North Carolina Real Estate Tips

What are my total expenses of owning NC Mountain Real Estate

Many people dream of owning NC Mountain real estate for a vacation home, but are not sure how to calculate the cost of ownership. It may be more affordable than you think to purchase North Carolina real estate. To begin, find a North Carolina real estate agent that will work with you to find the right property at the right price. Next, use this handy checklist to estimate your routine expenses. These are average estimates, but rates may vary considerably depending upon your specific area. Your real estate agent will be able to guide you on the averages for your specific area.

1. R.E. Taxes - .01 percent of Sales Price

2. Insurance - .007 percent of Sales Price

3. Water/Sewer - .005 percent of Sales Price

4. Snow Removal - $250 to $500 per year

5. Trash Removal - $15 to $45 per month

6. Electric - $75 to $250 per month

7. Gas - $35 to $250 per month

8. Legal - $500 a year

9. Maintenance - 10 percent of property annually.

10. Homeowners Association Fee's - $0 to $500 per month

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How can I buy a vacation property in NC?

North Carolina real estate is some of the most popular in the nation with good reason. The natural beauty of the state has something for everyone: beaches, mountains, mild weather and change of seasons just to mention a few.

For those seeking a modern city with all the amenities and conveniences of much larger metropolitan areas there are homes for sale in Durham near the university and research areas. For those who love the great outdoors little surpasses the natural beauty of mountain real estate. Either way, the attraction of real estate in North Carolina makes it the perfect choice for a vacation or retirement home.

One way to make that dream into a reality is to use the vacation home as a rental when it's not in use. To find out if a property would make a desirable rental it's important to work closely with a NC real estate agent who understands local market conditions. Here are a few other indicators that can assist you in buying a vacation property for fun and investment in North Carolina:

1. Are rents increasing or decreasing? Increasing rents is a good sign as it means there is more demand than supply.

2. What is the affordability index for the area? Be sure your tentative rent is in the acceptable range while still covering your costs.

3. What are the vacancy rates in the area? Vacancy rates can change depending upon the property. If you have a highly desirable location such as beach front or mountain property then it's likely you can demand higher rent while maintaining a low vacancy rate.

Finally, it's important to remember that the same items that attract you to the home will likely attract others for the same reason but make sure it will remain pristine. If you purchase a beautiful mountain cabin due to the vista, the last thing you want is an eye-sore built across the street. Understand the local conditions, zoning, codes and restrictions before making any offer.

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How do I select the right property?

A Real estate investment is one of the largest investments you will make in your lifetime. Whether you are a first time homebuyer or simply searching for a vacation home in North Carolina mountain real estate, it's easy to fall in love with a property before fully understanding all the pitfalls. Instead, take time to create a personal "property profile" that lists all the things you are searching for including price range. Then stick to it when evaluating real estate listings.

The first step in creating your own property profile is to get pre-qualified. This accomplishes two important goals: It allows you to know your price range and it shows any potential real estate agents or buyers that you are serious.

Next, narrow down your location. What amenities are important to you? Do you prefer convenience or quiet solitude? Will this be your primary residence or vacation home? Obviously, beautiful NC mountain real estate 2 hours outside of town may not work as well when it comes time to driving to work and getting the children to school each day. On the other hand, if your are buying a vacation home then the peaceful solitude and distance from shopping or schools may not be an issue whatsoever.

Make a list of "required" and "desired" items. Does the property have the needed amount of space, number of bedrooms and bathrooms or other essentials for your lifestyle? Perhaps you require tile floors due to allergies: Don't eliminate a house that isn't tiled but instead, obtain a dollar value for that amount and include it into your calculations when comparing real estate listings. Homes with all the requirements and a few of the desired elements that are still in your price range will assist you in staying focused while seeing the true value of a home.

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How Can I spot a buyers market?

Fortunately, North Carolina homes for sale are becoming more affordable, but spotting a buyer's market isn't always easy. The media can make it more confusing; is it a good time to buy or should you wait for prices to drop a little more? Of course there isn't an easy answer and what works for Charlotte may not hold true in Greensboro. However, there are tips that can help you identify a buyer's market when you encounter one.

1. Prices are beginning to drop from the previously high asking price.

2. New construction homes are not selling as fast.

3. Rents are falling.

4. Investors have "cooled down."

5. Homes for sale are on the market longer.

6. Foreclosure notices are advertised.

7. Inventory is up and sales are down.

To learn more about North Carolina homes for sale, order the HomesAndLand.com real estate magazine and speak to a local real estate agent about existing listings, inventory and sales data for the past year. A buyer's market may lead to owning your own dream home.

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What inspections do I need for buying property in North Carolina?

North Carolina real estate has a wide range of prices in part due to the long history of the state. From brand new construction to well established older homes, there is a price range to fit almost every budget but knowing what repairs are needed and how much they will cost is the key to finding a great deal.

When evaluating North Carolina homes for sale remember to use the services of a qualified inspector. Consult with a real estate agent to help you negotiate a contract that takes any repairs into account while in the negotiation stage in order to make sure the deal goes smoothly. Some of the most common contingencies and inspections include:

1. A general home inspection that covers structural, electrical, mechanical and the overall condition of the home.

2. Termite, wood boring insect and pest inspection.

3. Water and Sewer inspection.

4. Water quality inspection.

5. Lead paint inspection for any home built prior to 1980.

6. Radon gas inspection.

7. Abestos inspection (particularly for older homes).

8. Urea Formaldehyde Foam Insulation inspection. Also known as UFFI inspection.

9. Soil inspection if you suspect any previous waste or commercial uses of land.

Your real estate agent will assist in having the electricity turn on, access to water and other details in order to provide the inspector(s) access. Many people hesitate to invest in full inspections but they often save more than they ever cost even in terms of negotiating for small repairs. Even "as-is" properties should undergo a complete inspection in order to provide the full scope of required repairs.

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What should I ask my real estate agent when evaluating home listings?

Knowing the right questions to ask your North Carolina real estate agent can save time and money when comparing real estate listings, especially if you are considering the purchase of investment property or a vacation home that you will rent out on occasion. Either way, use these starter questions to compare home listings when evaluating North Carolina real estate.

1. What type of area is the property located in? High income luxury area, working class, vacation or NC mountain area?

2. How long have the sellers owned the property?

3. Why are they selling?

4. When was the property built? What is the square footage, zoning, and number of bedrooms/bathrooms?

5. What type of utilities are present?

6. What is the asking price? Are they motivated to sell? How long has the property been on the market?

7. What are the compensations for the area? Be sure to ask about listing and sales commissions.

8. What repairs are needed?

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What tools can I use to evaluate the location of real estate?

Real estate and online home listings provided by Homes and Land make the process of searching for your dream home or investment property in North Carolina easy. What's not as easy is selecting the perfect location. It's often stated that location is the most important factor when buying real estate and most people realize the real estate market isn't one large market but rather many small markets. Understanding the nuances of the local real estate market is one of the main reasons you will want to locate a NC real estate agent when searching for property.

The problem is narrowing down a city in order to decide which agents to contact! North Carolina is a large state with beautiful scenery and amenities to fit every need so it's important to understand the local economics, growth rates, unemployment and other metrics that will impact your long term investing situation.

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