an estimate to replace it for under $5K, but the guy didn't strike me as terribly competent, so I am nervous about relying on that. (And Chicago is covered with deep snow right now, so getting a second opinion isn't easy right now.)
Assuming there are no other issues, does that that number sound overly optimistic? I realize you have to roll the dice a bit in these situations, but I'm wondering what the worst case scenario probably is cost-wise (again, assuming no other problems).
Thanks in advance.
We are covered in snow.
Flat roofs are different. I feel that you can extend the life of some of these roofs or put an additional layer. A tear off will certainly cost you more than 5K. It is a mystery what is underneath that roof. Is the underlayment shot? Also, I removed a flat roof and the masonry was deteriorated at the parapit. More money.
So you are in the art of negotiation here. Try to split the difference. $7,500. Then continue with the current roof for a few years. This old roof will need maintenance. Most damage to roofs in Chicago will be on Wednesday: When snow is on the roof and then it goes below zero.
If the seller replaced the roof could he sell it for $5-$10k more? I don’t know the cost of replacing it but assuming it’s worth more with a. New roof than an “average aged roof” splitting the real cost is probably fair for both of you. That being said, my mom loves in mpls so I understand the weather problem you’re having right now.
Maybe check the neighborhood for anyone that’s had their roof replaced in the last couple years with the same style? Ask a roofer that’s done jobs int eh neighborhood for his worst case price? If there’s no leaking or ice damning that has to be a good sign.
Be happy with your offer but remember every written counter you make gives the seller the chance to say no thank you I’ve taken this other offer, goodbye. So make sure it’s a fight you don’t mind losing ten house over
@Svend W. - flat roofs are less expensive than pitched so you could possibly replace it for $5000. A pitched roof on a house that size is probably around $8-9k. If you have a few years left, you must factor that in. Ie, the seller shouldn't be expected to pay for the full replacement cost. Good luck!
@Svend W. - I'd take the counter offer. From what I've read, $5,000 should cover the a roof replacement if it's relatively flat. Maybe you can negotiate some other non-monetary items instead of trying to raise the price back up? If I were you I wouldn't push back up to the $10,000. As @Bill Brandt mentioned, this gives a chance for the seller to reject your offer, posing a risk. Plus you could build some good faith with another investor in your area.
@Brian Ploszay I just got finished reading a chapter of J Scott's Book on Estimating Rehab Costs. He mentioned that it's ill advised to add another layer to a roof; you could be adding weight onto a roof that can't handle it. I imagine in Chicago there's a lot of weight on the roofs with the snow, so it may be different in that location.
In what scenarios would you add another layer onto a roof, as opposed to replacing it?
In mass, a typical cost for contractor grade strip and re-shingle with flashing and ridges is 300-400 a square. (100 sq ft). Yours is 13 squares, give or take, so reshingling/reroofing should run around 4k to 6k. All bets are off it the underlayment needs to be replaced and any extra trim work needs to be replaced. But from the sounds of it, 5k sounds fair for a 13 square roof. Typically a crew can get this job done in 1 day.
Thank you, everyone, for the very helpful responses! I ended up accepting their offer, so we will see.
BTW, given that an inspection revealed no concerns other than it being at end of life, is there any argument for getting work done now as opposed to when the weather improves in a few months?
I figure that it will be a lot more expensive to get work done during the Chicago winter. And it's probably unnecessary--if there is a hidden problem that both the general and the roof inspections missed, it probably won't be worsened much by waiting 2 months.
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