Over the last few years, we’ve seen more and more New Orleans homes with solar panels. They’ve been all the rage as a potential energy saving device on homes.
Are you considering the purchase of a home with existing solar panels? Here are some things to think about before writing that offer.
Are the panels leased or purchased? If they were purchased, the seller will have to pay them off at closing since they are an attached fixture on the property. But, if they are leased, the seller doesn’t technically own the panels.
If leased, what’s the monthly cost and can the lease be assumed? Is there a credit check for the lease? What are the assumption costs? Remember, the lease payments could throw your debt-to-income ratios out of whack and result in the denial of your mortgage.
Perhaps you don’t want the panels. Can they be removed without damaging the roof?
Before you write an offer, be sure to have your agent get the answers to these questions.
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