Abberly West Ashley Apartment Homes

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

Should You Buy or Rent in Retirement? – Charleston, SC

Should You Buy or Rent in Retirement? – Charleston, SC

Joseph Coupal - Wednesday, December 28, 2016

Abberly at West Ashley Apartments, Charleston, SCNationwide, it usually makes more financial sense to buy a home than rent. But it's a little more complicated for those in their golden years.

Retirees also need to decide whether they want to leave an inheritance behind -- a key factor in the rent vs. buy decision.

If a retiree does not plan to pass the home on to heirs, it's nearly always cheaper to rent than to buy, according to a report from Trulia.

That's because building equity is one of the biggest factors that favors purchasing a home. But if there are no plans to leave the home behind, or buy another home, it usually makes more financial sense to rent.

The value of that equity matters a lot when making the decision. If you don't care whether that value will be around when the house is sold, it might be a better deal to rent.

Out of the 100 cities with the highest population of people 65 and older, renting made more financial sense in 98 of the cities, for those not considering leaving the home equity as inheritance.

To calculate the savings of buying versus renting in retirement, Trulia assumed buyers were in a 15% tax bracket and would stay in the home for 15 years.

For more information on renting an apartment in Charleston, SC contact Abberly at West Ashley.

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CNN-Money


Happy Holidays from Abberly at West Ashely Apartments in Charleston, SC

Happy Holidays from Abberly at West Ashely Apartments in Charleston, SC

Joseph Coupal - Tuesday, December 20, 2016

Abberly at West Ashley apartments in Charleston, SCIt is once again "end-of-year" blog post reflection time.  If you are reading this blog post, you care enough about us and our business to invest a minute or two reading here.  That means a lot to us.  The primary reason for this blog is to educate and inform our readers; as an ongoing act of giving thanks for the privilege of earning your continued trust and continued professional partnerships. So we're glad you're here.

We reflect today on the blessings that so many of you bring to both our personal and professional lives. Over the course of 2016, we hope that we have made a difference in many personal and professional lives. This is the true essence and a key measure of professional reward and business success.

It is our sincere wish that all of you bask in the joy of reflection and within the warm confines of family and friends throughout this Holiday season and throughout 2017. Cheers!

Happy Holidays!

-from all of us here at Abberly at West Ashley Apartments in Charleston, SC.

#HowYouLive


Buy or Rent in Retirement? – Charleston, SC

Buy or Rent in Retirement? – Charleston, SC

Joseph Coupal - Friday, December 16, 2016

Abberly at West Ashely, Charleston, SCWhere do you want to live during your retirement years? And do you plan to buy a home or rent one? Those are key questions, with many factors to consider and large amounts of money at stake.

For example, if you buy a home in retirement, it’s an expensive commitment. You have to pay a large deposit up front and you’ll be obligated to make equal monthly mortgage payments for up to 30 years.

Pros and cons exist for both options; to help you decide whether to buy a home or rent your residence during retirement, consider the following factors.

Buying a Home in Retirement

No matter what your stage of life, purchasing a house or condo is a major financial commitment. You have many choices when retiring, but if you later decide you goofed on your home plan, it is difficult to change course. Here are some pros and cons to buying a home after you retire.

Pros of Buying a Home in Retirement

Buying and owning your home in retirement offers some critical advantages. Consider these important factors that will help you decide whether this is the right decision for your retirement living:

  • You own your castle. You can make the improvements or changes you desire. No landlord needs to approve changes, although there might be condominium rules or neighborhood restrictions.
  • Mortgage payments remain stable. You know exactly how much your monthly mortgage payment will be for the entire term of the loan. It cannot rise, unless you have an adjustable-rate loan. However, taxes may increase.
  • You can pass the property on. Your family or other heirs can inherit the property.
  • You are not tied to your home forever. You have the option to sell it and buy a different residence, or to switch to renting. Be sure you want to stay in your home for at least 5 years.
  • Tax advantages might accrue. A mortgage can provide tax benefits. Consult an accountant or other tax advisor to determine if those factors are significant.

Cons of Buying a Home in Retirement

You should also consider the disadvantages that exist to owning a home during retirement. Here are a few disadvantages that could turn you off of home ownership:

  • Your residence will need ongoing maintenance and repairs. Things break down, no matter how diligent you are about keeping major systems and appliances in good working order. For example, you might have to fix or replace the roof, windows, water heating system, and appliances like the washing machine and dryer. You will need adequate retirement savings to pay for necessary maintenance and repairs.
  • You are required to pay extra costs. These costs include taxes, insurance and possibly homeowners association fees. It is unlikely these costs will decrease during the term of your mortgage.
  • If you want to move, selling your home might be difficult. You do not have control over the local housing market.

Renting in Retirement

It is no longer assumed that all retirees have to own the home they live in during retirement. They can rent a home instead. Renting can be a viable and desirable option for many people. However, as with buying a home, there are pros and cons to renting that you need to consider carefully.

Pros of Renting a Home in Retirement

Renting a home offers unique advantages that might appeal to you more than the advantages of owning a home. Here are some of the positive points of a rental option:

  • You generally do not have to make a long-term commitment. As a renter, your lease might be annual, with the option to renew each year — or it might even be month-to-month.
  • You have considerable flexibility. You can move elsewhere for any reason — for example, if the cost of living in your area becomes too high or you want to live closer to family.
  • You have no expensive maintenance or repair costs. In most cases this is true. It is a relief to be able to call someone else to fix the overflowing toilet.
  • You do not have to pay property taxes. Such taxes can cost thousands of dollars per year.

Cons of Renting a Home in Retirement

Although there are a number of positive features to rental homes, consider some of the disadvantages to this option so you can better decide if it’s right for your retirement situation.

  • You have less control over housing costs. The main disadvantage of renting is that after the term of your lease, you have no control over housing costs..
  • Your ability to personalize is limited. Most standard form leases give you limited opportunities to make changes to your home. It is likely your landlord will not permit major structural changes.
  • You have little say about changes. If the owner wants to make certain changes to the property — for example, to paint the house an ugly color — you have to accept them.
  • You need to pay on time if you want to move again. If you want to move to a different home, you might be dependent on your landlord to give a good reference. If you have habitually paid your rent late or had disputes, the landlord might be reluctant to support you, which could affect your ability to rent elsewhere.

Ask These 6 Questions First

Understanding the pros and cons of buying versus renting in retirement will help guide your decision. But before you decide, there are threshold questions you need to ask yourself first.

Consider the following:

  1. When do you expect to retire?
  2. Do you already own a home you can sell to buy a new property? If not, make sure you have the resources for a down payment, closing costs and up-front expenses.
  3. How long do you think you will stay in the new home?
  4. What are your sources of income for paying housing costs? It’s also important to gauge how consistent that income will be.
  5. How much money do you have available for total housing costs? If you buy a home, do not forget to include taxes, insurance and a reserve for maintenance, upgrades and repairs. If you rent a home, you will likely be required to pay a security deposit and the last month’s rent up front, plus renters insurance.
  6. What is the trend for cost-of-living in the area? If you own a home, rising home values might be advantageous if you plan to sell later. If you are a renter, your landlord might raise the rent if the neighborhood becomes more desirable.

Bottom Line

Making the decision of renting versus buying is complex at any stage in life. You need to weigh the pros and cons of each possibility for properties in your area. Ultimately, your decision depends on your assets, risk tolerance and personal preferences for your retirement living.

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

#HowYouLive
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What to Consider When Choosing Where to Retire – Charleston, SC

What to Consider When Choosing Where to Retire – Charleston, SC

Joseph Coupal - Thursday, December 08, 2016

Abberly at West Ashley Apartment homes, Charleston, SCYou may be focused on being near an awesome golf course, but your health and happiness will rely more on these key factors.

1.Housing

Housing is the biggest factor in most Americans’ budgets, by far. In retirement, especially, if you can eliminate a mortgage payment or rent, you can keep your housing costs from changing while your income is fixed.

Renting in retirement is tempting, and for good reason: In many markets, renting still is cheaper than buying a home

Renting buys retirees the flexibility to move on a whim. It’s a more carefree life, with no expense or labor for home and yard upkeep. Leaky faucet? Just call the landlady. Let her deal with it.

Median rents rose more than 6 percent from 2007 to 2015. Increases may slow and prices may even stagnate, as after the Great Recession. But to be safe, renters should be ready for increases in costs.

2. Entertainment

“Best-of” lists of places to retire typically focus on college towns with an abundance of cultural opportunities, including cheap and free concerts, plays, lectures and visual arts. All great. But what if you care more about browsing flea markets? Or rooting for a major league sports team? First-run movies? Jazz clubs? Whatever is your thing, this is your time, so make sure your new hometown will deliver when it comes to your unique interests.

3. Employers

Employers? Sound crazy? Once, perhaps. But today most of us probably get it: Retirement often isn’t permanent. A 2015 survey found that 54 percent of workers age 60 and older planned to work part- or full-time after retirement.

Many Americans, in fact, cycle in and out of retirement. Some retirees grow bored and want stimulation from work. Others learn that their retirement income doesn’t stretch as far as they’d hoped. Or they lost savings or home equity in the recession. You, too, may want to work again after being retired for a while — and you won’t want to move to find it.

In addition to all that, a town with plenty of living wage jobs is a healthy, livable town with a strong economy — the best kind of place to live.

4. Excellent medical care

It’s self-evident, but it’s worth saying: Older people consume more medical care. And they often require care from specialists and facilities specializing in, for example, orthopedic care and geriatric care (and doctors who’ll take your insurance). Find out if your destination has what you need by talking with people and calling providers.

5. Proximity to your family

Being near family when you retire isn’t crucial, and it isn’t for everybody. But even if you don’t mind not seeing family members for extended periods of time, think about the fact that your children or loved ones may one day need to take an active role in your care, perhaps even becoming your caregivers. Great distances make caregiving stressful and often agonizingly difficult for adult children who are also raising families and working.

6. Public transportation

Younger retirees don’t usually give a thought to the availability of transportation. They’re accustomed to hopping into cars and going where they wish, when they wish. But that independence and freedom rarely lasts forever. If you intend to stay in a new community as you age, you may eventually want to use buses, trains, light rail, cabs and ride-sharing companies. Assure yourself, long before you need it, that your new town has plenty of ways to get around.

7. Assisted living, retirement homes and elder co-housing

It’s not a bad idea to pay attention to the availability of long-term care nearby. Nearly 70 percent of people who are 65 and older will eventually develop disabilities and 35 percent will spend time in a nursing home. A little basic research on the front end can help you make sure it’s a good one.

8. Social life

Talk with people you meet to gather a sense of how friendly the community is. If you are looking for a faith community, investigate the congregations that might appeal to you and attend services at several to test the waters. Ask yourself where and how you will make friends. Shop the grocery stores at a couple of different times of day and week to see if people are interacting or simply hurrying in and out. Try to pick up a sense of how warm and open to newcomers the town is. Even those who are not social types may be unhappy in an atmosphere that is cold, exclusive or frenetic.

9. Cafes, restaurants and gathering places

Where do people gather in the community you are considering? Try to look at the place with the eyes of someone who has just moved there: Visit the coffee shops, senior center, parks and movie theaters. If you speak a second language, is there a cultural center where you’ll feel at home?

10. Learning

One of the joys of retirement is having the time to learn simply for the fun of it. Make sure you won’t be stuck in a learning desert — and don’t make assumptions, good or bad, without checking into what’s available. If you have dreamed of attending classes and lectures and picking up new skills or honing old ones, find out what’s available. A quilter, for example, would look for a vibrant quilting or fabric store that’s a hub for workshops, classes and group activities. A busy arts center or arts supply store opens the door to classes in painting, drawing, fiber arts and photography. Look for a brick-and-mortar bookstore, a good sign of a community for people who like to read, think and discuss. Drop into the store and ask what’s going on in town, where book talks and lectures are held and how often. Visit a lumber or hardware store, poke around and ask people about woodworking or boat-building classes in town. A visit to the website of the local community college and other schools will give a sense of the classes, clubs and weekend events offered to community members who are not pursuing a degree.

11. In-home care

If you plan on staying in the community, it’s smart to look at resources you may need down the road. Ask realtors and others you meet about the availability of home health care aides. How many agencies are in town? Are their services highly recommended? What is the prevailing wage? Could you afford to pay it if you need help? Maybe it’s prudent to consider a less-affluent community where you could more easily afford home care.

Do you know where you want to live in retirement? For more information on apartments in Charleston, SC contact Abberly at West Ashley.

#HowYouLive
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The Actual Cost of Owning a Home - Charleston, SC

The Actual Cost of Owning a Home - Charleston, SC

Joseph Coupal - Thursday, December 01, 2016

Abbery at West Ashley apartments, Charleston, SCLet’s say you want to buy your own place, but you want to know if it’s really a good idea for you right now. When the buy-vs.-rent issue comes up, consider the basics first and then drill down.

Adding up the costs of homeownership

The basics begin with your monthly payment. To make it an apples-to-apples comparison, you’ll need to compare your rent payment to monthly homeownership costs. Because those include more than just the principal and interest portion of a mortgage payment, typical mortgage payment calculators can be a bit misleading.

You also need to estimate property taxes and homeowners insurance, as well as other potential costs. These can include private mortgage insurance, homeowner association dues and condo or common community fees. A real-life home affordability tool can be a big help with this task.

Other costs to factor in include:

  • Loan closing costs, which typically amount to 3% to 5% of the value of your loan. This covers everything from a professional appraisal to a home inspection, as well as lender fees.
  • Costs for utilities, yard care and painting or other upgrades (in other words, all of the stuff the landlord usually takes care of when you rent).
  • Maintenance and repairs, which homeowners can expect to total 1% to 2% of their home’s value annually. There will be surprise expenses, too, so it’s a good idea to earmark a portion of your savings for a household emergency repair fund — in addition to your day-to-day emergency fund.

Where you live makes a big difference

The real cost of homeownership (and renting, as well) stems from where you live — not just the state or the city, but the neighborhood. And it’s not only about the cost of real estate and being able to afford the rent or the mortgage; it’s also about commuting and other transportation costs.

Most Americans spend about half their income on housing and transportation, according to the Department of Housing and Urban Development, which developed a Location Affordability Index tool. It lets you pinpoint virtually any location in the U.S. and get a real sense of what it costs to live there, considering median income as well as housing and transportation costs. You can even compare the difference in the total costs of owning or renting in a locale, with results that might surprise you.

Other considerations in the rent-or-own decision go beyond just minding your money.

Reasons to continue renting can include:

  1. Mobility: Do you need to be able to move to a new city for career advancement?
  2. Flexibility: Buying a home means committing to a neighborhood, possibly for several years. Being able to walk to your favorite coffee shop or happy hour club may mean a lot to you now. But later, if you start a family, you’ll care about school districts more than drink specials.
  3. Uncertainty: Price appreciation can be elusive and dependent on your local real estate market. Home equity is never guaranteed, particularly over the short term. It’s probably a good idea to forget the old “your home is an investment” thing.

The bottom line

The true costs of owning a home can be eye-opening. Considering all of the financial and life-stage factors involved can help you quantify whether now is the time to buy, or whether you should keep on renting. For more information on apartments in Charleston, SC contact Abberly at West Ashley.

#HowYouLive
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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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