Abberly West Ashley Apartment Homes

3100 Ashley Town Center Drive, Charleston, SC 29414
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Apartments Charleston SC Blog

Millennials, Should You Rent or Buy? – Charleston, SC

Millennials, Should You Rent or Buy? – Charleston, SC

Joseph Coupal - Thursday, October 27, 2016

If you’re a millennial then you’ve given some thought about whether you want to rent or buy the next place you live in. With so much to consider it’s hard to break it all down. After all, questions like, "when is a good time for me?" or, "can I even afford a home?" are difficult to answer. Here are some of the factors you should consider. Take a look at the most important factors when considering an old but always relevant question, “should I rent or should I buy?”

Expenses

Rent – When it comes to expenses, or the cost of living outside of your monthly payment, renting comes up as a winner. If your dishwasher breaks your landlord picks up the tab. Likewise for any other appliance, plumbing, or structural issue. That means you don’t have to keep emergency funds for the unexpected when it comes to your living situation. It’s also time consuming and it costs a lot of money to organize labor, shop for the best deal, and hire professionals to perform maintenance.

Buy – Expenses come up constantly when dealing with a home purchase, from start to finish. Let’s revisit the scenario when your dishwasher breaks. You’ll have to pay a pretty penny to replace it. That’s why experts say it is imperative to keep emergency funds on the ready. There will always be an expense that comes up monthly, yearly, or once a decade. On the flip side, when something fails that will usually prompt you to make an improvement. These add up and equate to a higher value for your home.

Savings

Let’s talk a little bit more about savings when it comes to renting versus buying a home. There are savings either way but there are very different reasons. When buying it gets complicated and we’ll show you that there is a lot to consider.

Rent – We already discussed savings in the form of your landlord picks up the tab when something requires attention. The fact is that renting is usually cheaper for the first few years (we’ll show you an example in a moment). To add to that, if your rent is less than a potential mortgage payment then you can use that extra cash for savings, investments, or retirement.

Buy – A moment ago we mentioned a word that is very important to home owners: “equity.” Every payment that you make, whether it’s your down payment or your monthly mortgage payment, you’re increasing your equity in your home. When making your monthly payment some of it is going toward the principle balance of your mortgage. This means you’re gaining equity every month you live in your home. There’s just no comparison for this advantage when put up against renting.

Timing

When looking back on life with the luxury of hindsight we realize that timing plays a crucial role in our decision making. Since hindsight doesn’t play a role in the decisions we make in the present, let’s look at what considerations do play a role if you’re asking, is this the right time to buy?

Rent – For the person who is unsure where they’ll live in the next few years, renting is probably your best option. Renting affords you the advantage of being able to uproot and move to an area closer to your job. It’s easier to move to a different part of the country, or maybe a fun location like near the beach or downtown in a major city. Rent payments and housing prices are high in these areas. You might not want to stick around too long.

Buy – The cost of purchasing a home and moving is an important factor to consider when thinking about how long you plan on living in your home. It’s expensive to sell a home. Real Estate agents make a lot of money off the sale of your home. That’s money that you’re paying. Not to mention that if you buy again you’ll have to pay the closing costs for that transaction. The flip side is that you will probably make a profit off of selling your home. The point is the more buying and selling you do, whether you’re savvy or not, the more fees you’ll pay.

Rent vs Buy

With all of these variables in mind, it’s time to create some examples that will show you when it’s worth it to rent versus buy. We’ll use the tools we provided such as the rent versus buy tool above, and then plug in the median home prices weighed against average rent costs of three major cities. These figures are provided by trulia.com or Zillow.com, and rentjungle.com respectively. Plug in your own rent amount and the value of the home you have your eye on. You’ll find out for yourself if you can afford it and how long it will take for you to save money.

You probably get the sense that asking if renting or buying is better, the answer is hard to come by. And that’s actually a good place to start. This is a decision that requires a lot of care. Weighing all the pros and cons is important, consider the right factors.

For more information on apartments in Charleston, SC, contact Abberly at West Ashley.

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Should You Rent or Buy? – Charleston, SC

Should You Rent or Buy? – Charleston, SC

Joseph Coupal - Wednesday, October 19, 2016

Mortgage rates are low and many say it is time to buy a home. But is it more cost-effective to own as opposed to renting?

Many renters today have gotten out of a mortgage. Others are renting so they are not tied down to such a large amount every month. Some rent because they don’t have money for a down payment and still others rent because they prefer not to be tied down.

Whether you should rent or buy depends on many factors, like how long you plan to stay in your home. Some experts will tell you buying is better than renting, but only if you plan to be in your house more than five years. Still others will say renting is better and invest your down payment instead.

If you don't need the tax help, which is minimal, you may want to rent. The landlord will fix the kitchen sink and mow the lawn which saves the renter out of pocket money.

Here's one pro and con breakdown:

Pros to Buying a House:

  • Of course, there's the emotional satisfaction of owning your own home.
  • It builds equity, (but it takes awhile).
  • You can get a tax break if you deduct your mortgage interest and your property taxes.

Cons to Buying a House:

  • Homeowners have to pay property taxes
  • Homeowners have to pay for maintenance and upkeep.
  • There's less flexibility if you decide to move.
  • Down payments are often 20% of the purchase price (if you want to avoid mortgage insurance). That's money that could have been invested elsewhere.

Lastly, most experts say the value of properties won't go up soon. When they do, since selling your house with a realtor normally comes with a 6% commission, values must go up by at least 6% to break even.

Buying at today doesn't necessarily mean your house will be worth more in a couple of years. Whether it's worth the risk to buy is something each person needs to figure out for their unique situation.

For more information on apartments in Charleston, SC contact Abberly at West Ashley.

Should I Rent or Buy? – Beaufort, SC

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Original article – WKRG


Rent or buy? Baby Boomers Want Less Responsibility– Apartments in Charleston, SC

Rent or buy? Baby Boomers Want Less Responsibility– Apartments in Charleston, SC

Joseph Coupal - Thursday, October 13, 2016

Millennials may be known as the “renter generation,” but they’re apparently not the only group that’s showing increased interest in the rental market.

Instead of putting money down on a smaller house when they’ve outgrown their current living quarters, more Baby Boomers are keeping their options open and examining the benefits of renting.

According to data from ApartmentList.com, the population of Baby Boomer renters increased by 34 percent from 2007 to 2008. The trend was recognized as one of the drivers of a 4.3 million increase in the number of renter households in the U.S. from 2005 to 2015.

But cost is unlikely the main appeal for older home-hunters.

In an analysis of monthly costs by GoBankingRates.com, there is a long list of states in which it’s cheaper to rent a home than purchase one.

Many Boomers are moving in the direction of renting just to “give themselves a break,” according to Amber Noble Garland with Keller Williams Realty West Monmouth.

Renting is just an option for them that alleviates the pressure and allows them to breathe for a little bit. The thought of renting, psychologically, is a reprieve for them.

Renters, for example, have fewer worries about maintenance outside their walls. And, depending on the unit’s size, Boomers may be able to get all the luxury they want in a smaller space and with fewer stairs.

When weighing the perceived benefits of renting, people should think of their financial future, rather than the present.

For more information on apartments in Charleston, SC contact Abberly at West Ashley.

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Abberly West Ashley Apartment Homes

3100 Ashley Town Center Drive, Charleston, SC 29414

Call or Text: 844-502-5938
Email UsAbberlyWestAshley.PropertySite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: Closed

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