Solars and remortgage value

wprost1986

Hello,

Wasnt sure where to put that post - here or on buying house section, but there it go:):

How much house value increase for remortgage if you got solar panels installed - own ones, paid for ones- so the house value will be realistic one and bank wont disagree(and I will need less LTV;D)?

Kind regards,
Lekki Przemyslaw

JimLad

Doing a bit of research online suggests it doesnt increase the value, however you would be more likely to sell closer to the asking price

oldskoo1

This was 1 thing i investigated before i installed solar.

My intention isn't to sell but i was curious.

Typically, local estate agents gave a variety of answers so was as useful as a chocolate teapot.

Just for amusement, the answers ranged from


The sale would be agreed minus the cost to remove them

Some people would be put off due to the health concerns (seriously, she said this).

Some people think they look awful and would be put off

It doesn't seem to affect our sales

For some people it is a big selling point

It seems to affect sales of old houses more, people don't seem to like them on older character houses

It can help your house pull through when a prospective buyer shortlists their top houses

Generally people don't mind them, some see them as a big advantage but i would say provided they are installed on the rear of the property they are a very good thing to have

I don't really know much about solar panels, can you phone back in 30 mins to speak to my colleague .

Those were responses i got from ringing ever estate agent in the area.

Sterlingtimes

I think it is unlikely to have a significant effect on market value. Much depends upon whether a buyer sees the panels as a benefit or an eye-sore.

It could, I think, affect re-build cost. I used a free (but recognised) online tool to test the adequacy of the re-build of my house for insurances purposes. I then made a disclosure to my insurers requesting that the price of solar replacement is added to the current re-build cost. I asked for confirmation that any damage caused by the panel to the house including the panels would be covered by the insurance.

theboylard

Unlike a conservatory or an extension, Solar PV doesn't appear to add anything to the price of a house.

Like oldskoo1's post above demonstrates, with estate agents, there is very little factual information around about renewables and the effect on house pricing.

I'd suggest if you're thinking of moving anytime within 10 years after you have solar pv installed, then don't install solar as it's touch and go whether you'll get a positive return!!

If you can prove the benefits of the install to prospective purchasers, then as JimLad says that may well sweeten the deal?

JimLad

oldskoo1 wrote: »

Generally people don't mind them, some see them as a big advantage but i would say provided they are installed on the rear of the property they are a very good thing to have

Oh no ours are on the front!!

Never mind, planning on keeping our house FOREVER and renting it out if we want to upsize.

oldskoo1

JimLad wrote: »

Oh no ours are on the front!!

Never mind, planning on keeping our house FOREVER and renting it out if we want to upsize.

These are the views of useless estate agents so i wouldn't let anything i wrote put people off and like your situation it is irrelevant wether they are right or wrong.

And still, with the cost of solar coming down, i am starting to see way more solar installed on new housing around me. Solar will be a lot more common in the not to distant future.

JimLad

oldskoo1 wrote: »

And still, with the cost of solar coming down, i am starting to see way more solar installed on new housing around me. Solar will be a lot more common in the not to distant future.

3 people in my street have it. One of them recommended by me and bagging me £150!

nigelpm

JimLad wrote: »

Doing a bit of research online suggests it doesnt increase the value, however you would be more likely to sell closer to the asking price

Surely that does increase the value then? ;-)

EricMears

wprost1986 wrote: »

Hello,

Wasnt sure where to put that post - here or on buying house section, but there it go:):

How much house value increase for remortgage if you got solar panels installed - own ones, paid for ones- so the house value will be realistic one and bank wont disagree(and I will need less LTV;D)?

Kind regards,
Lekki Przemyslaw

If you're presenting evidence to a bank that the value has increased, it ought to be relevant that you can describe the SPs as providing a guaranteed and inflation adjusted income stream and calculate the present value of such an income stream.

That would probably be seen as completely irrelevant by most estate agents - but unless you actually want to sell, you shouldn't be too bothered what they think.

tunnel

wprost1986 wrote: »

How much house value increase for remortgage if you got solar panels installed - own ones, paid for ones- so the house value will be realistic one and bank wont disagree(and I will need less LTV;D)?

A house with panels(owned) should increase value but it would depend on who values it...ie, someone who actually knows about solar.


A house with leased panels......less money and I wouldn't touch one with a barge pole


Like Eric says too, who cares if your not planning on selling