10 Things Houston First Time Home Buyers Should Know About Buying a Home With Solar Panel
Design by Diana Walton- Houston First Time Home Buyer Specialist
Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home. Today we are touching just a bit on solar panels. If you plan on buying a home with solar panels, here are 10 things you need to know.
These are expensive items, so they are often leased from the solar panel company instead of being own out right.
If the panels were financed, the solar company may have placed a lien on the home. All liens must either be satisfied by the sellers or assumed by the new first time home buyers.
Understand that the seller/s may need to contact the solar panel company to find out what requirements must be satisfied.
Solar panel must be disclosed to the home buyers and copies of the lease delivered to the buyer within 5 days of the contract's effective date.
As the potential buyer/s, you can either assume the existing lease or request that the seller/s remove them. Should you choose to assume the panels, you will need to check with your loan officer first.
You will have the right to terminate the contract 7 days after receiving the solar panel lease from the sellers.
The sellers will need to make sure the solar panels lease is assumable.
Since existing solar panel may add to the cost of the home, please make sure you speak with your lender to avoid any financing issues.
Keep in mind, if you choose to assume the solar panels lease, the solar panel company may have their own set of requirements that must be satisfy before assuming the lease.
Solar panels that are being leased does not add any value to a home.
Take the time to learn as much as possible before making your decision, since solar panels is an added expense that you may have not budgeted for. As always, thank you so much for stopping by.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
