Hardy Rd, Franklin County (Roanoke: real estate, loans, house prices)

[kitkatjmu]

Hi all,

We are looking at a house on Hardy Rd in Franklin County. It has 1.5 acres and is zoned agricultural. What does that mean to us? Anything tax wise or anything? Also, we were told they are going to be "straightening out" parts of hardy road so they are going to be paving part of the land at the start of our driveway. Anybody know any details about the road work that is going to be done?

Thanks so much! First time home buying is NERVE WRACKING!!!!!!!!!!!

What's everybody's opinion about interest rates and house prices? Buy now or wait 6 more months????????

[seanpecor]

I'd wait on a rate lock for at least 2 weeks. Rates should drop again. But the vibe I get from my financial advisor is that many signals point to inflation becoming a concern in Q3 and rates might begin to rise. At the moment I see sub 6% rates so that's quite good. But the rates are expected to be cut again so that might get you 5.6% versus 5.8% for example. Over 30 years that's a big savings. Heck, over 5 years that's a big savings, considering most of what you're paying the first 5 years is interest anyway. Don't get me started on amortized loans I consider amortization the largest racket in the country. If the average family stays in their home 5 years, then they never generate equity unless real estate appreciates. Ooops, I'm getting started Anyway, that's not something to worry much about in Franklin County. FC is the fastest growing county in the Roanoke metro and the property you buy today will be worth at least 8% more every year for at least the next 10 years, if not much, much longer.

A-1 zoning is simply a designation for land use purposes. You won't get any tax breaks for the designation. It likely would make it more difficult to get approval on the subdivision of a 1.5 acre lot, I'm sure On the other hand, A-1 zoning blocks industrial or non-agricultural commercial uses of the real estate. Meaning, you could obviously operate a home office without permission but to hang a sign and invite clients you'd need special county approval?

If VDOT is going to be straightening out Hardy Road in front of your house I'd make damn sure you see official state surveys that document exactly how they will be affecting that property. Questions I'd have are, what is the right of way that VDOT currently owns upon your land (25', 50', more?) and what, if any, is the proposed increase of right of way? It would be easy to see how a 1.5 acre lot could quickly become a 1.25 acre lot if the right of way is increased. In the worst case, straightening out a road would imply that a 1.5 acre lot could easily be taken by imminent domain if the new road itself "needs" to head straight through your living room. I don't mean to scare you, but it's important to get these issues addressed before you make any offers. And don't take ANYONE'S word for it, no matter how nice they sound. Everything should be in writing and VDOT documentation should be signed documentation, not "proposed" or "draft" documentation.

Sean

[kitkatjmu]

thanks seanpecor!!!!!!!!!!!!!!! That is great help in knowing who and what to ask about the road. Also good to hear you say the FC is going to be appreciating...something that makes this first time almost home buyer feel a little bit less nervous.