Buying a home is a major part of the American Dream. North Carolina is a great place for families and retirees to make that home purchase: The state has a median home value of $146,500, much less than the national average of $178,400, a low cost of living, and competitive median salary, especially for people working in information technology. In addition, there are plenty of historical sites to visit and leisure activities in which to take part.
Before purchasing a home in the Tarheel State, home buyers should know the following facts:
1. The North Carolina government provides housing assistance to eligible home buyers
The North Carolina Housing Finance Agency’s (NCHFA) “Home Advantage Mortgage” program offers competitive financing options and down payment assistance to qualified home buyers. Eligible taxpayers could also apply for a Mortgage Credit Certificate (MCC), which allows them to take a tax credit of up to $2,000 for every year they live in their homes.
2. Home buyers should consult a preferred real estate professional
The NCHFA recommends that home buyers deal with real estate professionals who have taken the “Financing Dreams” class and can demonstrate in-depth knowledge of the state’s housing programs.
3. North Carolina has great weather, except for occasional hurricanes
While North Carolina’s climate varies from the Atlantic Coast to the Appalachian mountains, the weather is generally warm year-round. Since the state is shielded by the Appalachian mountains, cold winds from the Gulf of Mexico and Canada rarely make it through.
The states sees, on average, 213 sunny days, 45 inches of rain, and 5 inches of snow per year.
However, North Carolina is on the Atlantic coast and sees its fair share of hurricanes. The state experiences the most number of tornadoes in the spring. Buyers in North Carolina should inspect homes for features that make them more resistant to hurricanes and tornadoes.
4. North Carolina and federal laws require homeowners to undergo counseling before making a home purchase
The NCHFA provides counseling services to educate homeowners about the dangers of predatory lending.
Purchasing a home in North Carolina is a major life decision. Home buyers should learn as much as they can about the state before moving in and consult a qualified real estate professional licensed to practice in the area to avoid problems down the road.