If you’re considering selling your older home, especially one built before 1965, it’s crucial to check if your property still relies on the original 60-amp electrical service. In today’s insurance landscape, most insurance companies hesitate to provide coverage for buyers of older homes with the outdated 60-amp service. This, in turn, could lead to complications with mortgage funding, as un-insurable homes pose a significant obstacle.
Identifying a 60-amp Electrical Service
Contrary to common misconceptions, the rating stated on the electrical panel sticker (120/240 volt 100 amp) doesn’t necessarily reflect the overall service capacity. To accurately determine the service rating, one must consider various components, including the meter socket (the box on the exterior wall where the power meter connects), the wire size between the mast’s top (where overhead wires from the alley attach) and the electrical panel. It’s the collective adherence to the standards set by the local supply authority that defines the service capacity.
For your convenience, we’ve provided a visual guide below to help you identify a 60-amp electrical service:
Common Industry Practices
Presently, it has become customary for realtors working with buyers to negotiate substantial reductions in the selling price if a home still utilizes a 60-amp electrical service. Fortunately, the cost of upgrading to a residential 60-amp service is generally less than $3,000.00.
Proactive Measures
Taking proactive measures to address potential issues before they become significant concerns is the wisest course of action. By doing so, you can avoid deterring potential buyers or having to offer discounts on your property to compensate for their apprehensions.
If you’re unsure about the electrical service in your home or suspect it might be the original 60-amp, don’t hesitate to reach out to us at (780) 238-8195. Our team is here to assist you in assessing your electrical system and providing the necessary guidance for a seamless selling process.
Originally published October 17, 2018, updated Nov 23, 2022
