Should I buy a house knowing I will probably have to replace the roof in 4 years?
So we found a house we love. The sellers have accepted our offer. The inspection went great, expect for one thing...
It's in a perfectly adequate shape right now. There are some loose shingles
, but nothing to really worry about (says our inspector). That said, the roof is 11 years old (same age as the house). The roof is a 20-year composition, which, according to our inspector, means it will probably have a life of 15 years. So, we will probably have to replace it in around 4 years.
Here are my two questions (and yes, I'm looking personal opinions and gut reactions, as well a cold hard facts):
(1) Would you buy a $169,000 house knowing you'd probably have to take out a $10-12k home equity loan to replace the roof in 4 years?
(2) Is $10-$12k an adequate estimate for a roof replacement? The house is in Houston, Texas and the square footage is around 2100.
(3) If I pay $10-$12k for a new roof, how much will this increase the sell price of my house?
Note: Obviously, if a bad storm hits and destroys the roof, our insurance will cover the replacement. We are assuming we won't be so lucky.