The Simple Truths of Real Estate: Part 3

This is the last of our three-part series called the Simple Truths of Real Estate. Just like in life, there are some things in real estate that are always true; no matter the geography or the market condition. To recap…

Truth#1:  It doesn’t matter what the neighbors’ home sold for in the past

Home values are dynamic. They rise and fall with market conditions, just like a company stock on an exchange. What a house was worth five years ago, last month or even last week has no bearing on the value of a house today. This can be a difficult pill to swallow.

Keys to Your Home

Truth #2:  A home is worth what a ready, willing and able buyer will pay for it. 

What matters is what a buyer thinks it’s worth — and what a buyer will offer on a property.  Also, if the buyer requires financing, whether a lender will approve a loan at that amount.

House Values

Truth #3:  Home improvements will not make a home value increase in an amount equal to or greater than what was paid for the improvements.

A corollary to the third law of real estate is that money spent on maintaining a home adds zero to the home’s value.

The Skinny on Home Improvements

So, you are thinking of investing is a home improvement project and you want to get the best return for the amount invested where should you spend your money?  Think about the kitchen and bathrooms. Kitchen and bath improvements tend to have higher rates of payback than others.  It is rare; however, that the improvement will add equal or more value to a home than what it cost.

Home Improvements

What if My Home Improvement Doesn’t Add Value?

One of the questions that I receive quite often from homeowners is, “Should I do a home improvement if it doesn’t add value.”  No one wants to decrease the value of their home, but owning a home is not just about increasing the value of a home it is about enjoying your home.  My advice, if you are going to use and enjoy your home improvement then you should do it.

Someone Really Likes Airplanes

What About Home Maintenance?

Cleaning the gutters, having the HVAC services twice a year, fixing the roof doesn’t increase the value of your home.  It means that you are a good and conscientious homeowner, but it doesn’t increase the value of your home.

Sure, the fact the water heater, air conditioner, and roof are newish will likely appeal to some buyers. That might well be what triggers their decision to buy your home versus another one, but they don’t make the home intrinsically more valuable.

Does it suck to dump $3,000 into an air conditioning repair on a home you’re not even going to live in? You bet it does. But try selling a home without air conditioning in places it gets over 80 degrees. Good luck selling a home anywhere without a water heater or a roof.

If fundamental repairs are needed, the owner is just going to have to suck it up and make them and not expect to recoup any of that money — or be prepared to discount the list price to compensate.

Time for a New A/C Unit!

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Phone 919.589.3576 | Email at inquiries@logpondrealty.com   

Fuquay-Varina: Come for a day or stay for a lifetime

When I first moved to the Raleigh area, someone suggested that we have

lunch at a restaurant in “Few Quay” or was is “Phew-Kay”? With a correct pronunciation of /ˈfjuːkweɪ vəˈriːnə/, (thanks, Wikipedia). Fuquay-Varina or Fuquay for short, located just 15 minutes south of Raleigh, has flourished into a vibrant, family-friendly community. Its population has doubled in the past 10 years to over 25,000 citizens making it one of the fastest growing towns in North Carolina!

Downtown Fuquay-Varina

 

Originally, visitors from near and far traveled to the quaint town that is today called Fuquay-Varina seeking the healing powers of the Fuquay Mineral Spring. With 2 beautiful downtown districts, an abundance of charm, a rich history and plenty to see and do, Fuquay-Varina offers a dash more to those seeking an adventure. AAward-winning breweries, a thriving art scene, authentic festivals, entertaining outdoor concerts, exceptional shopping and dining that is more fun than formal – you’ll find it in Fuquay-Varina!

The Story of Fuquay-Varina
Fuquay-Varina, first known as “Piney Woods,” acquired her unusual names from the fates of history. Among the early land grant

Downtown Fuquay-Varina

families were the Burts, Joneses, and Rowlands, but it was a French veteran of the Revolutionary War named William Fuquay who moved his family to the exact site, purchasing 1000 acres of Jones Land in 1805.

 

While plowing a field, circa 1858, William’s son Stephen or grandson David Crockett uncovered a mineral spring. “Taking the waters” became an attraction for people with all types of physical ailments, leading to the annual celebrations at the spring on Easter Monday and the Fourth of July. Conveniently, the early timber rail provided a ready means of transportation while hotels, catering to long-term visitors, surrounded the spring.

Varina
During the “War for Southern Independence,” a young soldier named

Ballentine, born just south of the spring, received morale-boosting letters signed with the pen name “Varina.” He later looked up the Fayetteville lady, married her and brought her to live at his homeplace. Continuing to call her Varina, he named his post office and

Balloon Festival Memorial Day Weekend

mercantile establishment across from the mineral spring for her. When two timber rail lines crossed nearby, “Varina Station” was born.

 

In the early 1900’s tobacco farmers, fleeing the Granville wilt devastating their crops, began migrating into Southern Wake County. Their “golden weed” fostered a large commercial tobacco market. Railroads flourished and traffic flowed along Main Street in Fuquay Springs and around the Broad Street station, now known simply as Varina.

Fuquay-Varina

Splash Pad

Fuquay Springs, incorporated in 1909, joined the neighboring community of Varina in 1963 as 1 municipality. Since that time, Fuquay-Varina has become one of the fastest growing small towns in North Carolina. The town with the hyphenated name and 2 historic districts has been able to successfully retain its small-town charm while successfully adding modern amenities and rewarding business opportunities that have attracted residents from all over the United States.

Links

Official Town Website

Fuquay-Varina Chamber of Commerce

Downtown Fuquay-Varina

Fuquay-Varina Arts Council

Fuquay-Varina Town Hall

Information provided by Fuquay-Varina Historical Society


About Log Pond Realty

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you to write your new story.
We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.

New Home Community Focus: Sonoma Springs by Royal Oaks

Week 4 or our new home series and we head south to Fuquay-Varina and Sonoma Springs by Royal Oaks.  Fuquay-Varina is a vibrant and growing town in southern Wake County and this community offers many amenities priced from the $280’s.

With floor plans ranging from about 2,000 to over 3,500 square feet, Sonoma Springs will have homes featuring a variety of styles including main floor master bedrooms, first-floor guest suites, three car garages, and more!

Amenities include a community pool, clubhouse, sidewalks and cul de sac lots; this is the perfect neighborhood for your growing family.

For additional information on this Royal Oaks community, stop by their website.

For questions on this community or other new home communities, you can message us here on our website.


About Log Pond Realty @ RE/MAX United

Home is where your story begins. A home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you with assisting you to write your new story.
We can be reached via email at inquiries@logpondrealty.com or by phone at 919.589.3576.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.