Are you considering buying or selling a home with solar panels? While these eco-friendly energy solutions are becoming increasingly more popular, it’s important to understand the implications they may have on your real estate transaction.
Owned or Leased
Before buying a home with solar panels, you’ll want to know if they are owned or leased. Owned solar panels can add value to a home by reducing energy costs. If the solar panels are leased, buyers need to understand the terms of the lease agreement and whether it can be transferred or terminated.
Paid Off
If the solar panels are paid off, they may add value to the home price. However, if there is an outstanding loan on the solar panels, this debt will need to be addressed during the home sale. Sellers should be prepared to disclose existing loan agreements and provide clarity on how they will be resolved.
Keep or Remove
Should you keep or remove the solar panels on a home you are purchasing? While solar panels offer benefits, some buyers may prefer not to have them for aesthetic or practical reasons. In such cases, negotiate with the seller regarding the removal of the panels and the associated costs.
Condition and Efficiency
Buyers should assess the condition and efficiency of the solar panels before making an offer. Request information from the seller about the age of the panels, the warranty status, and any maintenance or repairs performed. Knowing the lifespan and potential future costs of the solar panels will help you make an informed decision.
Solar panels can be a valuable asset when buying or selling a home. Whether you are a homeowner looking to sell or a buyer considering a home with solar panels, understanding all of the factors involved helps to ensure a smooth real estate transaction. If you have questions about navigating the process, contact your Zuber real estate agent for assistance.