Take a drive through the Queen City and you’ll notice a few things… beautiful trees, thriving communities, and construction cranes! Lots of them! It seems like they are building new businesses, restaurants and apartment complexes on nearly every corner. That feeling might not be too far off. Charlotte-based apartment research firm Real Data says Charlotte’s multifamily home market continues to be among the most active in the U.S.
One project in the city’s North Tryon corridor is reported to be adding 549 apartments in Uptown with the construction of a 33-story high-rise and a 6-story mid-rise building. Another recently broke ground near the new light-rail extension in University City. That one is reportedly bringing 309 units. Those are just a few examples of the explosive growth in the multifamily home market. Area business publications routinely post stories about new units in the pipeline.
Our real estate agents know the ins and outs of all the Charlotte neighborhoods and we keep a close eye on development and how that could change property values in the area.
Real Data’s market report for Charlotte as of February shows over 13,000 units were under construction and nearly 10,000 apartments are proposed in the metro area. The average rent in Charlotte is between $1200-$1400 dollars, depending on the source. For some people on a quick timeline, these homes might be a good option since the supply of single-family homes in the market is tight right now.
There are a lot of little differences in buying a condo to consider compared to a single family home including association fees, parking agreements, pets, and maintenance. The biggest difference is financing.
Obtaining financing for a condo can be more difficult than for a single family home. If you’re planning on obtaining an FHA (Federal Housing Administration) loan, keep in mind FHA typically requires that 80% of the units in the building are owner-occupied in order to qualify. Obtaining a private mortgage for a condo purchase can come at a higher rate and may require a minimum of 20% down.
One of the most important aspects to building a good working relationship with a real estate agent is being clear on your needs and wants. Budget and location are just two factors to consider when deciding what type of home is going to work best for you.