In today’s world, buying a house is getting more and more difficult. With home prices and the cost of living increasing, owning a home doesn’t seem feasible for some people. Homeownership can get very expensive with all the costs involved, which includes down payments, mortgage payments, property taxes, maintenance, and utilities. It is also very difficult to buy homes in big cities, where there are a lot of economic opportunities but an inflated housing market. These factors make buying a home very expensive or unrealistic for retirees, millennials, and the middle class. However, one area where there is a booming housing market is Raleigh, North Carolina. Raleigh is an expanding and attractive city with many opportunities to own a home.
Advantages to Buying a Home in Raleigh NC
There are 11 things to know about buying a home in Raleigh. Read on to learn about some of the benefits of buying a house in Raleigh NC:
- As the capital of North Carolina, it is a growing city – there are more than 1.21 million people in the greater metro area. Furthermore, Raleigh is the headquarters for some national companies such as Advance Auto Parts and Red Hat.
- It also has a bustling academic and research scene, being home to three large and prolific universities – North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill.
- Raleigh has a growing tech industry with many developing companies taking root. This means the city has many opportunities for employment and career growth. In fact, the average salary here is almost $4,000 higher than the national average.
Real Estate Investing Raleigh NC
Apart from the growing businesses in the city, Raleigh has a booming real estate market. Consider the following:
- Buying a home is affordable in Raleigh, with the median home value being $287,000 for Q1 in 2020, according to Zillow. In comparison, the median home value in New York was $651,000 for the same period of time. Home values in Raleigh have appreciated by nearly 3% from 2019, and they’re predicted to increase further.
- Purchasing a home in Raleigh is flexible as prices can be negotiated. We saw this in January 2020, when the median listing price was $350,000 but the median sale price was $287,000. There is also a fast turnover rate when it comes to selling houses, with homes listed on the market for an average of 70 days and home prices increasing by 38% over the last five years.
- Homes in Raleigh are also diverse, being sold in a variety of styles to fit the desires of the buyers. The growth that the city is going through right now makes this an optimal time to invest in a home in Raleigh.
What Are the Things to Look for When Buying a House?
There are many things to consider when buying a house in Raleigh. The five biggest factors are location, neighborhoods, schools, storage spaces, and buying a new construction home versus a resale home.
- Location is one of the most important factors, if not the most important, to consider when buying a house. It is vital to research the various areas of Raleigh to make sure that you get the most return on your investment. Future appreciation, growth, and price will be most affected by the location as some areas of Raleigh will be more desirable than others.
- Your neighborhood is another important factor to consider. The type of neighborhood you buy a house in will have a big effect on your personal feelings and investment. Neighborhoods are an extension of location, and buying a house in a good neighborhood will have a better impact on the future value of the home than buying a house in a bad or average neighborhood.
- Schools are also something to think about during your home search. If you have children, the school district that the house belongs to will have a strong influence on the education and opportunities that your children will get.
Furthermore, real estate located in a good school district will be easier to sell and can have a positive effect on price. When it comes time to sell, a home near good schools will be more attractive to families and appeal to a larger buying pool. On the other hand, real estate located in a bad school district is a harder sell and will more likely depreciate in value.
- Storage space is something to look out for when buying a home. The amount of space a house possesses will determine how well you can fit your belongings. Storage space relates to comfort, and it is important to consider when beginning your search. You should have an idea of how much space you’ll need to live in your home. Be sure to see if the homes have spaces like storage closets, basements, and attics. You’ll want to check the size of those spaces, too. While many retirees and younger couples like smaller homes, having a lot of storage space will generally increase the value of a property.
- Choosing between new construction or resale is an important decision when looking for your new home. There are many pros and cons to each, so it is a decision that should be made after a lot of research, planning, and deliberation. Raleigh is a growing city, and many people have opted to buy a new construction home rather than search for a suitable resale option. Buying new construction homes can afford several advantages, such as having a lot of added features and being more modern than older resales.
New constructions also require less maintenance and are more flexible when it comes to customization. They afford a level of control over the details that you won’t get when you buy a resale home. However, construction homes require extra funds in building, and it is important to research the construction companies. The quality of the building can make or break the budget allotted to your home.
Deciding whether to buy new construction or resale home is something that should be done after creating a plan and looking over your finances. You’ll also need to think about how you want the house to look and the budget you’ll allocate for buying and fixing up the property.
Mornington Estates is a real estate agency located in the southern Wake County region around Raleigh, NC. With over 150 homesites, we offer elegant custom-built estates and ranch-style homes as well as a variety of features and designs that can fit your needs. Our agency sells custom homes at affordable prices for prospective homebuyers. If you are interested in buying a house in Raleigh, please contact Mornington Estates to get more information or schedule a viewing.