Dear David,
We are renovating the second floor of our home. We will be removing a mansard roof and replacing it with a regular roof. Should we shingle our new roof with metal shingles? Does a metal roof really increase the house price? Is it worth the investment in a metal roof if we are planning to live in our house for 10 more years or so? – ROOF OVER OUR HEADS
DEAR ROOF: Changing out a mansard roof will definitely give your home a new look. You have a number of good options when it comes to roof shingles, as the shingles of today are far superior to those offered a mere 10 or 15 years ago. Some modern shingles may carry up to a 50 year warranty, even with no pro-rating in the first 25 years.
Even though you are planning to live in your home for the next 10 years or so, it would be a rare occasion that I would spend the extra money to install a metal roof. I realize that I will likely get some pushback on this, but I just don’t think you’ll see a good return on your investment. A future buyer is unlikely to allocate the extra cost of the roof when considering your home. Even if we fast track ahead 25 years and the roof needs to be replaced again, my opinion is that a shingled roof is still less expensive. That said, a metal roof offers a unique aesthetic. If it’s your personal preference, you can make the choice for that reason.
Pro Tip: If you think you need a new roof and want to use a reputable company, book your installation well in advance. Work is weather dependent and reputable installers have their jobs scheduled well ahead of time.
Dear David,
What is a bully offer? – CURIOUS
DEAR CURIOUS: When listing a home that is expected to generate significant interest, it’s not uncommon for agents to “hold offers” for a number of days. This decision to delay the consideration of offers until a set date is done strategically, in order to ensure that the listing receives thorough market exposure. While results aren’t guaranteed, the selling agent is hoping that this delay increases the seller’s chances of receiving multiple offers while forcing buyers to put their “best foot forward”.
Occasionally, a seller will receive a “bully offer”, in other words, one that is submitted before the hold date. A buyer may try to skirt around the hold date by presenting a great offer early and hoping the seller will find it too good to pass up. An enticing bully offer is designed to sow seeds of doubt: can a seller actually do better if they wait on the hold date? More often than not, bully offers have a short irrevocable (expiry), which forces the seller to make a quick decision about whether to take the great deal in front of them, or take their chances waiting for something better.
Pro Tip: Experienced agents can help buyers identify opportunities to submit a bully offer. At the same time, they can guide sellers through the process of deciding whether it’s better to accept a bully, or wait for their hold date. Each situation is different, so there’s no simple answer. #AskDavid
