Move In Certified Question

[Michael Larson]

Originally Posted by gromicko

Michael Larson writes: Nope. Fresh paint and general clean up (neither of which can be considered a repair or replacement) are the only expenses that can recoup a return. Kitchen and bath remodels are next but can only recoup about 85% of cost. A new roof won't recoup even 1/2 of its cost. Plenty of stats all over the internet to back this up. Remember, in such a claim the seller would be relegated to a wild hypothetical like yours (instead of being able to prove quantifiable damages in court)... and the fact is (and any appraiser will confirm) that a new roof is never worth more than a new roof.

Not so wild IMHO.

You're trying to tell me that a new or newer roof has no effect on the saleability of the home?

First you say

Fresh paint and general clean up (neither of which can be considered a repair or replacement) are the only expenses that can recoup a return.

and then you say

A new roof won't recoup even 1/2 of its cost.

So does a new roof increase the value or not?

It sure does when I'm in the market.

I'm not disparaging the MIC program in any way, only fleshing out the wild claims made that it's near bullet proof as far as inspector liability.

BTW-I have an informed Realtor here that insists on having a home inspection prior to listing a property.
It's a fine marketing tool and he uses it in conjunction with a home warranty as part of the process. It's similar to a "certified used car" as mentions earlier.

You can send the check to my address on file.

All the best Nick.

Mike

[Nick Gromicko]

So does a new roof increase the value or not?

Yes, but only by 1/2 the new roof's cost on average and never more than the cost of the new roof.

It would be difficult for a seller to argue that had he/she spend $25,000 on a new roof, he/she could have sold his/her home for $30,000 more. Almost nothing you replace in a home recoups all of its cost to replace. Furthermore, the seller's argument would be hypothetical, not proof of actual damages (the 4th item he needs to prove to win a judgment).