Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

March 22, 2024

A Homebuyer's Guide to Building Wealth Through Homeownership

Owning real estate can be a cornerstone of your financial portfolio. For many, the dream of homeownership is inseparable from the aspiration to build wealth. It's an idea deeply rooted in the American ethos – a home as a tangible asset linked to the narrative of personal growth and prosperity. In this guide, we'll explore the strategic value of homeownership in wealth-building for prospective buyers, financial strategists, and home sellers alike.

 

 

Understanding Homeownership as an Investment

 

Homeownership is a significant wealth-building tool that stands the test of time. Even against the backdrop of economic fluctuations, real estate has consistently appreciated, albeit with some regional variation. According to historical data, real estate values tend to increase over the long term, and as a homeowner, you stand to benefit from this appreciation.

 

The Power of Property Value Appreciation

 

Property value appreciation is the most significant way homeowners can obtain wealth. Over time, homes generally increase in value, providing a return on investment for the initial purchase price. This passive form of wealth creation occurs as an inherent benefit of owning real estate.

 

Equity: The Homeowner's Best Friend

 

Equity is a homeowner's claim to the value of their property after any mortgage or debts associated with it are paid off. It represents a significant share of homeowners' net worth. Equity grows through property appreciation and by paying down mortgage debt. It can be leveraged for various financial opportunities, such as taking a home equity loan or line of credit (HELOC) for renovations or other major life expenses.

 

Tax Advantages for Homeowners

 

The government supports homeownership through various tax incentives to alleviate the financial burden and encourage household formation. The mortgage interest deduction, property tax deductions, and exclusion of capital gains on home sales (up to certain limits) all benefit homeowners.

 

Navigating the Homebuying Process

 

The road to homeownership is both exciting and complex. For first-time buyers, the process can be particularly daunting. It's essential to approach the journey with a clear plan and strategy.

 

Steps to Purchasing a Home

 

The homebuying process typically involves several key steps, from pre-approval for a mortgage to making an offer to closing on the property. Each phase has its intricacies and legal commitments, so it is crucial to work with real estate professionals to guide you through the process.

 

First-Time Homebuyer Tips

 

For individuals new to the home-buying process, the following tips can be helpful:

 

  • Market research to better understand local real estate trends.

  • Get your finances in order before you start house hunting.

  • Choose a property you can afford with little trouble and that suits your long-term needs.

  • Utilize available homebuyer programs and incentives to ease the financial burden.

 

Understanding Your Mortgage Options

 

There's no one-size-fits-all mortgage. It's a matter of finding the right fit for your financial situation, risk tolerance, and long-term plans. Popular options include:

 

  • Fixed-rate mortgages (FRMs) for stability.

  • Adjustable-rate mortgages (ARMs) for flexibility.

  • Government-backed loans for buyers who meet specific criteria.

 

Financial Strategies for Prospective Homeowners

 

Economic preparation is critical to a successful home purchase and the subsequent management of homeowner finances.

 

Budgeting for a Home Purchase

 

An accurate budget is the backbone of your home purchase plan. It should encompass not only the direct costs of buying a home, such as the down payment and closing costs, but also the ongoing monthly expenses of homeownership, like mortgage payments, property taxes, insurance, and maintenance costs.

 

The Down Payment Dilemma

 

The down payment can be a major barrier to homeownership, especially for first-time buyers. It's important to save diligently and consider various strategies, such as setting up a separate savings account for your down payment, reducing discretionary spending, and exploring financial gifts or down payment assistance programs.

 

Managing Homeowner Expenses After Purchase

 

Once you've purchased a home, there's a new set of financial responsibilities to manage. Homeowner expenses include the mortgage, utilities, regular maintenance, unexpected repairs, and possibly homeowners' association (HOA) dues. Preparation and planning, such as creating an emergency fund for home repairs, can mitigate the financial strain of unexpected expenses.

 

The Journey to Wealth with Homeownership

 

By understanding and leveraging the financial advantages of owning a home, you can set yourself on a more secure financial future. Whether you're a prospective homebuyer or a real estate investor, the principles of wealth building through homeownership are timeless.

 

Reach out to the Chapel Hill Realty Group, where our team of real estate specialists is committed to helping you find the right buying opportunities and maximizing the sale of your property. Contact us at (919) 740 0884 to begin your journey to homeownership or to achieve a successful sale.

 

Start your wealth-building journey today. Your dream home and a secure financial future are just a phone call away!

 

 

Posted in Market Updates
Feb. 21, 2024

Advice for Newlyweds to Buy The Ideal Home

Entering married life often comes with the dream of finding the perfect nest. For many newlyweds, the adventure of buying their first house together is not just an investment in real estate but a foundational step in building their future. 

 

Understanding Your Needs and Priorities

 

Before you even start browsing listings, it's critical to sit down with your partner and properly discuss what you both want and need in a home. Discussing your budget and financial goals is imperative; marriage is a partnership, and so is purchasing a house. Equally important are the must-have features - is a big kitchen for family dinners a priority, or perhaps a home office space? Remember, aligning your priorities now helps avoid difficult compromises later.

 

Researching the Real Estate Market

 

Your dream home doesn't exist in a vacuum - it's part of a community within a vibrant (or serene) neighborhood. Researching different areas, from bustling city districts to tranquil suburban streets, can help you identify a locale that suits your lifestyle. Pay attention to market trends and property values throughout regions like Chapel Hill, as this knowledge will be invaluable when making an offer.

 

Working with a Real Estate Agent

 

While the internet has made home shopping more accessible than ever, there's no substitute for the expertise of a seasoned real estate agent - especially for first-time homeowners. A great agent not only provides insights into the market but also comprehends the unique needs of couples. They become your advocate, advisor, and even mediator when necessary, smoothing out the wrinkles that arise in any home purchase experience.

 

Navigating the Homebuying Process

 

The logistics of buying a home can sometimes feel overwhelming, but don't let that stop you. Organizing your finances and getting pre-approved for a mortgage gives you more perspective on what you can afford and positions you as a serious buyer. When you find that perfect home, being ready to make competitive offers and negotiate could mean the difference between settling for an okay home and securing your dream one.

 

Considering Long-Term Factors

 

While getting caught up in the excitement of a beautiful kitchen or a cozy patio is easy, remember to think about the future. Does the home have room for your family to grow? Is the neighborhood likely to uphold its value? Evaluate the resale value and investment potential of each home you consider. This foresight can ensure your investment remains a blessing rather than a burden.

 

Creating Your Home Together

 

Once you've secured the keys to your new house, it's time to transform it into a home. Blending styles and making design decisions together allows you to infuse the space with your combined personalities. Approaching this process as a team will ensure functionality and personalization reign supreme.

 

Best Homes For Newlyweds in Chapel Hill

 

Embarking on the journey of homeownership is a special time for newlyweds. From understanding your needs to creating your home together, each step is an act of love and partnership. With careful planning, open communication, and a touch of patience, you'll not only discover your ideal home but also build a strong foundation for the life you will share within its walls.

 

At Chapel Hill Realty Group, we can help you find your ideal home in Orange, Durham, and Chatham counties. Contact us at (919) 740-0884 and find the perfect nest to begin your new life together.

 

Posted in Market Updates
Jan. 26, 2024

How Investing in a Multi-Generational Home Can Help You Save Money

In today's economy, living costs are skyrocketing, and housing costs are no exception. As we aim to save more money and create a brighter future for ourselves and our families, it has become increasingly difficult to afford a home. 


However, investing in a multi-generational home can be the key to tackling this affordability challenge. By pooling resources, sharing financial responsibilities, and leveraging the combined income of multiple generations, you can make your dream of homeownership more attainable.

 

Reasons Why You Should Invest In a Multi-Generational Home

 

According to a study conducted by the National Association of Realtors (NAR), the increasing preference for multi-generational homes stems from two key factors: affordability and space. A significant 28% of first-time buyers and 11% of repeat buyers opt for multi-generational homes to reduce costs. By sharing financial responsibilities, such as mortgage payments, utilities, property taxes, and maintenance, households can make homeownership more affordable.

 

Not only does multi-generational living help save costs, but it also appeals to 28% of first-time buyers and 18% of repeat buyers who desire additional space. With everyone chipping in and combining their incomes, that big dream home with more space can now be within reach.

 

When looking for a multi-generational home, you need to ensure that each person has their own space, find areas for shared family time, and maybe even create adaptable spaces for elderly relatives. House hunting is no longer a simple task. Your real estate agent possesses the expertise and local knowledge to assist you in finding a comfortable home within your budget. Speaking with a real estate agent will provide clarity and help you find a suitable fit.

 

Benefits of a Multi-Generational Home

 

Investing in a multi-generational home offers numerous financial benefits. It's a long-term investment that allows your entire family - parents, children, and grandchildren - to live together, saving money and enhancing comfort and support for all generations.

 

Owning a multi-generational home also has the potential to increase your property value and provide an opportunity to generate additional income. Renting out rooms can expedite mortgage payments, accelerate equity growth, and contribute to long-term financial stability. Transforming your home into a source of income is a smart approach to achieving financial security.

 

Choosing multi-gen living is a smart move. It allows you to purchase a significantly larger home by combining incomes, credit, and down payments. With today's affordability challenges, this approach provides long-term financial stability. That said, looking for the perfect multi-generational home can feel like solving a puzzle, where every piece needs to fit just right. Partnering with a local real estate agent can make all the difference. 

 

At Chapel Hill Realty Group, we can help you find that ideal home in Orange, Durham, and Chatham counties, where everyone can be comfortable without draining your finances. Contact us at (919) 740-0884 and find the perfect home to build lasting memories!

 

Posted in Market Updates
Dec. 15, 2023

How to Tell if a Home Has Good Bones: Tips for Homebuyers and Sellers

Buying or selling a home can present challenges and may seem overwhelming. However, structural integrity is a critical aspect that significantly influences a property's worth. The term "good bones" is commonly used in real estate to describe a home with sound structure and potential for updates and renovations without significant structural concerns.

 

Check for Cracks and Settlement Issues

 

Inspect the walls, ceilings, and floors for cracks, particularly those extending beyond hairline fractures. Hairline cracks are typical and may not indicate structural concerns, and sizable or noticeable cracks and settlement problems could imply issues like foundation settling or shifting. Also, check for any uneven floors, which could suggest an unstable foundation. It's recommended to have a professional inspector assess any cracks or unevenness to determine the severity of the problem.

 

Inspect the Roof and Attic

 

Ensuring the structural integrity of a home entails properly maintaining its roof. Look for cracks or gaps in the roof and signs of water damage, such as mold or stains on the ceiling or walls. Likewise, check the attic for any signs of moisture or water damage. By diligently maintaining the roof, you can safeguard the home's structural components and mitigate the risk of moisture damage.

 

Evaluate the Windows and Doors

 

The windows and doors of a home play a vital role in providing structural support and conserving energy. Inspect for any warping or damage that may indicate compromised frame integrity. Checking for air leakage around the frames or sashes can also indicate the need for insulation. 

 

Assess the Mechanical Systems

 

The mechanical systems in a home, such as the heating, cooling, and electrical systems, are meant to ensure the occupants' comfort and safety. You should verify that the electrical system meets code requirements and has no exposed wiring or potential hazards. Also, ensure that the HVAC system is properly installed and maintained.

 

Look for Signs of Water Damage

 

Water damage is a prevalent and potentially expensive structural concern for homeowners. Signs to watch out for include stained walls or ceilings, dampness, musty odors, peeling paint, or wallpaper. These indicators could suggest leaks in the roof, foundation, or plumbing.

 

Ensure Your Home’s Value and Comfort

 

Whether you're buying or selling a property, it's important to know the signs that indicate a solid foundation. By checking for cracks, inspecting the roof and attic, evaluating the windows and doors, assessing the mechanical systems, and looking for signs of water damage, you can determine whether a home has a sturdy structure and make informed decisions about your real estate transaction.

 

Need help in finding your dream home? Don't hesitate to reach out to Chapel Hill Realty Group. Our team is here to help. You can contact us at (919) 740-0884. We proudly offer exceptional real estate services in Orange, Durham, and Chatham counties.

 

Posted in Market Updates
Nov. 13, 2023

8 Easy to Fix Second-Hand House Problems

House hunting can be an overwhelming and stressful process, especially if you're a first-time homebuyer. Homebuyers often face the daunting task of carefully examining houses for potential issues that require fixing. 

 

On the other hand, these issues should not deter you from purchasing your dream home. Sellers must be keen to repair minor flaws and aesthetic imperfections to give their homes a competitive edge in the market. After all, if you can find a perfect home in an ideal location, neighborhood, size, and backyard, then some repair work is secondary in comparison.

 

Boring or Patchy Landscaping

A house with a plain or patchy lawn can be unattractive. However, by implementing simple lawn treatments and incorporating garden beds with vibrant plants, you can effortlessly transform your landscaping into a captivating garden. 

 

Holes in the Wall

Patching up small holes in walls may appear daunting at first, but it's pretty simple and can be done using spackle. To achieve a seamless blend with the wall, follow up with gentle sanding using a sponge and apply a fresh coat of paint. And just like that, your wall will look as good as new!

 

Damaged Window Screens

Pets, weather conditions, and everyday use can easily damage window screens. However, repairing them doesn't have to be expensive. If you have small tears, you can bond the edges with clear nail polish. For more severe damage, consider using a DIY window kit for a quick and accessible solution.

 

Bad Wall Colors

Don't let lousy wall colors in a house you love dissuade you from buying your dream home. Painting a room is a simple and affordable fix that you can do within a day.

 

Old, Sticky Drawers

Wooden drawers can quickly become sticky and create a loud squeaking noise when opening and closing them. To fix the problem, apply a coat of household paraffin wax along the slides to restore smooth functionality to your drawers. 

 

Ugly Caulking

If you notice unsightly grime building up around tubs, toilets, and other fixtures due to caulking, worry not! You can effortlessly eliminate the old caulking in just minutes by utilizing caulk remover, a putty knife, and a trusty caulking gun. Once the old caulking is removed, it's time to replace it with fresh caulk. Rest assured, this simple renovation will breathe new life into your bathroom fixtures, leaving them with a pristine and refreshed appearance.

 

Missing Smoke or Carbon Monoxide Alarms

The importance of smoke and carbon monoxide alarms cannot be overstated. Ensure your dream house has smoke and carbon monoxide alarms installed and replace any missing ones. Luckily, these alarms are inexpensive and easy to install.

 

Outdated Appliances

Outdated appliances can detract from the overall charm of a house, but they can easily be replaced with new ones. Despite the potential expense, upgrading appliances like refrigerators, dishwashers, and ovens can significantly enhance the value of your house.

 

Find Your Dream Home Today

When purchasing a house, it's essential to look beyond these minor flaws and focus on its potential. Don't let something as simple or affordable as replacing outdated appliances prevent you from experiencing your dream home. With some minor renovations and tweaks, any house can be transformed into your ideal sanctuary.

 

For help in finding your dream home, don't hesitate to reach out to Chapel Hill Realty Group. Our team is here to help. Contact us at (919) 740-0884. We proudly serve Orange, Durham, and Chatham counties, offering exceptional real estate services!

Posted in Market Updates
Oct. 10, 2023

How Reliable Are Online Home Valuation Estimates?

The internet has revolutionized the real estate market, offering online home valuation estimates as a go-to resource for buyers and sellers looking to estimate a home's worth. Popular websites like Zillow, Redfin, and Trulia provide home value evaluations. As a homeowner, you need to have a precise idea of your home's worth before listing it for sale. So the question remains: Are these online estimates accurate? Here are the reasons why this isn't the case and the ways you can tell:

 

Uniform, Automatic Data

Automated systems generate predictive estimates independently, without human oversight or reliance on real estate market expertise. These estimates are based on uniform data and patterns rather than tangible appraisals. However, it's important to note that these computer-generated tools may not account for off-market activities in your area. 

 

When seeking a proper estimate, a real estate agent will always be the best bet for clients who want to know the ins and outs of the market.

 

Prediction by Patterns

Online home valuation estimates heavily rely on computer algorithms programmed to analyze data and identify patterns. While predicting trends based on patterns may seem sophisticated, it's important to remember that real estate entails more than just patterns and fluctuations. Although there are discernible patterns and predictable market changes, many factors influencing real estate are not readily apparent to a computer program. The value of a property evolves over time, making computers, which primarily focus on patterns, subpar judges of the most significant data for real estate transactions.

 

Not Accounting for Unique Property Values

A computer-generated system cannot recognize the emotional value associated with your house. Sometimes, as the home buyer or seller, you won't know this either. Despite residing in the same neighborhood, houses may possess distinct qualities that significantly impact their price. When determining property value, computer algorithms must account for unique amenities or spectacular features. 

 

Even online estimate leader Zillow acknowledges this limitation on their website. Noteworthy characteristics, like a scenic view, are not considered when estimating the price.

 

Taking the Average

One common issue with current websites is their method of calculating home values through the average price per square foot for an entire ZIP code. This approach often confuses buyers and sellers, leaving them uncertain about the true valuation of their homes. It's essential to exercise caution when relying solely on these online platforms. Compared to platforms that depend on human examination of comparable sales, these websites utilize computer-generated algorithms to evaluate price per square foot within a given location, which may lead to inaccurate conclusions.

 

Discover The True Value of Your Home

The real estate industry has experienced a remarkable transformation thanks to the internet. However, it's important to note that while these online estimates tools are helpful, they may not always be completely accurate. It's always recommended for homeowners to seek a second opinion from a trustworthy and reputable real estate agent.

 

You must consider several factors when estimating the market value, as online home valuation estimates are merely approximations. Real estate can be a complex world, and nothing compares to the knowledge, skills, and expertise of an experienced agent when navigating it.

 

Get in touch with Chapel Hill Realty Group for assistance. You can reach us at (919) 740-0884. We proudly serve Orange, Durham, and Chatham counties, providing exceptional real estate services.

Posted in Market Updates
Sept. 5, 2023

Bringing Southern Charm into Your Home Decor: Tips to Achieve an Authentic Vibe

If you're a Southern hospitality and charm fan, why not bring some of that warmth into your home decor? Luckily, adding a touch of Southern inspiration is relatively easy, regardless of where you live. With the right colors, textures, patterns, and textiles, you can create an inviting and charming space that reflects your personality and a bit of Southern flair.

 

Mix Antique and Modern

Southern charm is all about creating a lived-in feeling with unique character. One way to achieve that is to mix antique and modern pieces. Look for vintage items that are still functional and use them alongside newer items that can complement them. For example, an antique wooden trunk as a coffee table in a modern living room can add a historical touch and warmth. 

 

Embrace Porch Life 

The Southern porch is a place for relaxation, conversation, and soaking in the sunsets. Incorporating Southern porch traditions such as rocking chairs, joggling boards, and gas lanterns can bring an authentic touch to your outdoor space. Add some plants and flowers for a softer, more inviting atmosphere. 

 

Foster Warmth 

Hospitality is the cornerstone of Southern charm. Creating a cozy and welcoming space for guests can make them feel right at home. Use soft color schemes and comfortable textures that appeal to the senses. Try to incorporate personal touches like family heirlooms, photo displays, or monograms for an added level of charm.

 

Play with Colors and Textures

Southern charm is all about creating a warm and inviting space. Playing with colors and textures can add depth and richness to any room. Use a purposeful color scheme and mix patterns, textures, and fabrics that complement each other. Consider using bold designs and prints on pillows, curtains, or area rugs to add a little bit of personality to the space.

 

Repurpose Vintage Elements

Vintage textiles and goods are always in style. Repurpose old fabrics into curtains, tablecloths, and throw pillows. Integrate unique vintage finds into your decor, like a tarnished tray or an old window frame as a picture frame. Be creative and use those vintage pieces in unexpected ways.

 

Enhance Curb Appeal

A Southern home is always inviting from the outside in. Brightly painted doors, flower pots, and plants add charm and color to the exterior of your home. Consider installing a porch swing for a touch of Southern romance. A little curb appeal can do wonders for creating a welcoming atmosphere for guests.

 

Find Your New Dream Home Today

Creating a Southern-inspired space is about blending modern and vintage pieces, celebrating porch life, infusing hospitality, playing with colors and textures, repurposing vintage elements, and enhancing curb appeal. With some creativity and effort, you can transform your home into a warm and inviting space that reflects a bit of Southern charm. 

Are you looking for a new home with some Southern flair? Get in contact with Chapel Hill Realty Group at (919) 740-0884 today to learn more about available houses in Orange, Durham, and Chatham counties. 

Posted in Market Updates
Aug. 14, 2023

The Advantages of Solar Homes

If you are considering purchasing Chapel Hill real estate, consider whether you want a home with solar power. Solar homes are becoming increasingly popular across the country for many reasons, and they are more affordable than they have been in years. Here are just a few of the advantages of solar homes.

 

 

Lower Your Utility Bills

Are high utility bills getting you down? Sky-high utility bills are common during the winter and summer months, but many people don’t know they can significantly reduce their bills using solar energy. The savings you enjoy will depend on factors such as how much electricity you use, the size of your solar energy system, and how much power your system can generate. If you want to enjoy the benefits of a solar energy system but don’t want to pay the full amount to install one, you should consider leasing a system instead. This can save you money for years to come without the upfront costs of permanently installing a system.

 

Increase the Value of Your Home 

Did you know that installing a solar panel system can increase the value of your home? Recently, solar systems have become just as desirable as fancy kitchens and finished basements. Simply put, homebuyers are willing to pay more for homes that can save them money on utilities. You may be able to financially benefit by offering a prepaid lease to potential buyers.

 

No Power Outages 

Power outages are no fun, especially when they are caused by inclement weather and last days at a time. However, you don’t have to worry about days-long power outages if you own a solar panel system. You can utilize electricity even when your grid isn’t working by pairing it with a battery storage system that stores electricity. Modern battery technology has also made batteries last longer. With a solar panel system on your side, you’ll never be left in the dark.

 

Heat Your Swimming Pool 

If your home has a swimming pool, the cooler fall and winter months make it impossible to use. Not being able to go for a swim between October and April can be irritating, but with a solar system, you can heat your pool during colder months without drastically increasing your electricity bill.

 

Solar Panels Are Affordable 

The price of solar panels has significantly decreased over the years, and now, they are more affordable than ever. Due in part to the federal residential solar tax credit, homeowners who install solar panels can claim up to a 30% tax credit on the installation cost when they file their income taxes. Many companies also offer generous financing options to fit a wide range of budgets.

 

View Chapel Hill Real Estate Listings Today 

Chapel Hill Realty Group is here if you are ready to buy Chapel Hill real estate, with or without solar panels. We maintain the most up-to-date listings in Orange, Durham, and Chatham counties, and we are ready to help you find your next home. Contact us today or call us at (919) 740-0884 to speak to a real estate expert.

Posted in Market Updates
July 26, 2023

23 Ways to Add Curb Appeal to Your Home

The front of your home is the first thing guests and potential buyers see. Here are some easy ways to improve your residence’s curb appeal.

One-Day Projects

1. Paint the Front Door

The door should be the focus of your home’s exterior. Give it a fresh look by adding a new coat of paint.

2. Make Over Your Mailbox

Your mailbox could probably use a new paint job, as well. You can even plant a garden around it.

3. Add Seating

Outdoor furniture can make your house feel more inviting. Throw pillows and end tables can turn a patio into a second living room.

4. Install Outdoor Lights

Lights do not just brighten up the outside of your home. They also provide security.

5. Use Symmetrical Compositions

A symmetrical entryway is eye-catching. Move your front-door accents to create symmetry.

6. Replace Hardware

Old house numbers or locksets can give potential buyers a bad impression. Update them so they work together as a unit.

7. Install Window Boxes

Window boxes add some color to your home’s exterior. For a more traditional look, opt for iron or copper boxes.

8. Buy Container Gardens

Buy pre-planted container gardens from your local garden center. Arrange them asymmetrically to create a livelier look.

9. Upgrade Your Garden Beds

Overgrown weeds can detract from your garden bed. Spruce things up by pruning overgrown plants.

10. Add a Fence or Gate

Put a fence in your yard and plant some annuals. You can also install a welcome gate.

Weekend Projects

11. Install Shutters

Accent trim or shutters can make a home look more beautiful. Trim is particularly low maintenance.

12. Create a Garden

Use planting beds to create a new outdoor garden. Pick plants that are different textures, sizes and colors.

13. Plant Streetside Flowers

If you have space between your sidewalk and the street, you can put some flowers there, as well. Use native plants like Baptisia.

14. Make Your Entrance Inviting

Adding molding or plants to your doorway can draw attention to your entrance. These updates are inexpensive, too.

15. Add Fence Panels

Once your garden is complete, surround it with fence panels. Then paint them so they match the color of your home.

16. Buy Outdoor Art

Outdoor artwork can make your home look whimsical. Just make sure the pieces you pick are weather resistant.

17. Replace Gutters

Rust spots indicate that your gutters need an upgrade. Have a professional install a new system.

Month-Long Projects

18. Fix Exterior Surfaces

Repair any rotting or cracked material in your home’s exterior. Defects can detract from the property’s appearance.

19. Clean the Driveway

Start by fixing any driveway stains and cracks. Then add flagstones or pavers.

20. Upgrade the Steps

Skip the drab welcome mat. Instead, add tiling to your front steps.

21. Repair Railings

Porch railings can wear down over time. Replace them with quality metal or wood components.

22. Apply Stone Veneer

Manufactured or natural stone can make masonry details look fancy. Stone also lasts a long time.

23. Construct a Walkway

Finally, invite guests to your home with a contoured walkway. Construct it using brick or stone.

Selling Your Home

Boosting your home’s curb appeal is a great way to get your house prepared to hit the market. Once you are ready to sell your house, contact our experienced and knowledgeable agents at Chapel Hill Realty Group, or call us at 919-740-0884.

 

Posted in Market Updates
June 22, 2023

7 Benefits to Owning a Second Home

Residential real estate has strong investment potential, but this is not the only reason many Americans are choosing to invest in second homes. While certain factors, such as the strength of the real estate market in your area, might help you determine when the time might be best to buy a second property, there are many clear benefits that come with doing so.  

Here’s a closer look at seven reasons to consider investing in a second home

1. It Has Tax Benefits 

Owning a second home allows you to take advantage of certain tax breaks. More specifically, you may be able to deduct mortgage interest, property taxes and rental expenses from any homes you own. The exact tax breaks to which you may be eligible may vary based on whether your second home serves as your primary residence, among other factors, but these tax breaks may add up, leading to significant savings over time. 

2. It Generates Vacation Rental Income 

Depending how often you use your second home and where you choose to buy it, you may have the option of renting it out and generating money through rental income. This may help you pay the mortgage on the second residence, and it may, too, help offset any expenses relating to depreciation. 

3. It May Appreciate in Value Over Time 

While it is difficult to predict where the real estate market is going to go each year, real estate tends to appreciate over time better than vehicles and most other investments. Typically, the longer you own a second property, the more you are going to see it appreciate in value. 

4. It Gives You a Designated Vacation Destination

With all the financial benefits that often accompany buying a second home, you might forget about the other perks that come with owning another property – especially if it is in an in-demand location. Many people invest in second homes to have a designated place to take their families on weekends or vacations. 

5. It Helps Diversify Your Assets

Investing in a second home helps you diversify your assets, which in turn reduces the risk of financial losses in other areas. This may come in handy if one or more of your other investments fail to produce what you thought they would. 

6. It May Help You Access Emergency Funds 

Having a second home may also prove beneficial if you face a financial emergency and find yourself needing cash fast. To free up cash quickly, you may be able to access your second home’s equity through a home equity loan while leaving your primary home untouched.

7. It May Bring You Closer to Loved Ones

Many people buy second homes as they age because they want to have a regular place to stay when visiting adult children or grandchildren. Your second home may also be able to double as a vacation property for other loved ones visiting from outside the area. 

Explore Your Options 

Discover the possibilities of having a vacation retreat or investment property that can provide both enjoyment and potential financial gains. Whether you're looking for a cozy beach cottage or a mountain getaway, Chapel Hill Realty can help you find the perfect second home that matches your needs and preferences. Don't wait! Call Chapel Hill Realty today at (919) 740-0884 and let our experienced team guide you through the process of finding your dream second home.

 

Posted in Market Updates