Solar panels can make a home attractive to buyers who want to manage electricity costs. But the panels on a roof are not always owned by the seller. When a solar system is leased or covered by another third-party agreement, buyers may need to review additional paperwork before their mortgage can be finalized. Owned and Leased Systems Are Different With an owned solar system, the homeowner generally owns the equipment, although there may still be a loan secured by the system or property. With a … [Read more...]
What Happens When the Home You Want Is on a Private Road?
A home tucked away at the end of a quiet private road may offer the privacy and space buyers have been looking for. Yet the road leading to the front door can raise questions that have little to do with the home's appearance. Before purchasing, it is important to understand who has the right to use that road and who is responsible for maintaining it. Private Roads Are Not All Alike Unlike a public street typically maintained by a government agency, a private road may be owned or maintained by … [Read more...]
Why Unpermitted Renovations Can Create Problems During Mortgage Approval
A remodeled kitchen, converted garage, or added bedroom can make a home look more appealing. But a beautiful renovation does not always tell the full story. If work was completed without permits that were required locally, buyers may encounter questions during the appraisal, inspection, or mortgage approval process. What Does Unpermitted Work Mean? Building departments often require permits for certain structural, electrical, plumbing, and other improvements. Requirements vary by location and by … [Read more...]
Can You Finance a Home That Has a Second House on the Property?
Finding a property with two houses can feel like discovering a bonus. The smaller home might provide space for relatives, visiting friends, or future rental income. Before making plans, however, buyers should understand that financing a property with two residences may be different from financing a typical single-family home. Start With How the Property Is Classified A detached second house is not always treated the same way as an accessory dwelling unit, commonly called an ADU. Local zoning … [Read more...]
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