Home inspectors estimate is less than 4 years of life left on the current roof.
Remaining economic life of metal roof apprasier.
This of course is a judgment call that the appraiser is required to make.
All i cound find from va is prevent entrance of moisture and provide reasonable future utility durability and economy of maintenance.
To be specific the following has been taken from the hud handbook 4000 1 regarding the fha rules for the roof.
The appraiser must clearly state whether the subject is to be repaired or re roofed any leaks or moisture due to a problem with the roof are noted will be noted on the appraisal report.
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The roof should have a remaining physical life of at least two years.
This is pretty vague on life of the roof.
Once the roof fails to protect a home from water damage repair costs can mount to include interior damage.
According to the fha website they have clearly stated that the roof should be able to last for a minimum of two years.
If the roof has less than two years remaining life then the appraiser must report this condition in the appraisal report.
One of the fha rules for the roof requires the appraiser to report if it has less than 2 years remaining life and require it to be replaced.
The percentage of depreciation is 25 15 60.
Hud 4000 1 says the appraiser must notify the mortgagee of the deficiency if the roof covering does not prevent entrance of moisture or provide reasonable future utility durability and economy of maintenance and does not have a remaining physical life of at least two years.
The appraiser must exercise sound judgment when evaluating roof condition.
When the effective age is 15 years the remaining economic life is 45 years 60 15.
The national roofing contractors association developed the estimated service life chart.
The market reaction to the house is 75 of replacement cost 45 60.
If it is determined that the roof has a remaining life of less than two years then it would be the responsibility of the appraiser to call for repair or the construction of a new roof.
According to mack strickland an appraiser in chester virginia a home that demonstrates a lack of preventative maintenance can lose 10 percent of its value.
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If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
Or the shingles appear to be curling or lifting with frayed areas noted and roof is near the end of its economic life.
The roof should have a remaining physical life of at least two years.
