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Old 02-16-2022, 07:42 PM
 
Location: Austin, TX
15,269 posts, read 35,657,499 times
Reputation: 8617

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Quote:
Originally Posted by Jimmyp25 View Post
Back in August/Sept when I was house shopping. We ran into a house we really liked. (North of Austin) and the owners had their house marked up literally 65k higher than anything that sold in the area.


We offered what we thought was fair.... They came back and said If we wanted them to accept our offer that we would have to take over a loan that they had for 50k for solar panels...... we almost laughed out of our chairs...

They signed a 10 year loan for 400 a month ... they wanted us to take it over... we didnt walk... we ran away!
Yes, those leases are like time shares - people regret them about the moment they sign them
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Old 02-16-2022, 07:45 PM
 
11,839 posts, read 8,040,748 times
Reputation: 9997
Sooooo lets say for example you have a home that can appraise for approximately $500k and around 2 years ago with lets say a 7 year loan of approximately $35k for the panels and installation...

Theoretically one would expect to see an appreciation of the value of the panels @ $35k onto their home.. ..but as mentioned earlier in this topic, a potential buyer would not want to purchase the full value of the panels, so you get approximately half the value or a $18k added onto the value of your home, meaning you are shorted whatever is left unpaid on the value of the panels including interest. So the home sells for $518k but you pay approx $10k (you've already been paying on the panels for 2 years up to this point) to clear the lien out of your equity.

I'm assuming this is the issue when selling with panels, unless you have equity in the home you end up with a net-loss?

Quote:
Originally Posted by Jimmyp25 View Post
Back in August/Sept when I was house shopping. We ran into a house we really liked. (North of Austin) and the owners had their house marked up literally 65k higher than anything that sold in the area.


We offered what we thought was fair.... They came back and said If we wanted them to accept our offer that we would have to take over a loan that they had for 50k for solar panels...... we almost laughed out of our chairs...

They signed a 10 year loan for 400 a month ... they wanted us to take it over... we didnt walk... we ran away!
I can't help but wonder what on earth encouraged them to sign that.
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Old 02-16-2022, 09:21 PM
 
Location: Fortbend County
164 posts, read 364,592 times
Reputation: 82
Quote:
Originally Posted by Jimmyp25 View Post
Back in August/Sept when I was house shopping. We ran into a house we really liked. (North of Austin) and the owners had their house marked up literally 65k higher than anything that sold in the area.


We offered what we thought was fair.... They came back and said If we wanted them to accept our offer that we would have to take over a loan that they had for 50k for solar panels...... we almost laughed out of our chairs...

They signed a 10 year loan for 400 a month ... they wanted us to take it over... we didnt walk... we ran away!
We encountered the same thing. The seller asked us to take over a loan that was for 40k for solar panels. The community is not a solar community so we did not think that house had a solar. But anyway we walked away. Lennar's Plum Creek is a solar community and they are having a hard time to sell. Buyers just don't want to pay for the solar.
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Old 02-17-2022, 01:30 AM
 
10,130 posts, read 19,889,324 times
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Quote:
Originally Posted by va_residents View Post
We encountered the same thing. The seller asked us to take over a loan that was for 40k for solar panels. The community is not a solar community so we did not think that house had a solar. But anyway we walked away. Lennar's Plum Creek is a solar community and they are having a hard time to sell. Buyers just don't want to pay for the solar.
Seems like that is more about the lein/additional mortgage situation than it is about solar itself. Kind of like the propane deal you have to agree to for Belterra. It's an extra financial burden specific to a neighborhood or development which can negatively impact the resale value.

I'm of the same opinion as Austin97, if a property has a paid-off solar system, then heck yeah it's a plus. Like a pool. You don't have to take the financial hit the owner who installed it had to, but you reap the continuing benefits.
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Old 02-17-2022, 02:15 AM
 
2,335 posts, read 816,251 times
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Quote:
Originally Posted by atxcio View Post
Seems like that is more about the lein/additional mortgage situation than it is about solar itself. Kind of like the propane deal you have to agree to for Belterra. It's an extra financial burden specific to a neighborhood or development which can negatively impact the resale value.

I'm of the same opinion as Austin97, if a property has a paid-off solar system, then heck yeah it's a plus. Like a pool. You don't have to take the financial hit the owner who installed it had to, but you reap the continuing benefits.
I've been told my a good friend in the construction industry that having a pool is absolutely not a plus in trying to sell a house. It appears all these opinions are very subjective.
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Old 02-17-2022, 02:20 AM
 
11,839 posts, read 8,040,748 times
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Quote:
Originally Posted by dicipher View Post
I've been told my a good friend in the construction industry that having a pool is absolutely not a plus in trying to sell a house. It appears all these opinions are very subjective.
It depends on the buyer. It seems to be one of those entities where it requires a buyer that really wants it, otherwise it’s just an extra ordeal / maintenance to keep up with.
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Old 02-17-2022, 02:25 AM
 
2,335 posts, read 816,251 times
Reputation: 1217
Quote:
Originally Posted by Need4Camaro View Post
It depends on the buyer. It seems to be one of those entities where it requires a buyer that really wants it, otherwise it’s just an extra ordeal / maintenance to keep up with.
Yep, but you are certainly reducing the amount of people interested in your home. And of course, you're having to calculate the cost of the pool and maintenance into that break-even. In ground or above ground also plays a role. I read you could be looking at anywhere for $50k-$70k for an in ground. I would hope one's reasoning for doing that would be for other reasons than increasing home value.

Last edited by dicipher; 02-17-2022 at 03:12 AM..
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Old 02-17-2022, 06:01 AM
 
Location: Austin, TX
15,269 posts, read 35,657,499 times
Reputation: 8617
For desirability, a pool is pretty much a wash. You limit the number of people interested in your house due to some absolutely not wanting a pool, but for the people that want a pool you are completing with a much smaller number of sellers.

Paid for solar has almost no downside. There is a bit more effort when replacing the roof, but insurance covers that. Other than that, you really don't have to worry about your solar. Two similar homes for the same price, one with solar and one without, I am going to buy the solar equipped one. In reality, I would pay a small premium for the solar house depending on the age, etc.
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Old 02-17-2022, 06:42 AM
 
327 posts, read 775,024 times
Reputation: 279
I don’t know much about solar panels, does it really cost $30k plus to install them? Another question, how much extra does it cost to get a roof replacement when you have solar panels?
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Old 02-17-2022, 07:36 AM
 
11,839 posts, read 8,040,748 times
Reputation: 9997
Quote:
Originally Posted by BriansZ View Post
I don’t know much about solar panels, does it really cost $30k plus to install them? Another question, how much extra does it cost to get a roof replacement when you have solar panels?
Cost is vastly dependent on how many panels you need to offset your electric bill. For me, I was looking at a ballpark of a $35k loan.
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