Considering Solar Panels for Your Home? Weigh the Positives and Negatives

There is no shortage of newspaper and magazine articles that extol both the virtue and the value of solar panels for residences.

Curiously, there is a similar abundance of articles telling of buyer resistance to homes with solar panels and how the presence of solar panels has caused either price concessions or failed sales. (Try googling: solar lease scaring buyers.)

Actually, there is no contradiction here. We just have to read the fine print. In short, solar panels per se -- with no qualification regarding financing -- are generally perceived by buyers in a positive way. But, when the panels come along with a lease that may have 15-20 years to run, the reaction is somewhat different.

To date there have been no voluminous studies of the sales effect of leased solar panels. The evidence is only anecdotal. But stories have been surfacing all around the country, and have been reported in a variety of news outlets and internet posts.

The issue is that many buyers are resistant to assuming the solar panel lease, which might have 15 years or so left to run.

Some argue that the leases are too long (commonly twenty years at the outset) for an item that may be technologically obsolete well before the lease term is up. Others are concerned about the long-term viability of the companies that provide the panels. Will they be there to provide service for the life of the lease?

Even those who are ok with a lease have to face the fact that they will be taking on new debt at the same time they are trying to qualify for a mortgage. Most people who can qualify for a mortgage will meet the credit standards for assuming the lease. But, taking over the lease will, in many cases, lower the amount of mortgage for which the home buyer can qualify.

Of course there are many ways to skin this cat. The considerations involved in selling a home with leased solar panels are certainly not insurmountable. Sellers of such homes are well advised to do some homework in preparing to go to market. Find out about the lease-assumption process from the company doing the financing. Investigate buy-out provisions as well. Most of all do the math on the energy cost savings. Have records available.

You might even want to have some information on those studies that show the price premiums that panels can add.

courtesy of Bob Hunt/Realty Times

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Happy Easter 2015

Happy Easter to my family, friends, clients, fans and followers

Home Remodeling Projects Return on Investment- By The Numbers

Wondering what  the latest and greatest in remodeling and renovation trends are? You've seen some of them on television and the web, magazines and friend's houses. It seems there isn't any place in a house where we haven’t seen a major improvement, expansion or update projects.

As Fairfield County Home inspectors, our feeling is that if a homeowner is planning to remain in their home for years to come, it’s ok to consider projects that genuinely suit their needs with less focus on pay-back. For example, a custom kitchen, a fabulous master suite, a new home office --  whatever it is they will truly use and enjoy. Our Realtor friends usually add the good advice that if the plan is to sell the home in the not-too-distant future, homeowners should focus on projects that will have the best chance of getting the highest return on their investment.

So, let's take a look at the three rooms that rise to the top of the ROI (return on investment) list for common home improvement projects:

The Kitchen 

Average ROI = 83% (minor remodel) vs. 78.1% (major remodel)* 

Even within a particular room, project costs can vary widely depending on the extent of the improvements.  A major kitchen remodel with high-end custom cabinetry, expensive surfaces, commercial quality appliances, and engaging a designer may cost upwards of $100,000, and on average, will get a return on investment of about 78%.  That's a great return, particularly if you're a gourmet cook and intend to stay and enjoy the improvements awhile.

However, a minor kitchen "facelift" averages a better ROI in percentage terms, and costs far less. If the layout works well and looks good, and you intend to sell the home, why go crazy with the budget? A more-modest project might entail cabinet refinishing or re-facing, replacement countertops and flooring, and swapping out dated appliances for new.  It would not include restaurant quality, top-of-the-line, expensive appliances such as a $10,000 refrigerator or range, but it would include quality, mid-range appliances that will improve the room's appearance and help it sell faster. Stick with stainless and white which are by far and away the most popular.

Bathrooms

Average ROI = 78.3%*

Bathroom remodels consistently rank at or near the top in terms of return on investment. Whether it's a powder room or a master bath, beautiful, updated surfaces, water-saving fixtures, and neutral tones are the minimal improvements that should be considered. Taking another step up, enlarging the room itself and adding luxurious "spa" elements such as a deep soaking tub, heated floors, and a double shower will obviously increase the budget and, likely, the appeal of a master bath.

All Rooms - Window Replacements

 Average ROI = 81.2% (wood), 79.3% (vinyl)*

 

Replacing windows may not rank high on the glamour scale, but buyers appreciate the improved appearance, energy efficiency / comfort and ease-of-use of new windows.  The ROI shows that they are willing to pay for them. Look for thermopane, low-E coated windows with a minimum 10 year, fully transferable warranty and a U-factor of 0.35 or less. Low-E coating reflects heat back into a room in winter and away in the summer, and U-factor is a measure of heat loss through a window.  Framing "pocket" insulation and installer choice are other critical factors.  Low-end economy windows installed by a low cost contractor will yield zero to negative savings over the window life, and may actually detract from the appearance of the home. As we constantly advise our buyers, obtain and check references!

 

A couple of final thoughts to keep in mind:

Always aim for universal appeal. You don't have to be boring, but avoid highly unusual designs and patterns, strong colors, and unique custom components that can be polarizing to potential buyers. Remodeled spaces should look great to the widest possible audience, and if you intend to stay awhile, they will continue to look fresh in the future, as opposed to a dated or trendy.  Remember, you’re not looking for bold – you’re looking for sold.

It bears repeating: be careful not to over-improve a starter home, or any home for that matter. Walk around the block and get a feel for actual improvements in the area – not what you wish it was. Homeowners should be careful to keep upgrades and improvements within their original, pre-planned budget and the range of similar homes in their neighborhood. We've all heard the adage, "Don't go to the supermarket hungry."  It's the same for home improvement - stick to your original budget and don't allow yourself to be swayed by pushy salespeople.  The most expensive home in the area, however attractive, is rarely the easiest to sell.

For a FULL list of improvements and ROI's specifically for Fairfield County Connecticut that was just updated in 2014, click here

Article courtesy of David R. Leopold, ACI

 David Leopold
146 Coleman Road
Fairfield, CT 06825
tel: 888-801-7111
fax: 203-374-4564
David.Leopold@pillartopost.com

www.pillartopost.com

Book an inspection here

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

The Top Five Smart Homebuyer Strategies

The National Association of REALTORS® has announced that there's a housing supply shortage. Homes are selling quickly and home prices are starting to inch up again. It's becoming a seller's market in many areas.

Any time the market changes, it's time to change strategies. During a buyer's market, buyers have the upper hand and can make more demands to sellers over their homes' price and condition. During a sellers' market, buyers concede the upper hand to sellers and are more willing to accept higher prices and terms.

When homes are in short supply, buyers don't have the luxury of taking their time, teasing sellers with lowball offers, demanding that every little thing be fixed, and shopping for homes with multiple real estate agents. Do these five steps instead.

Make a good first impression. Not only do you need to impress sellers, you need to impress real estate agents. Hire one agent and let him or her profile your needs to the marketplace. Be specific about your must-haves so you don't waste your agent's and your time viewing homes that lack what you want most. When you find the home you want, send the seller a letter along with your offer outlining why you love the home.

Get preapproved by a lender. Not only will you know how much home you can buy, you'll be ready to make an offer quickly. Your real estate agent can include the fact that you're financially preapproved by your lender in with the offer, which will carry weight with the seller.

Shop within your price range. In a seller's market, it's wise to shop for homes within or slightly below your price range. This will give you more room to make full-price offers or above in case the home you want is in a bidding war with other buyers. You'll be able to pay your own closing costs. Trying to buy a home out of your reach during a seller's market will only cause you and your agent frustration.
 

Be flexible. No home is perfect. To get more home for your money, you might shop for an older home that needs renovation. Try to look past ugly wallpaper and stained carpet and visualize the home with more attractive finishes. You may be able to get more living space in an established neighborhood than with a newer home that is priced higher for similar square footage.

Be ready. Be ready to see a new listing at a moment's notice. Be ready to make an offer when you believe this is the right home for your household. Once a seller has accepted your offer, proceed as if you're in a normal market. Set a reasonable closing date that accommodates the seller as much as possible. Confirm the offer with your lender. Schedule the inspections you'll need and don't nitpick the seller over small things.

Whether you're in a buyer's market or a seller's market, you should feel good about the home you choose, the deal you make, and the courteous way you treated all parties to the transaction.

courtesy of RealtyTimes

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com      www.CTfeaturedHomes.com 

and www.BestWestportHomes.com

 Email us or  call Toll Free (855) GET-JUDY

Connecticut Financing Update and Today's Mortgage Rates March 30, 2015

A very volatile market has the rates drop a bit compared to this time last week.  Rates look very attractive at these low levels and it’s time to jump into refinancing your existing mortgage with my help or purchase a new home with Realtor Judy Szablak.  The 10 year is at 1.96

Mortgage Rates:

Conventional 30 year fixed – 3.99% - APR 4.047%

Conventional 15 year fixed - 3.375% - APR 3.469%

FHA 30 year fixed – 3.75% - APR 5.337%

 FHA 15 year fixed – 3.25% - APR 4.837%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 780 and a 20% down payment.  If you would like a customized rate quote for your own specific loan scenario then please feel free to email me at nima@primeres.com or call me directly at 203.913.6016.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

782 Clinton Avenue

Bridgeport, CT 06604

Phone: 203.913.6016

Email: nima@primeres.com

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com      www.CTfeaturedHomes.com 

and www.BestWestportHomes.com

 Email us or  call Toll Free (855) GET-JUDY