Frequently Asked Questions
How do I know how much my home is worth?
Only a licensed appraiser can determine a property’s official value. I can provide a Comparative Market Analysis (CMA) to help establish a smart pricing strategy based on comparable sales, condition, location, and current market activity.
Do I need to be pre-approved before I start house or land shopping?
Yes. Pre-approval is important for both homes and land—but they are financed very differently. Lending guidelines, down payment requirements, and loan types vary, so working with the right lender early helps determine what fits your situation.
It’s also common to be approved for more than you’re comfortable spending. For example, you may qualify up to $500,000 but feel comfortable with payments closer to $350,000. Pre-approval helps define your real budget.
How much do I need for a down payment?
It depends on the loan type and property. Many home buyers put 3–5% down, some qualify for 0% down with VA or USDA loans, and 20% down may avoid PMI.
Land loans typically require 20% down or more, but this varies by lender, property type, and intended use.
How long does it usually take to close?
Home purchases typically close in 30–45 days.
Land transactions often take longer, depending on what due diligence has already been completed—or what still needs to be done, such as surveys, soil evaluations, or additional inspections.
How much are closing costs?
Closing costs vary based on loan type, whether you’re paying cash or financing, and the details of the transaction.
One important factor is buyer agent compensation. Not all sellers offer to pay a buyer agent’s full commission. What you agree to in your Buyer Agency Agreement may be more—or less—than what the seller offers, meaning you may be responsible for all or part of that difference at closing.
Do I need inspections?
Yes. For homes, a general home inspection is strongly recommended, along with pest inspections and sometimes roof, HVAC, septic, or well inspections. These inspections are paid by the buyer, even if the transaction does not close.
Land purchases may require:
Surveys
Soil evaluations
Well testing
Environmental or additional studies
Can I build on any piece of land?
No. Not all land is buildable. Zoning rules, soil conditions, environmental regulations, flood zones, access, and local requirements all apply.
Similarly, not all homes are rebuildable if damaged or destroyed, depending on zoning, setbacks, flood regulations, and current ordinances.
How do I know if utilities are available?
Utilities should always be verified before purchasing. This includes power, water, sewer or septic potential, and internet availability, which is increasingly important for remote work and streaming.
What are mineral, oil, gas, and timber rights?
In North Carolina, property rights may include mineral, oil, gas, and timber rights—and not all land includes them. These rights determine who owns or profits from natural resources on or under the land.
What’s the difference between restricted and unrestricted property?
Restrictions can be public or private. Even without an HOA, land or homes may have deed restrictions, conservation limitations, or recorded covenants.
Properties on private roads may also have road maintenance agreements, even if there is no HOA.
Do I need a survey?
Surveys are highly recommended for all real estate purchases, not just land. Surveys confirm boundaries, acreage, access, easements, and potential encroachments.
How is land financed?
Land financing is different from home financing. Land loans often require higher down payments, shorter terms, and specialized lenders such as local banks or farm credit institutions.
What affects land value the most?
Many factors influence land value, including location, access, soil quality, timber value, topography, zoning, utilities, and development potential. Ultimately, a property is worth what a buyer is willing to pay, based on perceived value and intended use.
Final note
Every property is different. If you’re unsure how any of these factors apply to a specific home or piece of land, it’s better to ask early—before you’re under contract. And make sure you are working with a Realtor who understands the area and type of property you are thinking about buying or selling. Not all Realtors are created equal.