Go green, right? No down payment or installation costs and save on your electric bill. Just lease the solar system for 20 years for a reasonable monthly payment. No-brainer, right?
Not so fast!
What happens if you need to sell your home within that 20 year time frame? Are you prepared to buy the lease out? In many cases sellers can't afford to or won't buy out the lease, leaving potential buyers in a position to have to qualify, credit-wise, to take over the lease. Their monthly financial commitments increase and that, in turn, can affect their ability to qualify for their mortgage loan.
True story from our office. Sellers have a leased solar system costing them $200 a month. When the solar company is approached to transfer the lease on the sale of their home, the new buyers are charged $350 a month. and are on the verge of not qualifying for their loan with that increased payment.
Think carefully before jumping into a solar lease! They are not necessarily the home "improvement" that boosts value and can, in many cases, drive demand for your property down.
Author:Dorian Kisch Phone: 805-712-4436 Dated: January 11th 2017 Views: 134 About Dorian: I’ve always known that I wanted to use my business acumen, experience and abilities to help famili...
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At RE/MAX Parkside Real Estate information is the currency of our business. Our goal is to provide our Clients with the information necessary to make successful real estate decisions. RE/MAX Parkside is locally owned and an integral part of the North County community.
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"Wow! I never thought I would view a home, make an offer and close on a deal virtually without ever having stepped foot in the door! Ken Bryant made that happen. I recently visited the area from Washington, DC and spent a week searching for homes with several real estate agents. Needless to say, I came up dry and left disappointed from a wasted trip due to apathetic agents. Ken contacted me while I was back in Washington and asked if I needed any help. Since that moment I knew he'd go to bat for me, having every one of my best interests at heart. So here I am sitting in my brand new home 1 1/2 months later and I couldn't be happier. When I arrived to town, he made a well-concerted effort to make sure I was taken care of and pointed out all of the best businesses in town. Ken is sharp, savvy and sincere. Couldn't have done it without him. Thanks, Ken!"