Buyers considering the options between a condo and a townhome need to understand the differences in obtaining a mortgage for either type of home.

Purchasing a townhouse is more similar to purchasing a single family home: you own the structure and the land. Contrast that with buying a condo, where a buyer only purchases the space of the actual unit.

It’s important to classify the property correctly; buyers should confirm the designation with their realtor. Whether real estate is considered a condo or a townhome is a legal designation. Although describing many buildings a condo or a townhouse may seem obvious, there are some hybrid condos featuring detached units, site condos, or other variations. Aesthetically, buyers may not think there is a large difference between a townhome and a condo, but in terms of obtaining a mortgage, there are many differences.

"Townhomes and Condos may appear to be the same as both property types share a roof and walls. However there is a sp ...

After Hurricane Florence hit southeastern coastal North Carolina in 2018, KBT Realty agents spent the better part of the ensuing two years helping homeowners deal with the aftermath. Homeowners confronted storm-related flooding and navigated flood insurance issues. Our challenge was to formulate and execute a way to care for our clients' interests going forward.

Two years later, with the 2020 hurricane season almost behind us, Kirk Pugh, KBT Realty Group co-owner, reflects on the lessons learned from the Hurricane Florence disaster.


Why do is flood insurance coverage so misunderstood in the scheme of homeowners insurance options?

Kirk: I think many view insurance as a necessary evil and yet another box to check on the to-do list. In our coastal area, many homebuyers are uneducated on the distinctions between Basic Hazard, Wind and Hail, and Flood insurance.

Further, they do not understand common exclusions or necessary endorsements needed to make sure they are truly prot ...

Here’s the ideal situation: you and your agent coordinate the sale of the house you are currently living in with the purchase of your new home.

Today, the biggest objection to putting a house on the market is being able to find and close on your new home. You may be concerned that you won't find the perfect next home, or that you won't be able to make an offer and win, or that your financing won't move smoothly.

In a fast-paced market, you are most likely confident that you will sell your current home. You are likely to have multiple offers - at or above list price - within a matter of days. And, it won’t be a problem to find a new home, one that you will love even more than the one you are selling.

Having your offer on a new home accepted and timing the close with the sale of your current home is the real challenge.


What if my house sells so quickly I end up homeless?
The most common question agents have been hearing this year is, “I’m afraid ...

What is a Home Appraisal?

A home appraisal is a judgement on the value of a home, conducted by a state-licensed or certified appraiser. An appraisal is the appraiser's professional opinion of a property’s value. The appraiser bases an appraisal on research into recent sales of comparable homes in the area, and on an assessment of the property and improvements. The final appraisal is based entirely upon the appraiser’s educated judgment. This is the value that is submitted to the buyer's lender before final loan approval for a specific property.

A bank or mortgage lender will require an appraisal to help gauge the risk of making a loan at a specific dollar amount. Because the actual property serves as collateral for a loan if the borrower defaults on the loan, the lender must ensure that the actual loan is not larger than the appraised value of the property.



What Happens When the Appraisal Comes in Short?

If the property appraises in line with the propos ...

contributed by Susan Doktor

Protecting what we love comes naturally to us. But in the case of protecting our homes, there’s a little more to it than intuition. Homeowners insurance is a bit of a puzzle, especially for first-time homebuyers. Let’s take a look at some of the things you need to know when considering coverage and budgeting for your policy.


Do You Need Homeowner’s Insurance?
The short answer is absolutely. For one thing, if you’ve taken out a mortgage to purchase your property, your lending institution will insist on it. That’s because, until you pay off your home loan, they are protecting their own investment. Most of the time, your homeowners insurance premium will be included in your monthly mortgage statement. You’ll pay it right along with your principal, interest, and taxes. That’s how mortgage lenders ensure your policy isn’t allowed to lapse.

But even if you don’t owe a cent on your house, you owe ...