Why selling a house with solar panels can be difficult?
An increasing number of homes throughout the UK are now fitted with solar panels, which can create several benefits for property owners ranging from reduced energy bills through to making a contribution toward reducing greenhouse gas emissions and protecting the environment.
With so many potential pros of installing solar panels on your house, it might be surprising to know that it is often actually harder to find a buyer for a property with this feature.
The complications of installing solar panels can include the fact that prospective buyers find them to be unsightly, that the cost of keeping the devices in good condition can exceed what someone is willing to invest in time and money, and that it can be hard to obtain a mortgage for such a home if the panels and the roof are effectively leased to a solar power provider.
If you’re the owner a property with solar panels and you’re thinking about trying to sell your home, find out more about the potential hurdles you could face — and some important tips on steps you might be able to take to increase your chances of quickly finding a buyer.
Despite their benefits, solar panels can turn off some buyers
Solar panels, also known as photovoltaic systems, convert the power of the sun’s rays into a clean energy source that can be used by industries and residences alike. They can be installed in huge solar panel farms, or they can be just a few panels attached to a house’s roof.
Residential solar in the UK is still a fairly novel concept, although a recent report in The Times notes that more than 1 million households now have solar panels, and that number is set to keep increasing.
And there are advantages of having rooftop solar at your home, including the fact that you may be able to use the completely free power generated by the sun for your dishwasher, washing machine and other electrical devices at home. This in turn can reduce your power needs from the electric grid, which will help to reduce the total of your monthly energy bill. And you might even be able to sell any excess power back to the grid, potentially making you some money.
Having solar panels installed at home is something that’s also welcomed by people who describe themselves as environmentalists, because they help to lower the need for fossil fuel power like coal with high greenhouse gas emissions that can contribute to global warming.
But if you’re trying to sell your house quickly, you might struggle to do so if it has solar panels installed because they are very large and can often easily be seen on the roof. Some buyers might consider this to be too much of an eyesore to want to make an offer on your home.
Another reason that the sale of home with solar panels can be complicated is that the panels often remain under the ownership of whichever power provider installed them, and the company leases space on a home’s roof from the owner. The typical duration of this lease is 25 years, and its existence can be a deciding factor in a mortgage lender refusing to grant a loan to someone that wants to buy your home as most of the roof is leased to the solar company. The cost of paying to exit such a lease early is also typically too expensive for most owners.
Therefore, if a buyer is interested in your home but cannot secure the mortgage funding they need in order to make an offer, the property might remain unsold because of its solar panels.
Ways you might be able to sell a home with solar panels
But don’t panic if you own a home with solar panels and think that you won’t find a buyer for it. In fact, there are three ways that you could try to sell your property quickly.
- Look for a specialist estate agent
Some estate agents only know how to sell conventional houses and flats, and they might struggle to find a buyer for your home with solar panels. But you might be able to locate a specialist company that has experience with selling such properties, and therefore they’ll know how to help you overcome hurdles with swiftly finding a buyer. Just note that you’ll have to pay estate agents commission, which will reduce your total sale profit.
- Try selling via a property auctioneer
Another option is trying your luck with a property auctioneer, although you should try to find a company that has successfully sold a home with solar panels in the past because they may be more likely to find a bidder who wants your property. As with estate agents, you will have to pay an auctioneer fees if they manage to sell your home, and you’ll have to wait an average of 28 days after the auction for the sale to be completed.
- Selling your home to a quick buyer
A third option is using a quick property buyer that has expertise in helping owners sell houses with solar panels, such as LDN Properties because they can consider making speedy and competitive offers to buy a wide range of homes. The process of selling this way usually moves swiftly and often takes just a handful of weeks. And you won’t have to pay any fees, which means you will get to maximise your sale profit.
Whatever option you try for selling your home with solar panels, be sure to research specific companies first so that you verify their trustworthiness before making any final decisions.