Wilmington Real Estate Q's and A's
I understand that buying, selling, and owning property near the coast can be a lot different than owning real estate in other parts of the country, so I wanted to put together a list of questions that I am frequently asked by buyers out of town. I hope this is helpful!
1) What are your tax rates and how much are property taxes? - The tax rates are based on per $100 of the assessed tax value for the property. In New Hanover County, the tax rates are $0.554 per $100, and $0.45 in the city of Wilmington. So if the property is located in the city, you'd pay both city and county taxes. Example, based on a $200,000 assessed value, the annual taxes for a house in the county would be $1,108 and if the home is in the city limits it would be $2,008 a year.
2) Where are the local airports? - ILM (Wilmington's Airport) is a International airport with Charlotte and Atlanta being it's major HUBs. Also, MYR (Myrtle Beach) and RDU (Raleigh / Durham) are larger International airports within a 2 - 2 1/2 hour drive of Wilmington and surrounding areas.
3) What is a FROG? - A "FROG" is a finished room located over the garage. A FROG can also be referred to as a bonus room or playroom but is the space above the garage that was originally part of the square footage of the home or has been converted into finished living space and is now included in the square footage.
4) Where can I get information on the local schools? - This is a great question and there are many good websites out there including the one updated by New Hanover County - http://www.nhcs.net/
5) Flood Zones and Flood Insurance - This question is asked very frequently and rightfully so, as it can make a big difference in monthly or annual carrying costs or expenses. As a rule of thumb, most property on an island (Carolina Beach, Kure Beach, Wrightsville Beach, Figure Eight Island, Topsail, etc..) are in a flood zone. However there is property on some islands such as Pleasure Island (Carolina and Kure Beach) and Oak Island that are not in flood zones. In fact, New Hanover counties’ highest elevation is located on Kure Beach. I would guess 90% of the properties located in New Hanover County are NOT located in any flood zones. If your property is not located in a flood zone, no flood insurance is required by your mortgage company if you have a loan on the property but can still be purchased at a great discount (around $400 a year depending on size). If you are in a flood zone, it depends on what zone you are in and the elevation of the lot, as well as the elevation of the home.
6) What are the average temperatures and how much rain do you get? - A lot of people ask about our average temperatures and rainfall here. Here is a link to a site with the information and averages. http://www.weather.com/weather/wxclimatology/monthly/graph/USNC0760
7) Do homes have basements in the area? - The water tables are high here and therefore, basements are rare. People who do have basements have to be careful of moisture and mildew growth in the basement. We use our garages, built-in storage, and floored attic areas for extra storage areas.
8) What are the hospitals like and where are the local medical facilities located? - New Hanover Regional Medical Center is tertiary care center for our seven county area, and have specialty areas in adult, neonatal, and pediatric intensive care units as well as open heart and vascular surgery. They also have an accredited teaching cancer program. The hospital is also known for its cutting edge women's and children’s hospital. NHRMC has branches all over Wilmington as well as one in Leland outside of Brunswick Forest.