Solar panels are most likely an attractive feature for many prospective homeowners. Unfortunately, many solar panels are leased rather than owned. Are you in the situation of wanting to sell a home with solar panels that are leased? This is a complicated situation, but not an impossible one.
To help you navigate this complex situation, here are a few thoughts on how to sell a home with solar panels.
The Trouble With Leasing Solar Panels
When you own your solar panels, it enhances the value of your home — sometimes by tens of thousands of dollars. But when you lease, it can be a drag on your sales price. You’ll want to get what your home is worth, but your prospective buyers may look at your solar panels and see another monthly obligation in the form of lease payments. This means they might want to offer you less.
This situation isn’t without hope, though. You may find a buyer who welcomes the opportunity to lease solar panels. And, if not, you can look for a different homeowner to buy out your lease and have the panels transferred to their home. You can also buy out the lease yourself and just eat the difference.
How to Avoid Solar Panel Complications
It’s always a good idea to think before you sign the lease agreement. Are you planning to stay in your home for 10 years or more? If so, you can probably find a lease that is shorter than that period of time, which allows you to avoid sales-related complications. Things come up, however, and sometimes you need to sell your home well before the time you expected. Think through the pros, cons, risks and rewards of solar panels before signing your name. And you can always consider buying them outright. This is certainly more expensive, but it could be a boon to your sales price when the time comes.
Solar panels make a world of sense for some homeowners and not nearly as much for others. Your task before you enter an agreement is simply to choose which category you fit into and take action accordingly.
Count on the Team at CENTURY 21 Core Partners
At CENTURY 21 Core Partners, we walk alongside homeowners and prospective homeowners as they make all sorts of decisions that affect their properties and their lifestyles. When you’re considering solar panels or dealing with solar panels during a home transaction, let us be your experts and guides. We can answer questions and make recommendations that will ensure you get the greatest value out of your transaction.
Contact us today to speak to one of our real estate professionals.