Charlotte Homes

Is It Time For North Carolina Homes to Have More Standardized Energy Codes?

Going green is more popular than ever for North Carolina home buyers.  Home buyers realize that a greener house means a healthier living environment and lower energy costs.  Sometimes the upfront cost of a greener house is more than what the buyer can afford or more than their energy savings for 10+ years.

I think it's time that North Carolina adds more standardizes energy codes for home builders...just like the current home building codes.

Green homes are meant to lower the carbon footprint while making the house much more energy efficient.  Builders do this by adding the following to their new construction homes:

• Tank-less Water Heater                                                                            
• Spray Foam Insulation
• Sealed Crawl Space
• Geo-Thermal Heating System
• Triple Glazed Windows
• Super High Efficiency Heating Ventilation System

These products aren't cheap for the builders and the cost is handed down to the home buyer's purchase price.  If we are giving tax breaks to home owners who are upgrading their homes with greener products then we need to do the same to home buyers that are purchasing new "green certified" homes.  It would also be great to see mortgage lenders offer green building credits for those buyers that are willing to spend more for an energy efficient home. 

Buying a Home in South Charlotte | South Charlotte Real Estate | Charlotte Homes

Are you moving to Charlotte in hopes of buying a home for you or your family?  Find out what you can expect during the home buying process.

• Get to know the area.  Have your real estate agent show you the different neighborhoods and lifestyles in south Charlotte.  Find the area that seems to best fit your family's needs.
• Search for homes in Charlotte that are in your price range and try to get close to your desired area.  Remember, location is always the most important factor.  You can always drive further from Charlotte and get more house for the money but in the long run most people will be much happier living in their more desired location.
• If you are thinking about buying a fixer upper, learn about different types of FHA Financing.
• Speak with your real estate agent about your negotiating strategy.  Find an agent that will work in your best interest and that will fight to get your next home at the best possible price.  Some buyers are even using an unconventional offer process.

Building A Custom Home...Things Home Buyers Should Keep In Mind | Charlotte Home Construction

Once home buyers have decided on a lot, floor plan, upgrades, and type of financing, there will still be several things for the buyer to keep in mind.  The buyer will most likely obtain a construction loan and will sit down with the bank to discuss how the builder will be paid.  Builders are usually paid in four draws once different stages of the construction is complete.

The next step for the builder will be to stake out the house and to clear the lot.  The home buyer needs to see the ribbons staked at the corners of the house so that they can better visualize how the house will sit on the lot.  They may want to move the house to a different location or tweak one of the corners to save a tree that would have otherwise been cut.  The home buyer may also want more or less vegetation removed from the lot than what they originally told the builder. 

The foundation will be built next.  Once this is completed, the home buyer should frequent the job site to make sure that everything is being built to the buyer's expectations.  It will be much cheaper to make changes or to correct mistakes if they are caught early in the building process.  Be prepared to see many contractors and subs on the job site even though the main contractor may not be present.  Feel free to get to know these workers and ask them questions. 

Once the home is complete, and before the last draw is paid to the builder, make sure to have the home completely inspected and make sure that it is what you had contracted the builder to construct.  Always get a home warranty that is over and above the state implied warranty on new construction.

New Homes in South Charlotte

Homeownership Will Always Be Important

The real estate recovery will continue to be a popular topic throughout 2011.  Many well known newspapers and magazines will write articles about rethinking homeownership and many other well respected publicists will write about the importance of buying a home. 

There are many reasons that I believe homeownership to be important.

• Home owners have greater control over their living environment and this leads to a healthier and happier lifestyle.
• Historically, homeownership is one of the best ways to build wealth.  A home owner's net worth will usually range from 31 - 46 times that of an average renter. 
• Home owners can deduct their property taxes and mortgage interest on their individual federal income tax return.
• Mortgage payments will stay the same for home owners while rent typically increases by a few percent every couple years (assuming the mortgage has a fixed interest rate).
• Home owners can remodel and modify their house to their taste without the hesitation of a landlord.

Buying a Home With Wood Flooring vs. Buying a Home With Carpet

When buying a home, most home buyers lean towards buying a home with more hardwoods versus buying a house with a lot of carpet.  Often, the reason behind this is purely aesthetics but there are other reasons that buyers should consider before deciding on one flooring type over the other.

• Carpets will stain easily and when they become damp for an extended period of time they form mold and mildew.
• Wood floors are stain resistant but will become discolored or warped with extended dampness or direct sun penetration.
• Carpets never get cleaned completely.  No matter how much you clean the carpets, you will still have a lot of dirt/dust particles that will remain.  If there were pets that lived in the house prior to you moving in, this may cause allergy problems for children or adults with severe allergy issues.
• Carpets do absorb more sound than hardwoods, but this can be remediated by placing carpet runners in areas that are heavily traveled.
• Carpets will last 10-15 years before they will need to be replaced.  Wood floors can last a lifetime but will probably need to be sanded and re-stained every 10-15 years.
• Carpet is warmer to the feet during the winter months...this seems to be the reason that many home buyers prefer to have carpets in the bedrooms.

There is no doubt that today's average home buyer would prefer wood floors over carpet, but decide what fits your family's needs before you make the final decision.

Ask your real estate agent what is popular in your area.

Search ~ Homes For Sale in Charlotte, NC

What Home Buyers Should Know About the New North Carolina Offer To Purchase

North Carolina Home Buyers - you have a due diligence period now...you need to know how to protect yourself and how to use this due diligence period.

When buyers make offers in North Carolina, they will now be purchasing an option to buy the property....this option time is your due diligence period.  Before making an offer, you will want to have an idea of how long of a due diligence period you will need.

During this time you will want to do the following:

• Receive loan approval
• Have all appriasals completed and reviewed by underwriters (FHA/VA appraisals are the exception to this and are not tied to the due diligence period)
• Complete inspections
• Have the property surveyed
• Hire an attorney and prepare for settlement

If you are unable to receive loan approval by 5 PM on the due diligence date (time is of the essence), then you have the option of terminating the contract.  With the new North Carolina Offer to Purchase, the buyer may terminate the contract for any or no reason within the due diligence period.  The buyer will then receive a refund of the earnest money....NOT THE OPTION MONEY....Once you go under contract, the option money belongs to the seller.  If you do close on the property, the option money amount will be credited to the buyer at closing.

The buyer can use an addendum to ask the seller for more "option time" but often the seller is going to want more option money.

Once the due diligence period is over, the buyer should be ready to close.  Getting the money together for closing, transferring utilities, and completing the walk-thru should be the only items remaining.  The settlement/closing date needs to be after the due diligence date in order to give the seller enough time to complete all agreed upon repairs.

Have more questions on the North Carolina Offer to Purchase?....Just ask Charlotte Real Estate Agent - Brandon Farmer

Homes For Sale on Golf Courses in Charlotte, NC - Charlotte Golf Communities

Homes for sale in golf course communities in and around Charlotte, NC get extra attention from home buyers.  Buyers are interested in houses on golf courses even if they do not play golf themselves.  The golf courses offer great views, a sense of community, and club activities that are not found in other neighborhoods.

Popular Golf Courses in South Charlotte and Houses For Sale in Charlotte's Country Clubs:

Myers Park Country Club

Quail Hollow Country Club (site of Charlotte's PGA Tournament)

Carmel Country Club

Cedarwood Country Club

Raintree Country Club

TPC at Piper Glen

Ballantyne Country Club

Providence Country Club

Firethorne Country Club

Please contact me if you have questions regarding any of Charlotte's golf courses or if you would like to view houses for sale in any of Charlotte's golf course communities.

For Home Buyers in North Carolina...a step by step guide to tell you exactly what you will need to do while buying your next home.

1. Start by talking with a lender- you need to get pre-qualified to buy a house.  The lender will be able to tell you what you can afford, how much your monthly payment will be for that amount, and can give you an estimate of what you should expect to pay in closing costs.  This does not mean that you have to work with this lender.  You can shop for a better interest rate later in the buying process.
2. Find a local real estate agent - you will want to find an agent that works and/or lives near the areas that you are interested in buying a house.  Be very honest with your agent by telling them exactly how much you want to spend and exactly what type of house/area that you wish to buy.  Begin an online search and pick a few houses that you want to view and let your agent show you several that they think you will like.  If you tell your agent what you do and do not like about these houses, it makes it easier for them to find houses that you will be interested in buying.
3. Make an offer- once you have viewed several houses and decided that you have found the house that you want to buy, let your agent know you are ready to make an offer.  Your agent should show you the recent sales (past 4-6 months) in the area and you all should discuss what you want to offer for the house.  At this time you should already know how much you want to put down as earnest money (this will be applied to your down payment at closing and is usually around 1%), the type of loan you will be applying for, estimated date to apply for and to receive loan approval, how much of the buyer's closing costs to ask the seller to pay for at closing, the amount to put in the cost of repair contingency, estimated date to complete inspections, and an estimated closing date.  Your agent should be able to guide you through this and should tell you what dates to include in the offer.  Your agent will negotiate the offer with the seller's agent and only after both parties have agreed on, and signed off on, all terms of the offer are you actually under a binding contract.  I realize this sounds complicated...North Carolina will be changing their contract next year to make the buying process easier for both the buyer and the seller.
4. Apply for your loan- once you are officially under contract, you will want to find the lender you want to use and you will want to apply for your loan.  This usually happens within 5 days of being under contract.  If you are getting a loan, your lender will be the one that orders your appraisal.
5. Home Inspection and Negotiating Repairs - Your agent should be able to give you some options when it comes to choosing an inspector.  Most home buyers use the inspector that their real estate agent is comfortable with.  You can attend the inspection if you wish, but you should expect your agent to at least attend the end of the inspection so that the inspector can point out exactly what he reported.  You will receive a report, with pictures, of what the inspector found.  Your agent should advise you on what items you request that the sellers repair.  Most sellers will repair most "necessary repairs" (items that are not performing the function of which they were intended)...cosmetic repairs are not necessary repairs.  If the necessary repairs are greater than the amount that you put in the cost of repair contingency paragraph of the contract, then you have the right to exit the contract even if the sellers agree to repair all of these items.  Your agent will negotiate with the seller's agent until both parties agree on, and sign off on, what the sellers will and will not repair. 
6. Decide what day you want to close - Your agent should be able to give you some options when it comes to picking a closing attorney.  Again, most buyers will let their agent use the attorney that they are confident in.  You should tell your agent exactly what day you wish to close.  Your agent will schedule this with the attorney and will pressure the lender to get the loan package to the attorney on time.  Your attorney will be responsible for doing the title search and for getting all of the legal work ready for the closing.  This is the time you will want to decide if you want to order a survey for your property.
7. Home owner insurance - you want to have insurance on the property so that you are covered from the day you purchase the home.  Your agent has dealt with many insurance agents and can point you to several to choose from.
8. Receive Loan Approval - Remember that date you put in the contract that said what day you would receive loan approval?  Be sure your agent remembers this date also because you need to have received loan approval by this date, asked the sellers for an extension, or you may want to back out of the contract if you do not think you will be approved for the loan.  Whatever you decide, just be sure you do it before this date so that you do not lose your earnest money.
9. Do a walk-thru the day of closing- be sure to take the inspection report to the walk-thru.  You want to make sure that all of the repairs have been completed.  Also make sure that all of the fixtures are still in place, all agreed on appliances are still in the house, and that the house is in the same condition that it was when you went under contract.
10. Attend your closing - be sure to bring either a drivers license or your passport.  The attorney will need to make a copy of your identification before closing.  You should have received a copy of the closing statement a few days before.  This will state the amount of money you need to bring to closing in form of a certified check, made payable to the closing attorney.  The attorney will tell you exactly what you need to do in order to complete the home buying process.  Some sellers will give you the keys at closing and some will want to wait until the attorney has recorded the new deed at the court house.  If you close in the morning, the attorney can usually get everything recorded that early afternoon.  If you close on a Friday afternoon, your deed may not be recorded until Monday and the sellers may hold the keys over the weekend. 

Whew..if you read all of that then you do need the guidance!!!  Feel free to ask me any specific questions that arise during your home buying process.

Using the FHA 203K Streamline Loan in this market

The FHA 203K Streamline loan is a great option for many buyers but this type of loan seems to be underused in today's market.  In this market, there are a lot of listings that would be perfect for many buyers if only the kitchen was updated, or if the bathrooms and floors were replaced.  Many houses in this market need a basic rehab and this mortgage option allows buyers to consider these properties when searching for their new home.  When purchasing a house that needs a nonstructural rehab/upgrade work, the FHA 203K Streamline loan may be your best financing option.

The FHA 203K Streamline loan allows money for the purchase price, plus up to $35,000 in upgrades/repairs as long as they are nonstructural.  The normal FHA requirements are in place when obtaining this loan.  In Mecklenburg County NC, the maximum loan amount is $303,750.

• The buyer must obtain his/her own estimates from area contractors prior to obtaining the loan. 
• The work must begin within 30 days of the closing and must be finished within 6 months. 

This option does require that the buyer and buyer's agent do a little more leg work upfront, but in a market filled with short sales and foreclosures, this may be the buyers best option. 

Uptown Charlotte Condos and Townhomes For Sale

Uptown Charlotte condos are finally starting to get more buyer attention after the prices have dropped over the last couple years.  Living in Uptown Charlotte is exactly what a lot of current young buyers are interested in.  A lot of the Charlotte condo buyers are part of the young, educated crowd and hold jobs in or near the Uptown area. 

 Charlotte Condos For Sale

The amenities in Uptown condos are all different.  Almost all of them have pools and workout rooms.  Some have community grilling/bbq areas.  Some have community poker rooms, pool tables, movie theaters, big screens with game consoles, putting greens, concierge services, dry cleaning...etc

When searching Uptown condosyou should consider what the HOA dues cover.  Are these amenities something that you are interested in or should you look in another building for a better lifestyle fit?  Communicating exactly what you are looking for to your agent is important so that the agent can find the complex that is best for you.

Often buyers will ask about the HOA dues in a certain building.  The HOA dues almost always go by square foot so not all of the condos will have the same HOA fee.  If you have specific questions about any of Charlotte's Uptown buildings, please contact me and I would be happy to help you find your answer.

There are a lot of active listings in Uptown Charlotte so you should be able to find a condo or townhome that fits your needs.