Here is another case from the files of Steve Sheldon’s “The Ugly Truth About Mortgages”
One of the big green questions today is “Should I go solar or not”? As more companies emerge to help homeowners with solar energy projects, and the price of related equipment continues to drop, more and more people are considering making this environmentally friendly idea a reality. Jim Simcoe – founder and CEO of Simcoe Green Homes – proposed a few of the questions homeowners need to ask themselves, and some of the considerations that need to occur during that decision-making process. Maybe one of the questions you need to ask is, would upgrading to solar power be included in Superior Mortgage 203k Rehab Loan?
The single question Simcoe says he gets asked most often is from people who want to know if they should go solar. He says, “when considering solar, keep in mind that while homeowners want to save money, solar companies want to make money, usually by selling the largest system possible.” Simcoe believes that while sizing a solar system based on a homeowner’s current usage is a common practice, it can be a bad idea. “A homeowner’s solar needs should be based on the energy use of the home, when that home is operating at its highest efficiency. That means no air leaks, faulty insulation, duct work problems, etc.”
With that in mind, here is the advice Simcoe and our Albuquerque Mortgages department gives people – usually resulting in saving thousands of dollars:
1. Prior to getting a solar bid, get a Home Energy Rating System (HERS) rating done. A HERS rating is simply a home energy audit to identify any and all potential energy efficiency issues.
2. Review the HERS report and do the work recommended. Usually the repairs are minor and can be completed within a month.
3. When the repairs are complete, compare the next utility bill with a utility bill from the same period the previous year. Homeowners should see savings in the 15-45% range.
4. Lastly, contact solar companies and have them create a proposal based on the new usage instead of past usage. This will typically justify homeowners getting a smaller, lower cost system that more accurately fits their needs.
The Ugly Truth is when Solarizing your home, or any other type of authorized fix’em up work is….Let’s say that we decided to go ahead and go Solar, we were approved by Steve Sheldon at Superior Mortgage Services for the 203k Rehab loan and part of the process was to find a contractor to do the work. The loan was approved and the work started and all is good, except you look at this fellows work and you absolutely hate it. Your brother in law’s sisters best friends husband has a buddy that say’s he will do the job for allot less…..great Hugh?
Not…….!Unfortunately, you are locked in with this contractor. All work will cease and you won’t be able to finish or find another approved contractor to do the work until it has been resolved, usually in court. Not to worry, smart thinking ahead of time can save you from any problems. So, just be sure to do your homework. Before deciding, look your lenders approved contractor’s list and DO SOME CONTRACTOR RESEARCH, then pick wisely, this could save yourself some problems in your effort to keep the world clean by using clean green energy alternatives and an industry professional like Steve Sheldon at Superior Mortgage Services.
For the best Albuquerque Mortgage Rates Call Steve Sheldon. Don’t forget if you or any of your friends and family are interested in Albuquerque Mortgages, Santa Fe Mortgages, or any mortgage in New Mexico contact Steve Sheldon at Superior Mortgage Services, LLC.