Cheryl Fleming, GRI, ABR's Blog
253 Riverlin, Millbury, MA 01527
One of the best things that you can add to your home is a solar power system. These can be costly but they save you a lot in the long term on utility costs. While government programs have scaled back for these energy saving improvements over the years, there’s still many benefits to them. You can even get a loan specifically for installing solar power to your home.
Before you take the leap, you’ll want to know for sure if solar will really add value to your home. Of course, you want a return on your investment.
The good news is that there’s no doubt about it that installing solar panels does definitely add value to your home. There’s one caveat to the value: You should own your solar power system as opposed to leasing it through a solar company or a power purchase agreement.
Homes that have solar panels sell for more money simply because they offer a definite return benefit to the future owner.
Does A Leased Solar System Offer The Same Benefits?
Owning your solar system will save you more money in the long run than leasing your system. When you own a solar power system, the FHA requires that the total value of your solar system be added to the total value of your home when you go to sell it. If you lease the panels, this value cannot be added to the home during an assessment.
If you have financed the system, the rules may be a bit more lenient. While you technically don’t own the system, you are paying towards owning the system yourself. Each lender will have their own standards for this, so check with them for specifics, as your home must meet certain standards and eligibility requirements.
Securing A Mortgage With A Leased Solar System
If someone is looking to secure a mortgage with a leased or currently unowned solar energy system, there are a few hurdles that you might face through the process. These problems include:
Solar lease payments must be included in the buyer’s debt-to-income ratio.
The panel owners must have a third-party insurance to cover damage to the property that’s being mortgaged in the event of malfunction or faulty installation of the panels.
Solar Panels Are An Overall Great Investment
It’s really hard to go wrong if you purchase or finance your solar panel system. As long as you own the system, value will be added to your home. You’ll also save on your own utility bills. Your home will undoubtedly become more attractive to buyers if you decide to sell your home in the future.
More Info on this Property | New Listing Alerts
One question you may often have in your home is when will be the right time to renovate things? The kitchen is one of the most important rooms of the house. You may wonder how often you need to make updates to your kitchen. If your kitchen is 30 years old or more, it’s almost a sure bet that you’ll need to renovate. There’s some other sure signs that a kitchen needs some updating. Whether you’re getting ready to sell your home in the future, or you just want your home to be in the present, there’s a few signs it needs updating:
The Kitchen Was Designed For One Cook
If your kitchen was built before a certain year, it’s a good bet that it was designed for only one chef. The kitchen is probably separate from the dining quarters as well. In the present day, couples often cook together. The dining and kitchen areas are also often one in the same.
Your Appliances Are Old
Newer kitchen appliances are much more energy efficient and can do a lot more than their older counterparts. Anyone who is searching for a home would relish the idea of saving money on utility bills and knowing that reliable appliances are already present in the home. There’s no need to spend money in the immediate future on replacing appliances for anyone who buys the home. New kitchen appliances that are a must:
- Microwaves that serve as a vent hood or second oven
- Energy Star refrigerators that dispense water and ice
- Under-cabinet units
- Flat screen TV mounts
The Kitchen Isn’t Very Functional
Of course you use your kitchen to cook in, but it’s important that a kitchen functions well. The better designed a kitchen, the easier it is to clean and cook. Newer kitchen are also more likely to be environmentally friendly which is good for everyone. This functionality also goes along with the countertop material. Today, people look for easy to clean counter surfaces including stones like granite and quartz. The storage in the kitchen also should be more functional with easy access and streamlined, pull-out drawers.
Your Kitchen Looks Like Something Out Of History Books
If your kitchen is looking similar to that of what you’d see in a classic home design book, you might want to get on the task of updating it as soon as possible. Even if you can’t overhaul the layout of the room, you’ll want to make updates that bring the kitchen into the 21st century. These include countertops, floors, the sink, and the cabinets. Anything major in the room should be updated to keep it from looking dated.
Whether you have set some money aside for renovations, or plan on refinancing your home, it’s a good investment to update the kitchen because the return is certain.
More Info on this Property | New Listing Alerts