Solar panels are becoming increasingly popular, as they offer a number of benefits, including reduced energy costs, increased home value, and environmental benefits. In particular, locations such as here in South Florida offer plenty of sunshine to maximize the benefits of these panels. If you are considering buying or selling a home with solar panels, there are a few key things to keep in mind. We discuss these considerations below.
Buying a home with solar panels
- Understand the solar panel system. This includes knowing the age, type, and efficiency of the panels, as well as the warranty and maintenance requirements. You should also ask the seller to provide you with a copy of the solar panel installation contract and any other relevant paperwork.
- Review the seller’s energy bills. This will give you an idea of how much money these panels have been saving the seller each month.
- Consider the financing options. If the seller is financing the solar panels, you will need to decide whether you want to take over the loan or pay it off outright. As part of the negotiations, perhaps the seller is willing to pay of the debt for the panels? Alternatively, if you are taking over the loan, be sure to review the terms and conditions carefully. Some lenders may not allow a buyer to assume the debt, and there could be application and transfer fees.
- Get a home inspection. This is important for any home purchase, but it is especially important for homes with solar panels. The inspector will be able to assess the condition of the solar panel system and identify any potential problems.
Selling a home with solar panels
- Get an updated appraisal. Your home’s appraisal should reflect the value of the solar panel system.
- Highlight the benefits of solar panels in your listing. Buyers are increasingly interested in homes with solar panels, so be sure to emphasize this feature in your listing.
- Be prepared to answer questions about the solar panel system. Buyers will likely have a lot of questions about the solar panel system, such as its age, efficiency, and cost. Be prepared to answer these questions honestly and accurately.
- Work with a real estate agent who is experienced with solar panels. A real estate agent who is experienced with solar panels can help you to market your home to the right buyers and negotiate a fair price.
- Confirm any financing options or transfers: As mentioned in the previous section, you will want to confirm whether or not there are any transfer fees should you need to transfer the financing to your buyer. In some cases, paying off the cost of the panels may also be used as part of your negotiations with your buyer.
Buying or selling a home with solar panels can be a complex process, but it is important to do your research and understand the key considerations. By following the tips above, you can help to ensure a smooth and successful transaction. With such a focus on energy-efficient homes, solar panels can be a key selling point for your home. If you are considering having solar panels installed at your home, it is important to determine what tax credits may exist for your area as well as what the cost and potential energy savings will be.
Are you looking to buy or sell property in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app and take the power of the South Florida MLS with you in the palm of your hand.