Real Estate Blog

What You Should Know BEFORE You Consider Solar Panels

Posted on 13 September 2018 | 9:35 am

  What You Should Know BEFORE You Consider Solar Panels   The idea of being “off-grid” or reducing one’s energy footprint is exciting to most homeowners. However, it’s easy to overlook some of the risks that today’s solar panels pose for homeowner and potential buyers. When considering solar panels, it’s important to weigh the pros and cons in order to make the best decision for your home.First and foremost, if your home falls into any one of the following categories, solar panels may not be the best investment.  If you plan to move soon. If your roof is not large enough or is not compatible with mounting solar panels. If your roof is in shade a large part of the day. If you are anticipating roof restoration or home expansion in the near future. If you already have a low energy bill.  If you plan to move soonAs a general rule of thumb, solar panels only begin to start “paying for themselves” after seven years. Therefore, if you are planning on selling or moving within that timeframe, solar panels may not make financial sense or be a worthy investment. In most cases where homeowners moved or sold within the first seven years after installing solar panels, the solar panel addition did not improve the value of the home enough to breakeven on the upfront costs. In some cases, the solar panels even hindered the sale due to the buyout costs at closing.Condition of the roofAnother factor in purchasing solar panels is the condition of the roof. In many cases solar panel companies may approve a roof for solar panels, however it is highly recommended that the roof is inspected and approved by an independent contractor. If the solar panels outlive the roof, they will likely cause additional costs for the removal and remounting of the panels when the roof is replaced.Financing with solar panelsWhen it comes to financing a home with an existing solar panels, there is an extensive checklist that any lender must review and approve before someone can buy your home or before you will be able to refinance. This includes a copy of the solar lease agreement as well as the power purchase agreement if the homeowner has contracted to sell some of their energy to the local power company. Additionally, the following items must be verified in the lease agreement and title report or the loan is ineligible for conventional financing. Any damage that results from installation, malfunction, defect, or the removal of the solar panels is the responsibility of the owner of the equipment (which is typically the solar leasing company not the homeowner).  The solar leasing company must agree to NOT be listed as insured by the property homeowner’s insurance policy. The lease payment must be considered in the homebuyer’s debt to income ratios, this means it will be harder to qualify for the home purchase with a solar system lease in place. The appraiser must confirm the property has access to an alternate source of electric power that meets the community standards. The solar lease must allow the new mortgage lender to have first lien position, effectively subordinating their lien priority to the new mortgage lender.  In the event of foreclosure, the lender has the discretion to terminate the lease/agreement and require the solar leasing company remove the equipment. In the event of foreclosure, the lender has the discretion to either take over the lease at the existing terms or enter into a new agreement with the leasing company under terms no less favorable than the prior owner. Receive multiple quotesIf, after considering the above, you decide solar panels are a good investment for your home, be certain to receive bids and quotes from multiple solar panel companies in your area. A report issued by the U.S. Department of Energy’s National Renewable Energy Laboratory recommends that consumers compare as many solar options as possible to avoid paying inflated prices or getting into contracts with high fees and/or interest rates.Solar panels can be a great investment for your home, however it’s important to know the risks involved. For more information or with any questions contact your Berkshire Hathaway HomeServices Utah Properties agent....  more»

September 2018 Events

Posted on 1 September 2018 | 9:34 am

SEPTEMBER EVENTS 3/3 - 10/21: Real Salt Lake, Sandy 4/1 - 9/3: Salt Lake Bees, Salt Lake City Sundays, 6/3 - 9/23: Park Silly Sunday Market, Park City Sundays, 6/3 - 10/28: 9th West Farmer's Market, Salt Lake City Sundays, 6/3 - 10/28: Wheeler Farm Sunday Market, Salt Lake City Wednesdays, 6/6 - 10/10: Park City Farmers Market, Park City Fridays and Saturdays, 7/27 - 10/27: Murray Park Farmers Market, Murray Saturdays, 5/12 - 10/20 - Cache Valley Gardeners Market, Logan Saturdays, 6/2 - 10/27: Provo Farmers Market, Provo Saturdays, 6/6 - 10/20: Downtown Farmers Market at Pioneer Park, Salt Lake City Saturdays​, 6/23 - 9/15: Ogden Farmers Market, Ogden 8/30 - 11/24: Utah Utes Football, Salt Lake City 8/31 - 9/1: 2018 Midway Swiss Days, Midway 8/31 - 9/3: Soldier Hollow Classic Sheepdog Championship & Festival, Midway 9/1 - 11/24: BYU Cougar Football, Provo 9/3: Deer Valley Concert Series - Jason Mraz, Park City 9/6 - 9/16: 2018 Utah State Fair, Salt Lake City 9/6 - 9/8: FanX® Salt Lake Comic Convention™, Salt Lake City 9/7: Maroon 5 Red Pill Blues Tour, Salt Lake City 9/7 - 9/16: Oliver, Park City 9/7: “Jurassic Park” in Concert with the Utah Symphony, Salt Lake City 9/8: 2018 Walk to End Alzheimer's, Park City 9/14: Florence and the Machine: The High As Hope Tour, West Valley City 9/15: 32nd Annual Festival of India, Salt Lake City 9/21: Luke Bryan - What Makes You Country Tour, West Valley City 9/21 - 10/7: Thriller - Odyssey Dance Theatre, Park City 9/22: Harvest Market, Sundance 9/27 - 9/30: Corteo Cirque du Soleil, West Valley City   MORE SEPTEMBER EVENTS...  more»

BERKSHIRE HATHAWAY HOMESERVICES UTAH PROPERTIES WELCOMES THE LANGE GROUP

Posted on 1 August 2018 | 9:26 am

Park City, Utah— July 30, 2018, Berkshire Hathaway HomeServices Utah Properties welcomes The Lange Group to the Park City office. Matt Mullin, Katy Patterson, and Will Lange of The Lange Group join Utah Properties from Summit Sotheby’s International Realty.  “We are proud to welcome The Lange Group back to the Utah Properties family.” said Steve Roney, CEO & Owner of Utah Properties. “As a top team in Park City with over 60 combined years of luxury, resort, and development real estate experience, we look forward to supporting The Lange Team and their clients through our brokerage.” About Matt MullinMatt Mullin began his real estate career in 2002 as a founder of Ironwood Resort Development, a boutique development firm specializing in luxury residential and resort properties in Colorado and Utah. Whether it is single family homes, condominiums, or vacant land, Mullin has been through it all as a buyer, seller, and real estate agent and prides himself in helping his clients make the right decision for their purchase or sale. About Katy PattersonKaty Patterson moved to park city in 2006 to join Ironwood Development team as their Owner Liaison. The opportunity to learn the real estate development business and work with discerning buyers allowed for a natural transition into real estate sales in 2009. In 2010 Patterson joined the Montage Deer Valley’s Residential Sales team where she contributed to approximately $160M in sales in four years.  Born and raised in Vail, CO Patterson has a healthy perspective on real estate in the ski industry, coupled with her experience and knowledge within these luxury segments she creates seamless transactions for her buyers and sellers. About Will LangeWill Lange has over 25 years of experience in the Park City real estate market and specializes in the group’s high-end ranch and luxury properties. A former officer in the United States Marine Corps, Lange led a strong career in sales management in New York City prior to recognizing the incredible opportunity provided in Park City. After buying a business in Salt Lake City over 30 years ago, Lange received his real estate license in 1992 and has since proven himself an outstanding agent. Lange is a former director (4 years) and past president of the Park City Board of Realtors. He is a recipient of the Park City Board of Realtors “Professional Achievement” Award over several years and has proudly achieved numerous “1 Salesperson Person” Awards. He is in the top 1 of agents worldwide. About Berkshire Hathaway HomeServices Utah PropertiesBerkshire Hathaway HomeServices Utah Properties is an independently owned real estate brokerage dating back to 1976. With offices throughout northern Utah, the company has a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our agency holds the 1 position in Utah’s real estate marketplace and maintains a historic commitment to community-driven service. For more information, please visit their website at www.bhhsutah.com...  more»

 
 
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