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 Active Military Members Rent or Own? - Charleston, SC

Should Active Military Members Rent or Own? - Charleston, SC

Joseph Coupal - Wednesday, February 22, 2017

Abberly at West Ashley, Charleston, SCDeciding when to take the home-buying plunge can be tough. For military members and their families, the unique nature of their service often adds a new layer of consideration.

Here are a few key things to consider.

1. Frequent relocation

Active-duty military personnel move frequently, often once every two to three years. Prospective buyers should be comfortable with the idea of turning around and reselling a property or renting it out—and the possibility of neither of those coming to pass.

Talk with real estate agents and other experts to get a feel for the local housing market and near-term trends. You might have no problem selling the home or finding renters in your particular community, but there are no guarantees.

Even if your Permanent Change of Station (PCS) moves you across the country, you’re still on the hook for that new mortgage payment. Short sales and foreclosures can wreck your credit and put home buying out of reach for years. So it’s not a decision to take lightly.

2. Costs of renting vs. buying

Do your homework, and get a clear sense of what’s likely to cost more. Paying a mortgage is may be cheaper than renting in some U.S. markets, but every buyer’s situation is different. A good lender can help you get pre-approved and run realistic affordability numbers.

Keep in mind homeownership comes with costs that renters don’t typically face, like maintenance, lawn care, appliance repairs, and more. And buying with $0 down means you’ll start life as a homeowner with little to no equity.

3. Wants and needs

Homeownership offers a lot of freedom, but it also comes with significant responsibility. Take stock of your priorities to see where you land. How important is it for you to personalize your space? Do you enjoy home and yard maintenance? How do you feel about paying for them?

Owning a home means you can’t call the landlord to fix a broken pipe or replace the water heater. Renting means you’re building equity for someone else.

In the end, there isn’t a one-size-fits-all answer. Buying a home evokes thoughts of long-term stability that are sometimes at odds with the unpredictability of the military lifestyle.

Still, there’s something to be said for the sense of pride and independence that come along with homeownership. Think long and hard about what’s right for you, and get good information from real estate and mortgage experts you trust.

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

#HowYouLive
Realtors.com


Buying a Home Is Not a Financial Decision – Charleston, SC

Buying a Home Is Not a Financial Decision – Charleston, SC

Joseph Coupal - Wednesday, February 15, 2017

Abberly at West Ashley, Charleston, SCMany young workers today are mired in a kind of adulting limbo, yearning for a mortgage that they simply cannot afford. Homeownership among people aged 35 and younger has fallen by 18% since 2006 thanks to the Great Recession's aftershocks and the strain of historic levels of student loan debt.

Even so, three-quarters of young adults believe owning a home makes more financial sense than renting, and eventually want one for themselves. But should you inflict such self-torment? Is it really that much smarter to buy than to rent? That all depends on what a home means to you -- because ultimately, buying a home might not even be a financial decision.

Risks of Buying

Homeownership comes with a host of risks. You're sinking a large portion of your savings into an asset that's expensive to maintain, and may be extremely difficult to sell. People move, jobs change, markets tank, life happens. There's no guarantee that you'll want to live in the same area in two years, much less that your family situation will remain constant.

Rent prices have moved higher since the financial crisis -- but not being the master of your domain comes with certain advantages. You can move more easily, since you don't have to worry about finding a buyer, and won't end up spending the $1,100 or more that the average homeowner shells out each year on maintenance costs.

Meanwhile, you could very well earn a better return on your down payment by investing it in a diversified portfolio of low-cost index funds instead of a half-acre plot. Stocks rebounded much more quickly than home prices after the Great Recession, and over the long haul there isn't that much evidence that homes provide a decent return for your money. From 1900 to 2011, housing gained 1.3% annually after inflation -- compared to 5.4% for stocks.

Your home can also change abruptly from an asset to a liability. The national median home price dropped 23% from just before the housing crash to the bottom in December 2011. Home prices, excluding inflation, have only just now returned to pre-crisis levels. Nearly a third of homeowners were under water five years ago -- owing more on their mortgage than their home was worth.

Emotional Decision-Making

The truth is that, for most people, buying a home is as much about sentiment as it is about dollars and cents.

Beyond the financials people often want a place that is their own. Owning a home feels terrifying -- yet liberating.

Indeed, young renters who aspire to homeownership do so to control their living space, have a sense of privacy and security, and establish a place to raise a family. They want a home for the freedom it confers. Don't like those cabinets? Hate the carpet? You can generally do what you please if you're the owner.

You have to pay for that freedom, and it doesn't come cheap. But it's worth remembering that whether to rent or buy isn't a clear-cut decision. And it's certainly not only about finances.

Rather it's a reflection of your particular desires -- which means you should think deeply about what it is you're after. If you're looking to leverage your savings to build more money for the future, you could easily end up disappointed.

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

#HowYouLive
Time – Money


What's it like to live in Charleston, SC?

What's it like to live in Charleston, SC?

Joseph Coupal - Tuesday, February 07, 2017

Abberly at West Ashley, Charleston, SCThere is no place quite like Charleston. The region features a unique blend of historic preservation and new development, displayed in its cobblestone walkways and eerie cemeteries, buzzy nightlife and sophisticated art galleries. Its unique brand of Southern style shines in the bespoke boutiques that line downtown's King Street, while Southern hospitality radiates from the award-winning dining establishments.

Not only is the area overflowing with entertainment and good food, but this low country locale is also gorgeous. Although summers are hot and humid, the rest of the year features pleasant temperatures that allow residents to soak in the area's scenery. A handful of beaches within striking distance make a day at the shore a commonplace activity for Charlestonians.

Whether it's Spanish moss dangling from oak trees or the smell of shrimp and grits wafting downtown – Charleston is sure to charm you.

Rankings

U.S. News analyzed 100 metro areas in the United States to find the best places to live based on quality of life and the job market in each metro area, as well as the value of living there and people's desire to live there. Charleston ranks as #27 with an overall score of 6.8 out of 10.

Charleston, SC - #27 in Best Places to Live

  • 6.8 Overall Score
  • 6.0 Quality of Life
  • 6.1 Value

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

#HowYouLive
US News


Are You Ready to Buy a House? – Apartments in Charleston, SC

Are You Ready to Buy a House? – Apartments in Charleston, SC

Joseph Coupal - Thursday, February 02, 2017

Abberly at West Ashley, Charleston, SCLet's say you're a veteran renter and you're thinking you want to start building value in a home of your own and the thought of buying a house is becoming more and more tempting.

Should you do it?

It depends. Homeownership isn't a sure path to building wealth if you're using a mortgage like most homebuyers do. The truth is: You'll be paying a lot and not getting anything in return in the form of mortgage interest, mortgage insurance, property taxes, property insurance, homeowners association fees and home maintenance. All of that money simply vanishes – the only part that actually builds wealth for you is the tiny fraction of your mortgage payment that goes toward your balance.

There are actually many financial and life situations where renting is by far the better deal, just as there are many financial and life situations where buying is the better deal.

One great step to take is to use a "rent versus buy" calculator. It's a spectacular tool for helping you run the numbers and figure out if you're ready to buy a home on paper. But on paper is just part of the story. Are you really ready for homeownership? Do the realities of your life make you ready?

Ask yourself these questions before deciding.

Q: Are you planning to live in the area long term?

During the first few years of a mortgage, homeowners build very little equity in their home. The portion of their mortgage payment that actually goes toward the principal of their mortgage is tiny, meaning that after a few years, you still only own a tiny fraction of your home.

Thus, if you're only planning on living in the area for a short while, at least 5 years, you're almost always better off renting. The value of home ownership doesn't reveal itself until you've lived there for a while.

Q: Am I able to save a significant amount each month for a down payment?

Homeownership comes with many more costs than does renting. As a renter, virtually your only bills for your living space include rent, utilities and renters insurance. If you're a homeowner, you're contending with your mortgage bill, mortgage insurance, property taxes, homeowners insurance, homeowners association fees and all of the maintenance costs that come with a home.

If, as a renter, your financial state is so tight that you're unable to save much each month for a down payment, then the costs of homeownership would likely stretch your budget substantially beyond what you can afford. The ability to save a significant amount each month for a down payment is a great litmus test as to whether your finances are ready to deal with the costs of homeownership.

Q: How will my commuting costs change?

Quite often, you'll find people who are renting properties that are fairly close to where they work, but then buy a home that's far from work.

If buying a home means you'll no longer be able to walk or bike to work, your commuting costs are about to skyrocket. Even if you can take mass transit from your new location, you're still going to be footing the bill. Your reliance on a car may now go up, if your move puts you farther from grocery stores and other necessary amenities.

Include the cost of transportation changes in your calculations or else you may find yourself in a very rough spot.

Q: Am I overreaching?

Even after thinking through these questions, people still often fall in love with a home that's simply beyond their budget. If they dive in, they may find themselves walking the tightrope for many years as they deal with the burden of an enormous mortgage and high additional expenses.

Yes, this can pay off if everything goes perfectly, but when is life perfect? If you're buying for the first time, you're far better off in a reasonably priced home that will still grow in value while giving you some financial breathing room as you learn the ins and outs of being a homeowner. You can certainly jump to the "dream home" later, but don't make it your first move after renting.

Q: Do I have the time?

If you constantly find yourself pressed for time as a renter, it's not going to get better when you move into a house that has maintenance and lawn care needs, which you'll be solely responsible for.

Does your current schedule afford you the time to deal with tackling home repairs, mowing the lawn and tending to the greenery? If not, you should be very careful when you consider moving into a home, particularly one that belongs to a homeowners association.

Homeownership can be a very expensive proposition and it's easy to make big missteps early on by jumping in before you're financially ready. Take the time to make the right choice when it comes to the biggest financial decision of your life.

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

#HowYouLive
US News – Money



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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