What Happens When You Sell or Buy a Home with Solar Panels
When you sell or purchase a home, you’ll most likely be dealing with an agent. This means you’ll have two people working on your behalf to make sure the transaction goes smoothly. However, this can create conflict if you and your real estate agent don’t know exactly what questions to ask in order to get the best deal possible.
Fortunately, selling your home with solar panels is much simpler than it sounds. Here are five things to keep in mind when selling or purchasing a home with solar panels.
Get an upfront estimate of your solar system’s value
As soon as you hear about the option of selling your home with solar panels, ask your real estate agent for an upfront estimate of the value. This will give you a rough idea of how much your solar system is worth and how it might impact the sale price.
If you don’t have an upfront estimate, you should also consider getting a free appraisal from a qualified professional before listing your home for sale.
Set a target selling price and don’t budge
Before listing your home for sale, you’ll need to set a target selling price. This will help ensure that you don’t oversell your home. It also helps you know what deal is worth your time and effort.
Once you have a target selling price in mind, it’s important to never go below that number without reason. The beauty of having solar panels on your roof is that they are inherently less expensive than traditional methods of power generation. So when setting the selling price, be sure to include the cost savings from using solar power in your calculations.
Conduct a home inspection prior to putting your home on the market
One of the most important steps you can take is to have a home inspection done. A home inspector will check for important structural integrity, electrical and gas systems, roofing conditions, and more. This is also an opportunity to get your solar panels inspected too. If you are selling your home with solar panels and don’t disclose this information to potential buyers, they may not be able to negotiate a fair deal on the price of the house.
This step helps you avoid unpleasant surprises down the line when buying another property with solar panels. It’s often better to know what you’re getting into before committing to anything.
Negotiate the final sale price with the listing agent and seller
When you’re selling your home, you should spend time with the listing agent to discuss how much they will charge for the property. You’ll also want to discuss what happens if there are problems with the sale and what they can do to complete it quickly.
You might be tempted to take a low offer without negotiating because of how costly solar panels are. However, you should always get the best deal possible. If there’s an issue with the sale, your real estate agent will have to jump through more hoops than if everything went smoothly.
Ensure you’re getting all of your money back when financing your new home
One of the most important things to consider if you are buying a new home is ensuring you’re getting the full cost back from your mortgage. For that reason, agents need to be mindful of not just the pricing of your home but also its sale price. When you finance a new home, lenders can put quite a bit of pressure on you in order for them to get their money back and ultimately make a profit. This may result in you losing money on your solar panels if they are worth more than your purchase price. Keep this in mind when selling or purchasing a home with solar panels.
Many people may be hesitant to sell their homes with solar panels, but the right agent can help you make the most of your energy costs. Solar panels don’t have to be a negative factor in the sale of your home. Keeping these five key things in mind will ensure a smooth transaction and allow you to get the best possible deal on your home.