Buyers pay a premium for solar homes

An array of recent studies indicate home owners can shed concerns about recouping the high, upfront cost of a solar system and other energy-efficient upgrades and instead take their commitment to conservation to the bank.

by Broderick Perkins
© 2011 DeadlineNews.Com

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Deadline Newsroom - A residential solar panel system can literally pay for itself, not from reduced utility bills, but from its selling price.

Home buyers bent on reducing their carbon footprint and lowering their utility bill, perceive so much earth-saving, cash value in a solar-panel equipped home, they are willing to pay a premium that equals the seller's cost to install a solar system.

This is big news.

"We find compelling evidence that solar photovoltaic (PV) systems in California have boosted home sales prices," says Ben Hoen, a researcher at the U.S. Department of Energy's (DOE) Lawrence Berkeley National Laboratory (LBNL).

What's more, not only will solar homes generate smaller utility bills and a premium when they sell, they also sell for a price closer to list than comparable conventional homes and they sell faster.

An array of recent studies indicate home owners can shed concerns about recouping the high, upfront cost of a solar system and other energy-efficient upgrades and instead take their commitment to conservation to the bank.

Get the full story: "Buyers Pay A Premium For Solar Homes, Energy Efficiency."

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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Roof replacing signals over your head?

Don't just rely upon the calendar to tell you when it's time for a new roof. See what the neighbors are doing, what the market has wrought and what you can do in the name of "green."

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Red flags that signal it's time to replace your roof may be over your head.

Sunlight permitting holes and bucket brigade-sized leaks are obvious signs it's time for a new topper for your home.

There are however, additional indicators that may not be so obvious.

"Certainly if your roof is approaching the end of its life cycle -- usually 20 – 25 years for asphalt shingles -- it's time to think about a new roof," says Ray Rosewall, president and CEO of DaVinci Roofscapes in Kansas City, KS.

The National Association of Homebuilders says decorative slate, metal, masonry and newer synthetic roofs can have a life expectancy of 50 years or more.

"However, a calendar shouldn't be the only way you determine if it's time to replace your roof," said Rosewall.

Think about replacing your roof when:

• Your neighbors have new roofs and you want to maintain the value of your home. Also, given most homes in a neighborhood were built at the same time, your roof may reach the end of it's lifecycle at the time your neighbors' roofs are failing.

• Your neighbors have not added a new roof and you want to increase the resale value of your home. Hanley Wood's Cost vs. Value 2008-2009 report says a new roof can return an average 65.5 percent of the cost in the form of value added to the home. On a $18,825 roof, that's $12,336 added to the value of your home. That adds up to greater salability.

• Your geographic area has seen an increase in severe weather conditions, (including hail or tornados) that require a stronger roofing material to handle the dramatic weather changes.

"With the changing weather patterns in our country, combined with the need for homeowners to add value to their properties, consumers should be vigilant about looking for signs of wear along with upgrading their roofs," said Rosewall.

• Your existing roof is functional, but has staining that detracts from the look of your home. In a housing market laden with poorly-maintained foreclosed homes, it's a good idea to make yours standout from the eyesores.

• You want to shrink your carbon footprint and take advantage of more sustainable green roofing alternatives that are low maintenance and energy saving and can come with 50-year warranties.

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Deadline Newsroom FAQ 91508

When you have questions needing answers that really hit home, contact the Deadline Newsroom. This installment: auction deals; home improvements to add value; analog to digital television signal change.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime.



Deadline Newsroom - Q: My real estate agent and real estate attorney both say I stand a good chance in getting a home below market value at an auction. Is that possible?

A: Yes, but probably not for the reason you may think.

Many homes wind up on the auction block because the home is in or headed for foreclosure or because conventional selling methods have failed. That can be enough motivation for the seller to offer a bargain. On the other hand, the seller may be using the auction process to generate a bidding war that will boost the price.

If you do your market research, you'll know ahead of time what's market value and what isn't. Research is your ace in the hole. And, with two professionals on your side, instead of just one, it appears as if you also have a wild card. Auctions aren't for novices.

If both are professionally competent and auction experienced, they'll help you scrutinize the deal, call in a home inspector to check the property's condition, explain your financing options, go over closing information and explain the terms of the auction.

If your professional team also joins you attending property previews, if they coach you at study auctions before you are ready to participate, if they act with auction acumen, their professional skill improves your chances for an auction victory.



Q: I'm considering a home improvement to raise the value of my home before I sell it. Which one will boost my sale price most?

A: Leave major improvements to the new owner's tastes and concentrate on curb appeal, landscaping, staging and interior work to transform your home into a model home instead of a palace. Also, your home improvement could alienate buyers who don't have the same tastes.

Cost-vs-value studies do say you can improve the value of your home with certain home improvements, but the findings are based not only on the improvement you choose, but also local market conditions, the condition of similar homes in your neighborhood, and, perhaps most importantly, holding onto your home for a while after the work has been done. The improvement must have time to season and bring your home's appraisal on or above par with other similar homes on the market.

Q: When television broadcast signals switch from analog to digital, will I have to buy a new high definition digital television (HDTV)?

A: Not because of the switch. Here's the scoop.

Beginning Feb. 18, 2009, all analog TV signals complete the switch to digital TV (DTV) signals. Congress ordered the transition to digital broadcasting to make more efficient use of the publicly owned airwaves.

The transition does not require you to buy an HDTV, unless you want to take advantage of a high definition video image provided by many broadcasters. You can watch HDTV programming with a digital TV, with digital cable or satellite service or with a digital converter, you just won't get the full HDTV image quality.

The transition requirement is only from analog to digital (not HD digital). The transition only requires that your TV has a digital tuner or that your satellite or cable service provides digital tuning (which, they do now) or that you get a converter for old-fashioned, over-the-air (roof top antennae or "rabbit ears") digital reception for your analog TV.

You will not need a converter if you own a digital TV, even if you get over-the-air antennae signals. The digital TV converts the signal with its built-in digital tuner.

You will not need the converter if you subscribe to a cable or satellite service, even if you have an analog TV. Your service converts the signal for you.

For digital converter coupons worth $40 toward the $50 to $70 cost of a converter, call 1-888-DTV-2009 (1-888-388-2009). Visit the National Telecommunications and Information Administration and the Federal Trade Commission's "Countdown To DTV Transition" for more information.

Got questions? Send them to news@deadlinenews.com. We'll do our best to get you the most relevant answer.

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews Group -- DeadlineNews.Com, a real estate news and consulting service and Web site and the new Deadline Newsroom, DeadlineNews.Com's news back shop. In both cases, it's where all the news really hits home.

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Buyers Not Likely To Pay For Improvements

Home improvements can add value to your home, but probably not as much as you'd expect if you complete them shortly before you sell your home. Here's why.

by Broderick Perkins
© 2008 DeadlineNews.Com

Deadline Newsroom - Cost-vs-value studies consistently reveal how you can use home improvements to boost or retain the value of your home, in just about any market, but not if you expect buyers to pay for them.

If you look close at the methodology in cost-vs-value studies you'll find that the best value impact is based on, among other things, the job you choose to do, local market conditions, the condition and age of other similar homes in your neighborhood, and, perhaps most importantly, holding onto your home for a while.

Even when you choose the best cost-vs-value job for the market and for the neighborhood, if you don't give that improvement time to season and position your home as above par with other similar homes on the market, rather than a done deal, your home improvement could be a dumb deal.

Real estate experts say when its time to sell your home, it's a better idea to leave the major improvements to the new buyer and concentrate on curb appeal, landscaping and interior work that transforms your home into a model home, rather than the Taj Mahal.

Here's why, according to the experts.

Appraisers say, you may be ahead of the curve upgrading your home, but if your home improvement doesn't reflect what's been done to other homes in the neighborhood it may not pay off. If comparables don't come with the work you performed on your home, the selling price isn't going to fully reflect what you paid for the work. Not only can't you increase your sales price enough to cover the cost of the work and time, second-guessing what the buyer will want in appliances, decor style and finishes could cost you the sale.

Staging experts say better ideas include cleaning up, removing the clutter, adding a new coat of paint, installing carpeting, manicuring landscaping and updating fixtures, windows, doors and other cosmetic touches to put your home in the best light at a small cost.

That also means completing deferred maintenance. Make repairs to fix or replace broken items and systems. Use your cash to put the home and its components in good working condition by replacing missing roof shingles and broken or cracked windows. Repair driveway cracks and straighten listing fences. Make sure doors, gates, lights, plumbing fixtures and other items are all working properly.

Beyond the cosmetic touches and functional upgrades, but far short of full-fledged alterations and additions, the best home improvements that help net sellers full market value include a new roof, kitchen and bath remodels and only those alterations and additions that brings your home in line with the others in the neighborhood.

You should, however, right wrongs -- even if the work won't garner you a full return on your dollar.

If you or the previous owner completed work on your home without a permit, make it right before you attempt to sell the home to comply with building code and disclosure requirements.

Ultimately, you could be required to have the local building officials inspect existing conditions to obtain a permit to correct any work that's not to code. Otherwise, if the work doesn't comply with building codes, especially if it's a health or safety hazard, you could be forced to tear out the work.

And that's not the worst of it.

If, after close of escrow, a buyer discovers work completed without a permit and the local building department decides not to approve the work, a chunk of the home's value could become a legal issue. Any difference in value based on what was not permitted at the time of sale, could become a point of litigation.

Finally, it's sometimes in your best interest to let the buyer take care of any necessary construction.

If an inspection or appraisal turns up the need for major corrective work, consider leaving money in escrow with instructions for the escrow officers to pay the contractors once they complete the work.

Let the buyer select the contractors based on several fair bids and have the work done after the close of escrow to avoid a construction zone in your home while you are trying to sell it. If the buyer supervises the work, you don't incur any liability and the lender knows the property will be restored to its proper condition, which enhances loan value.

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Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews.Com, a real estate news and consulting service, and the new Deadline Newsroom, DeadlineNews.Com's new backshop. In both cases, it's where all the news really hits home.

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