Buying a Home with Solar Panels? Here are 5 Key Considerations

 

Five things to consider before you buy a home with solar already installed.

If you're in the market for a new home, you may come across a property that already has solar panels installed. This can be an attractive feature as it can potentially save you money on your energy bills while also reducing your carbon footprint. However, before you jump in, there are some important things to consider. Here are five key factors to keep in mind when purchasing a home with solar panels:

1. Existing loan or lease on the solar panel system. The first thing to consider is whether there is a loan or lease on the solar panel system. This is important because these agreements can have a significant impact on your finances. In some cases, the loan or lease amount can be as high as $40,000, and if it's not paid off at the time of closing, you'll need to assume that loan. This means that you'll not only have to qualify for the financing for the house, but you'll also need to qualify for the cost and the assumption of the lease on the solar panel system. Be sure to carefully review the terms of any existing agreements before making an offer on the property.

2. Manufacturer and installer of the solar panels. It's also important to find out who manufactured and installed the solar panels. You want to ensure that the company is still in business and can provide service and repairs if needed. You'll also want to check if parts are still available for the system. Knowing the manufacturer and installer of the solar panels can help you determine the level of support you can expect from them in the future.

"Purchasing a home with solar panels can be a great investment."

3. Warranty on the solar panels. When it comes to solar panels, warranties are essential. You'll want to find out if there is a warranty on the panels and, if so, whether it's still valid. This goes back to the second question about the manufacturer and installer still being in business. You want to make sure that if you need service on the solar panels, you have a company that stands behind the product and can come and fix it. Additionally, make sure that the warranty is transferred to you at the time of closing; otherwise, it's essentially worthless.

4. Average monthly electric bill with the solar panels. Another important consideration is the average monthly electric bill with the panels installed compared to what it was before the panels were installed. This will give you an idea of how efficiently the panels are working and whether they're providing a good return on investment. If you're investing $30,000 in solar panels, you want to make sure that you'll be able to recoup that investment over time.

5. Insurance coverage for the solar panel system. Finally, you'll want to check with your insurance company to see if they cover the solar panel system. You're taking on a significant obligation when purchasing a home with solar panels, so you want to ensure that you're protected in case of damage caused by natural causes, such as hailstorms.

Purchasing a home with solar panels can be a great investment, but it's important to do your research and ask the right questions. By taking these factors into account, you'll be able to make an informed decision and enjoy the benefits of solar power for years to come. If you need guidance through this process, don't hesitate to reach out to us by phone or email. We’d love to help you.

5 Reasons Why Now Is a Great Time To Buy

 

The market may have been volatile, but it’s now a phenomenal time to buy.

Despite what you might be hearing on the news today, it is a great time to buy a house. Today, I’m here to tell you five reasons why today is a better time to buy a house than it was two or three years ago: 

1. Inventory is up. There are more homes on the market today for you to choose from, which is a great position to be in. 

2. Homes are staying on the market longer. That means you’ll be able to see the homes that are available and make an offer without being in as much of a rush. 

"Despite what you might be hearing on the news today, it is a great time to buy a house."

3. There's less competition from other buyers. Two years ago, we were seeing 10 to 15 multiple offers on a single house. That’s not the same today, which gives you a better chance of winning the home that you want. 

4. Interest rates are still remarkably low. When working with our preferred local lender, we’ve seen clients get down to 5.5% for their interest rate, which is phenomenal. Historically, this is extremely low. 

5. Buyers have more negotiating power. You may be the only offer on a house that's been on the market for some time, which gives you more leverage in negotiations, and that's always a good thing. 

Don't wait—take advantage of these conditions today and go out and find the house of your dreams. If you have any questions about this topic or real estate in general, please reach out to me by phone call or email. I would be happy to help with all of your real estate needs. 

The Major Benefits of Having a Home Warranty

 

Here’s my recent conversation with Molly from Home Warranty of America.

Today I’m joined via Zoom by Molly Stewart of Home Warranty of America to remind us howtheycan help you out as a homebuyer or seller. Molly has been our preferred warranty representative

for years, and we can’t wait to hear from her.

When you ask us to help you sell your home, one way we add value is by providing a home warranty. We want our clients to maintain their homes inexpensively. If you want the HVAC fixed, for example, that’s a $50 fee, but it’s not due until closing. You can get up to $1,500 in damages covered for that issue.

"It’s a great thing to invest in."

If you're a seller, purchasing a home warranty for your buyer is a great idea. I know we’re in a seller’s market where homeowners are calling the shots, but it really is about mitigating post-sale issues. Molly works in claims every single day, and she says the bulk of their claims come in the 30 days after a buyer moves in. A home warranty gives buyers and sellers peace of mind during a transaction.

Many of us have moved into houses and had things go wrong right away. A home warranty like the ones from HWA help protect you, mitigate your costs, and give you peace of mind. If you show a buyer that your HWA warranty covers up to $15,000 for other claims, they’ll be much more excited about buying your home. A home warranty costs around $600, but our Shine Team clients saved $78,000 alone in 2021 by having a home warranty.

As you can see, a home warranty is an important thing to have whether you’re selling your home, buying a new one, or both. It’s also a great thing to invest in if you’re an investment property owner.

If you have any questions about home warranties, give Molly a call at 847-943-7117. If you have any other real estate-related questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.