Beckley, West Virginia, located in the southern part of West Virginia, is known for its beautiful natural surroundings, outdoor recreational opportunities, and rich history and cultural heritage. While Beckley is primarily known for its small-town charm and affordable housing options, the area also boasts a selection of luxurious, high-end houses for sale in Beckley WV that are worth $750,000 to over a million dollars.

How much money do you need to make to afford a million dollar house in Beckley West Virginia?

Betty J. Moore and Associates estimates the payment on a million dollar home in Beckley WV area would be around $6,256 a month.  This is based upon a 20% down payment, a 30 year conventional mortgage at today’s national average interest rate of 6.45%, a property tax rate of 1.25%, and an average monthly insurance payment of $200.  In order to qualify for a mortgage with these terms you would need to have a gross income of at least $195,000 a year or $16,300 a month, dependent on your other debt to income ratio.  Check with your bank and mortgage lender to discuss your needs and get pre-qualified.

While that may seem to be a lot of money to some, in a two wage earner family with each person making at least $100,000 a year, you could easily qualify for this loan and afford a million dollar Beckley home.  But even if this is more than you want to spend for a house for sale in Beckley there are homes available in every price range such as houses for sale in Beckley under $250,000, houses for sale in Beckley between $250,000 and $500,000, and houses for sale in Beckley between $500,000 to $750,000.  No matter what price range of Beckley Homes For Sale you desire, REALTORS at Betty j. Moore and Associates can help you find the Beckley home of you dreams.

While Beckley may not be known for its high-end real estate market, these luxury homes are a testament to the fact that the area has much to offer for those looking for a high-end living experience. With their stunning design and top-of-the-line amenities, these $750,000 to over a million-dollar homes offer a level of luxury and comfort that is unmatched in the Beckley WV Real estate Market.

In conclusion, Beckley, West Virginia is known for its small-town charm and affordable housing options. However, the city also boasts a selection of luxurious, high-end homes that are worth millions of dollars. These homes are perfect for those looking for a high-end living experience in the Beckley WV Real estate market that offers a unique blend of natural beauty, outdoor adventure, and cultural heritage.

Contact us today or call us now at 681.254.5200.

Would you power wash a single Beckley area house for $12,000?  Absolutely, who wouldn't, right!  Let me breakout my power washer and tell me where to go, I can be ready in 5 minutes! Hold on just a minute and let me explain. Yes, the real estate market is HOT and homes are selling FASTER than generators at Lowe's during an ice storm.  But that does not mean you shouldn't do the basic minimums in preparing your Beckley WV home to go on the market.  

Things like trimming the shrubs, power washing the house, side walks, and driveway still should be done to maximize your Beckley Home for Sale value and ultimately the selling price.  The goal is after all to get the most money for your home, right?  So, how do I make $12,000 power washing a house?

Well a recent study of homes, by the University of Alabama and the University of Texas at Arlington, proved that homes with high curb appeal tend to sell for an average of 7% more than similar houses with an uninviting exterior. Furthermore, that premium can rise to as high as 14% in slower real estate markets with large housing inventory, according to a study, published in the Journal of Real Estate Finance and Economics.

The average selling price of Beckley WV area homes sold last month was $172,286 that equals $12,060 at 7% in home value you can realize by sprucing up the outside of your home.  If you think about it, curb appeal plays a big part in the selling of your Beckley area home.  It is first apparent in the pictures people see online, the better your home looks, the more people it will attract to look at your listing.  It also sets the tone when people come look at your home.  If your home looks fresh, clean, the bushes are trimmed and the yard is well kept buyers will be eager to see more and the showing starts off positive.  But if the outside is neglected, then the showing starts off negative and may get worse from there.  Potential buyers will start to wonder, if the outside is neglected, what else has been neglected that they cannot see.  This all adds up to a lower selling price and longer time to sell if your curb appeal is not as good as it could be.

So I ask the question, would you power wash your own house and trim the bushes for $12,000 or more?  I think most Beckley area home owners would say yes.  We are definitely not talking about a lot of cost for such a great return on investment.  Do you want a professional opinion on your curb appeal and what you should do to maximize your Beckley home's value?  Give us a call today at 681-254-5200.  Want to know what your Beckley home would sell for today?  Get a FREE Instant Beckley WV Home valuation now by clicking here. 

There are still plenty of great Beckley homes available like this home at 243 West Locust Drive, Beckley, WV 25801 and with mortgage rates still near historic lows, it is still a great time to buy a home in Beckley WV.

Beckley Renters Missed Out On As Much As $51,500 This Past Year

The 1% Rule: A Real Estate Investing Tool

Most experienced real estate investors have probably heard of the 1% rule. The 1% rule is a tool investors use to help you determine whether the monthly income you earn from a rental property will provide sufficient revenue to cover expenses and return a reasonable rate of return on your investment.

How Does The 1% Rule work?

The 1% rule states that when evaluating properties, investors should calculate monthly rent to be at least 1% of the total purchase price including repairs that are required to make the property ready to rent.  The idea is that if you can meet or exceed the 1% rule, you should be able to meet your monthly expenses and generate a positive cash flow on the property. 

So how does the 1% rule work in real life? Well, let’s say you’re looking at investing in a rental property in Beckley WV that costs $100,000 that requires $25,000 in repairs prior to renting it. Using the 1% rule, you should be able to charge $1,250 in monthly rent. If you are securing a mortgage to finance the purchase you would want to make sure that your payment + expenses are less than your expected rent of $1,250.  The difference between your mortgage + costs = your profit.  Simple right?  But does the 1% Rule always work?

When It Works

The 1% rule can be helpful in quickly prescreening rental properties. If you’re evaluating different properties, then using the 1% rule can help you quickly narrow down which properties may be a good investment. From there, you can do additional research on those properties.

When It Doesn't Work

The 1% rule shouldn’t be used as the determining factors as to whether or not you’ll invest in a property. Before buying a rental property, you should always consider the neighborhood, the condition of the property, and current market trends. And the 1% tool is best used when you’re looking at smaller single-family homes. If you’re looking at high-priced markets or multifamily units, then 1% rule may be too small.

Applying The 1% Rule To Beckley Real Estate

According to BestPlaces.net Beckley West Virginia Homes For Rent the median rent for Beckley area homes is as follows:

Median means that 50% of the available units of a given size rent for less and 50% of the available units of a given size rent for more each month. 

• 1 Bedroom Home or Apartment $585 Monthly*
• 2 Bedroom Home or Apartment $693 Monthly*
• 3 Bedroom Home or Apartment $984 Monthly*
• 4 Bedroom Home or Apartment $1,181 Monthly* 

 *Rent for any given house, condo, or apartment will vary based on area, condition of the property, market conditions, and market demand. 

See Current Beckley Homes And Condos For Rent 

A current Beckley WV Home for Rent is listed at $1,250 a month which is above the median rent listed above, which is fine as long as the market supports it.  This home has 3 Bedrooms, 1 Bath and 1,900 SqFT and is close to the Beckley WVU campus.  Applying the 1% rule to this property means that the investor should have no more than $125,000 invested in this house via purchase and repairs. Ideally, the investor in this home would be making a good return on investment at this level taking into account his expenses and mortgage.  In general expenses less the mortgage should not exceed 50% of rent, this is referred to as the 50% rule. This does not include any mortgage payment (if applicable) but includes property taxes, insurance, vacancy losses, repairs, maintenance expenses, and owner-paid utilities.

So a hypothetical analysis of this property is as follows:

• Purchase Price $125,000
• 1% Rule Expected Rent $1,250 per a month
• 50% Rule Expected costs $625
• Gross Profit $625
• Mortgage Costs at 80% Financing for 30 Years at 3.92% $461.
• Net Profit = 625-461 = $164 a month

Your actual costs and profit may vary.  For instance if the purchase price of this house was $100,000 and mortgage was based on $80,000 the monthly mortgage payment would drop to $378 a month, increasing the net profit to $247 a month.  So as you can see the 1% is a minimum rent, you definitely would want more rent if the market supports it and your negotiations around purchasing the property should take into account the maximizing of your profit.

See Beckley WV Homes For Sale Less Than $125,000

Summary

The 1% rule isn’t foolproof, but it can be a good initial tool to quickly evaluate whether a rental property is a good investment. As a general rule of thumb, it should be used as an initial prescreening tool to help you narrow down your list of options followed up by detailed rental and market evaluation.

The investing information provided on this page is for educational purposes only. Betty J. Moore and Associates Realtors does not offer Real Estate Investment advice nor does it recommend or advise investors to buy or sell any Real Estate for any particular purpose nor guarantee any return on investment.  Use of this information is at your own risk.

The Beckley Real Estate Market continues to be on fire.  Inventory available continues at historic lows with only 2.6 months worth of homes available compared to 5.5 months one year ago, even though new listings increased 54 homes to 129 compared to 75 one year ago.

Median and Average Home prices were up 22% and 19% year over year. Average Days on the Market (DOM) fell a modest 5 days from 150 to 145.  Deeper analysis of DOM data shows homes in certain price ranges are selling much faster, especially in the $300,000 to $399,000 range, down from 170 days to 47 days.

We see these trends continuing due to several factors such as low interest rates, low rates of new home construction due to increasing material prices, increase in demand from millennials  buying there first homes and others upgrading there homes as they work more from home and are willing to move farther from work.

Homes going under contract on the first day for full price are becoming more common while bidding wars not seen since the early 2000's are starting to erupt more.  If you are ready to list your Beckley Real Estate For Sale, get Beckley's #1 Realtor Betty J. Moore & Associates to list it for you.  Call us now at 681-254-5200 to talk to a Real Estate Direct Marketing Specialist now!

Betty J. Moore and Associates has an App for that!

Looking for your new home?  Want to be updated the minute a listing in your desired area hits the market?  We have an app for that!  Along with Betty J. Moore's new website comes our companion App, MoveTo.

Download the MoveTo app and find the home of your dreams! MoveTo taps into our Website to provide you with the most up-to-date, accurate listings for all Beckley Real Estate Listings.

To get started first register for an account on our website at BettyJMoore.com.  Then go to the Apple App Store or Google App store depending on the phone you have an download the MoveTo App to your phone.  Login to it with your email address and cell phone number that you used to register on our web site and you are ready to start your search for the home of your dreams.

Our MoveTo’s most popular features:

• Quick and Flexible Searching: Search for properties in your desired neighborhood in a list or map view, and even search based on your current location.

• Saved Searches: Create custom saved searches that will automatically update you when new homes that fit your search hit the market via real-time push notification.

• Favorite Properties: Keep track of your favorite properties by saving them to your account.

• Tour Scheduling: Schedule tours with your favorite real estate agent with the click of a button.

• Property Sharing: Share your favorite properties with your friends and family via email or by posting to your social media accounts.

Perform Map Searches, Compare Properties, Schedule Showings, Setup Notifications for Searches so you know when new properties hit the market you are interested in!

Get Realtime Updates on New Listings The Minute They Hit The Market!