Posts with tag 'Roanoke Valley real estate market'

 

If you're a renter — especially, if you've moved recently — you know the rental market in the Roanoke Valley is getting more and more competitive. The overall number of properties is growing, but so is the overall number of renters — and at a pretty fast clip. As a result, rents are increasing in all parts of the valley. 

If you've been renting for a while, I have a question for you: What's your long-term housing strategy? Does it still make sense for you to stack up rent receipts or is it time to put your money toward equity in a stable asset?

If you ask for opinions, you'll certainly get some. After working with lots of first-time home buyers, I've learned that these are three signs it's time to take the leap into homeownership.

1. Buying...

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If you're like most folks with a mortgage, you'll be getting a tax form soon from your mortgage lender after the first of the year indicating several things, including how much interest you paid in 2019 and the current balance on your mortgage. 

So it's a good time to talk about equity. Remember, equity is the difference between the fair market value of your home and what you still owe on the mortgage. If you sell, equity is what you receive after any liens against the property or other required costs are paid. It represents the part of the property you really own. 

Two things have happened that could have had a positive impact on your equity: 

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Experience Ballyhack! 

Located in the heart of Virginia's Blue Ridge Mountains, Ballyhack is a premier, private golf club and retreat for members and guests from around the world. Ballyhack features a Lester George-Signature championship golf course and the highest-quality course conditioning, facilities and amenities. 

In addition to the golf club, spectacular home sites surround the course, spanning 370 acres and featuring sweeping views of the course and mountains. With lot sizes from 0.7 to 2.0+ acres, Ballyhack is conveniently located near downtown Roanoke and Smith Mountain Lake. Charlotte, Greensboro, Raleigh, Durham and Richmond are all within just a few hours. 

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Investing in commercial real estate in the Roanoke Valley or near Smith Mountain Lake can be an extremely lucrative move, but deciding which type of property to invest in can be confusing. By getting a deeper understanding of all your options, you can make an informed decision that minimizes risk and maximizes your return. The following are the most common types of commercial real estate options for investors:

Office space

Office buildings fall into two general categories: urban and suburban. Urban offices are often tall buildings or skyscrapers located in core sectors of a city, while most suburban offices are smaller buildings often grouped into office parks. Offices are grouped into four different classes:

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Home buyers, especially first-time buyers, often start the process believing myths about how the market works. Sometimes, those myths can take you down the wrong path. What follows are six myths I often hear from prospective buyers that you should let go of right now.

You must have a 20% down payment.

Many of us grew up hearing this, because for a long time, it was a good rule of thumb. However, lenders have long since stopped requiring 20 percent down. For sure, if you've got a sizable down payment ready, it will save you money. Not only will you pay less interest over the life of your mortgage, but 20 percent down can usually keep you from having to buy p...

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