Are Solar Panels good for selling your home? - Overrated or Underrated?
Hi, this is Merrill and Kristi Jencks with the Big Helper Real Estate Group. Today we are coming at you with a new edition of overrated or underrated. We are going to be given a list of random topics, some real estate related some not and we will give you our opinion on whether it is underrated or overrated properly rated.
So I think that some people are going a little overboard on the aerial photos if you're on a 6 000 square foot lot and your backup to another two-story home like I'm seeing some of these homes with aerial photos and I don't think it makes any sense I think that it highlights how small your lot is, I think it's more appropriate for homes that are on a golf course or that are on a large piece of land or that back up to a lake or you know something they're trying to sell the community and sell the lot so actually, a lot of times people ask us you know are you gonna do aerial and we'll just be honest with them like you know what is not gonna be good for your house it's just gonna show how tiny your yard is and how close the homes are together so definitely take a strategic you know strata or have a strategic sometimes.
It's appropriate and sometimes it's not overrated that's easy on that one solar panel are a cool idea they're good for the environment and you know feel like you're doing your part but I really don't think you should get solar panels if it's purely a financial decision you know the solar companies will sell you on how much money you're going to save on your electric bill but there are a couple of different ways you can get solar panels. Okay, you can either buy them sometimes you're buying them outright or you're using a loan or you can lease them well if you buy them and then you know a normal solar package might cost thirty thousand dollars when you go to sell the house you're not getting those thirty thousand dollars back you might get five to ten thousand dollars so it is a horrible investment you should be absolutely certain if you want to you know have solar panels you should be absolutely certain that you will be in that home for a very long time otherwise it's actually worse financial decision than a swimming pool and then the leases the same thing like buyers sometimes don't like the idea of assuming them even if the lease is saving which they always do, right? They save you a little bit of money on your electric bill right so the solar lease payment is 100 a month but you're saving 130 or 140 on your electric bill so it feels great you're saving 30 or 40 dollars a month but buyers a lot of times don't like the idea of assuming that lease they don't like the idea of having leased things they want to own what they have they don't want to well.
It can also be a barrier to qualifying right the sometimes that solar payment has to be factored into a buyer's debt to income ratio here's another thought that people rarely think of with solar if the roof needs to be replaced oh this is crazy the solar company is going to charge thousands of dollars to come and remove the panels and then reinstall them when the new roof is done so you just added a ton of money to roof repairs and maintenance and replacement so and frankly I'm kind of for me I love the idea of solar I'm waiting for the technology to get a little bit better like I don't think that the cost to benefit is quite there yet I don't care who cares
Thanks again for tuning in again we just like to have fun so if you have any you know burning questions of how you know the Jencks feel overrated or underrated definitely reach out to us and we'll see you soon you!