Abberly Village Apartment Homes

1000 Abberly Village Circle, West Columbia, SC 29169
Call: 833-334-9767 (803) 936-1012 Email UsAbberlyVillage.PropertySite.HHHunt@aptleasing.info View Map

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West Columbia SC Apartments Blog

Buy or Rent in Retirement? – West Columbia, SC

Joseph Coupal - Wednesday, January 25, 2017

Abberly Village, West Columbia, 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 West Columbia, SC contact Abberly Village.

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The American Dream of Homeownership is Changing - West Columbia, SC

Joseph Coupal - Wednesday, January 18, 2017

Abberly Village, West Columbia, SCAmerica is changing the way it lives. Owning one's home has always been considered a significant part of the modern American dream — it meant pride and security, control, stability and goodbye to landlords.

It still does, but times change and there are signs that the dream of owning a home may be changing as well.

The ‘bubble’

The Great Recession, which began in late 2007 and lasted for nearly two years, is still having an impact on the U.S. housing market. Since the bottom dropped out a decade ago, "new home starts" — used to describe when construction begins on a new home — have been sluggish.

That was until October, when they hit a nine-year high, then dropped in November, suggesting Americans are confused about where and how they want to live.

This housing bubble was a main cause of the Great Recession.

For potential homebuyers, it has become a lot harder to get the credit necessary to buy a house. Plus, there's more paperwork when consumers do qualify.

That leads to a depressed market. Another issue: a lack of inventory.

Diploma vs. mortgage

Lurking in the background of less new construction is the renting vs. buying issue.

Renting is becoming increasingly attractive because many people just don't have the money to buy.

There's not enough income to allow people to get into housing.

Zillow predicts that millennials will eventually be in a financial position to buy, and will boost home ownership. At the same time, Zillow says, renting will become more affordable as incomes rise and growth in rents slows.

One of the biggest reasons that young Americans are waiting to buy their first home is student debt. Millennials, who used to be considered the prime homebuying age, are carrying an estimated $1 trillion in student loan.

The problem is, the kids are coming out of school with a tremendous amount of student loan debt. It's like a drag on their finances. Student loans is money that could be going toward the mortgage. I think it's kind of delaying the process.

The under-35 generation are buying nice cars, they're going out to dinner, and they're staying in apartments. And they're moving around a lot more with their jobs. They are a lot more mobile.

A cautious market

Ten years ago, the national percentage of households renting was about 30 percent; today, it's about 37 percent. Each percentage point nationally is about 1 million households.

Rentals are also attractive because renters are spared the worry of potentially plummeting home values.

We ought to be making rental housing much more respectable, whether in urban or suburban areas. Our whole society ought to get away from the fixation of ownership as the only way to go. It's not the only way to go. Ownership is not for everybody; it takes a certain income, budgetary discipline and a steady income.

Many Americans learned from the recession that investing in home ownership is not a sure way to build wealth.

For more information on apartments in West Columbia, SC contact Abberly Village.

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Hidden Costs That Come with Buying a Home – West Columbia, SC

Joseph Coupal - Thursday, January 12, 2017

Buying a home isn't just a 20% down payment and a monthly check for the mortgage.

There are a mountain of hidden costs — from closing fees to taxes — that can add up to more than $9,000 each year, real estate marketplace Zillow estimates — and that number will only jump if you live in a major US city.

Business Insider spoke to Zillow's chief economist, Svenja Gudell, about the three big unavoidable costs — homeowners' insurance, property taxes, and utilities — and other common costs that are often overlooked.

If you're considering buying a home, be mindful that it is not just about the cost of the home:

For more information on apartments in West Columbia, SC contact Abberly Village.

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article and image: businessinsider.com


Happy New Year 2017 from Abberly Village in West Columbia, SC!

Joseph Coupal - Thursday, January 05, 2017

Abberly Village Apartments in West Columbia, SCA fresh new year has arrived once again. It’s the time to be thankful for everything we have and for everything we have achieved in the past year. But it is also time to start new, start strong, and accomplish everything we want to do this year.

It is also time for us to say “Thank You” for our success last year. If you are an existing associate, we have enjoyed working with you. If we are just embarking on a new relationship with you in 2017, we look forward to the opportunity. We are excited for what we all can achieve in 2017.

The New Year stands before us, like a chapter in a book, waiting to be written. We can help write that story by setting goals. – Melody Beattie

Happy New Year from Abberly Village in West Columbia, SC!

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Abberly Village Apartment Homes

1000 Abberly Village Circle, West Columbia, SC 29169

Call: 833-334-9767
Email UsAbberlyVillage.PropertySite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$952-$1,431