Solar Panel Roofs Scaring Off Potential Buyers

News Source: http://firstmortgagerates.ca/

The leasing of solar panels for a home’s rooftop is growing in popularity because home owners can start saving on their utility bills without paying any upfront money for the system, which typically can cost thousands of dollars to install. But the fine print of these leasing contracts may deter some home buyers, who often have to assume the previous owner’s contract when the home is bought.

For example, home owner Dorian Bishopp tells Bloomberg that the solar panels he leased for his roof likely took 10 percent off the value of the Maricopa, Ariz., home that he sold in March. Bishopp says he leased the panels from SunPower Corp., which required the new owners of the home to assume a contract, which had nearly 19 years remaining on it. Bishopp had to “price the house lower than houses without solar to get people interested,” says Brian Neugebauer, the real estate agent at RE/MAX Excalibur who helped sell the property. Potential buyers were “scared of the solar lease.” Home owners often don’t fully understand what they’re signing when they get into a solar lease agreement, Sandy Adomatis, a home appraiser in Punta Gorda, Fla., told Bloomberg. “You’ve got another layer to add on top of finding a buyer for the house. It’s not a plus.” On the flip side, solar has been found to add value to a home, too. It adds about $25,000 to the home value for home owners who own rooftop power systems in California, according to a study by the Lawrence Berkeley National Laboratory. Leased systems, however, are considered personal property and not part of the house. As such, a solar lease could be considered a liability rather than an asset that could drive away some potential buyers who are hesitant to assume the former home owner’s contract, says Adomatis. Solar leases began growing in popularity in 2012, and they have helped solar panels become more affordable to home owners. Solar panel installations grew by 38 percent in the past year alone. Buyers essentially are “moving into a home with a lower cost of ownership, a lower cost of energy,” so a solar lease shouldn’t make it more difficult to sell a house, says Jonathan Bass, a spokesman for SolarCity in San Mateo, Calif. “It becomes a selling point instead of a point of misunderstanding.”

Real Estate Buying Advice For Potential Home Owners

Article Source: http://bestmortgagebrokers.net/

Suppose you are moving to a new town because you have just gotten a job there. How do you decide on the area where you want to live? The Chamber of Commerce can be a good place to start. They can give you information about a much wider area and put you in touch with accredited real estate agents.

Look at a lot of houses before you buy, even if you love the first property you tour. It can be easy to fall in love with the idea of buying a house and then, consequently, the first property you see. Make sure to tour many other properties for comparison, just to make sure that the house you choose has everything you want or need.

When you want to buy a home and you have the credit, the job and the necessary funds, usually there are no good reasons to postpone the purchase. In some cases for example, when you are new to the area, your job is not secure enough or you are getting married in the near future, you might consider putting off the purchase.

Meet with a lender prior to looking at homes. Ask about the available loan options so you will get an idea of how much cash out of pocket you will need for closing costs, down payments, and any other fees. You may find yourself surprised at the amount of money that you may be able to afford due to the low interest rates.

You begin your search by broadly and gradually narroweing its focus. When you find a nice-looking neighborhood close to your new job, take a moment to walk around and get to know the area. Don't hesitate to strike up conversations with neighbors asking about schools and so on. Once decided, you'll just need to go to a real estate agent to check out listings in your chosen neighborhood so that you can find the best home for you with the best location!

Cottage country sales off to wet, cold start

News Source: http://www.applymortgageonline.ca/

The ice has been slow to melt and the leaves to bud in cottage country with realtors anticipating it could be June, or even July, before the annual lakefront buying and selling spree picks up any real steam.

For the most part, prices for waterfront properties still remain below pre-recessionary levels. While there have been some early, high-end sales in highly coveted regions such as Muskoka, weather has had a definite dampening effect on the sun-and-fun crowd again this spring, realtors say. The ice just finally left some lakes in late April, but water levels remain so high in many cottage-country areas where docks have been under water. The snowy, wet spring has made it tough to just get into some properties. “We had an old-fashioned winter this year and, while it was beautiful, there weren’t too many people who wanted to look at waterfront properties under six feet of snow,” says Lake Simcoe-area realtor Rick Laferriere. “Activity has been picking up, but there aren’t a lot of properties for sale yet, and that’s making it tough.” This week phones have finally started ringing, with the season delayed, largely because of the weather, by close to a month, says Roger Kolbuc, a realtor in the Muskoka, Parry Sound and Georgian Bay area. Demand for high-end properties — his office has listed a number recently for well over $1 million — remains strong, with one waterfront property in the area recently selling for $2.7 million with multiple offers. That’s not expected to become a trend, by any means, but has been almost unheard of, even in Muskoka, since before the 2008 recession when cottage prices took a significant tumble after years of double-digit growth and high demand. Prices still remain down about five or 10 per cent from the high-water levels set in 2006 and 2007, but are slowly creeping up, says Don Evans, another Muskoka-area realtor. “Things have been very slow to kick into gear this year,” says Evans. “Until the snow is gone and the leaves out, the phones just don’t ring.” Cottage country has felt the sting, the last few years, of competition from fair-weather, year-round destinations like Florida, where the housing meltdown and strong dollar made buying vacation property south of the border an extraordinary bargain. While no one is expecting a sudden rush of buyers, there are hopes that the strong U.S. dollar could see some recreational property buyers shift their attention to cottage country in the coming years, instead.