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

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

West Columbia SC Apartments Blog

Signs You May Not Be Ready to Buy a Home

Joseph Coupal - Thursday, July 27, 2017

Abberly Village, West Columbia, SCBuying a home can be a good investment. It can be a rewarding experience for you and your family.

But the fact is, it isn't right in every situation and it only works if the buyer is financially prepared. As we saw during the housing crisis, buying a house when you aren't ready can lead to disastrous results.

How can you tell if you're ready? The experts at real estate marketplace Trulia suggest asking yourself some questions.

The first has to do with income. Does your household earn enough money to make the monthly payment on a home, pay for insurance, pay the taxes, and cover maintenance and repairs?

When you rent your home, all of those costs are baked into the monthly rent. If the water heater goes bad, that's the landlord's problem, not yours.

It's true that, with low interest rates, a mortgage might be the same, or even less than rent in some markets. But you can't overlook the other costs of owning a home.

Debt-to-income ratio

What about your debt? If you have outstanding student loans and rising credit card balances, you might not be ready to take on a mortgage. In fact, that could be one thing that might disqualify you.

Lenders look at a borrower's debt-to-income ratio. If the ratio is too high, it reduces the amount you can borrow. In most cases, a lender will want your debt to be no more than 36% of gross income.

When looking at your savings, don't just think about how much you need for a down payment. If the down payment takes all your ready cash, you'll have nothing left to cover those expenses that almost always crop up in the first year of home ownership.

Two important factors

Before considering a home purchase, you also need to make sure you will qualify for a mortgage. Two factors could keep that from happening.

First, you need to have been on the job, or employed in the same industry, for at least two years. Lenders want to see that employment consistency before they'll consider funding your home purchase.

Second, you need a reasonably good credit score. While it is true you might qualify for a subprime mortgage with a marginal credit score, there could be some real disadvantages to being lumped into the subprime sector.

Having a better credit score -- 720 or better -- will get you a better interest rate, in most cases. So it might be wise to spend some time trying to raise your credit score before considering a home purchase, and the easiest way to get started on that is to simply pay all of your bills on time.

Finally, give some thought to the future. If you purchase a home, you'll need to live in it for a while before you can sell it without losing money. The experts at Trulia suggest three to five years is the minimum length of time you'll need to live in it before selling.

If you think there's a good chance you'll be relocating in a couple of years, the prudent thing to do is keep renting.

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

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consumeraffairs.com


Buying a Home May Not Be Right for You

Joseph Coupal - Friday, July 21, 2017

Abberly Village, West Columbia, SCThe reality is that home ownership isn’t for everyone. Even if it’s right for you eventually, it might not be right for you right now. There are a few factors that should serve as a warning against taking the leap into homeownership.

Don’t buy a home if…

You aren’t planning to stay

Whether your job situation is a bit uncertain, you’re in a relationship you’re not sure will last, or you’re longing to make a move to another city sometime soon, renting is your best bet. That’s because home values tend to fluctuate throughout the year and from year to year. If you are forced to move out in the near future, you may suffer a loss on the sale of your home. Most experts recommend that unless you can stay put for at least five years, you’re better off renting. It’ll take at least that long to make up the costs associated with a home purchase.

You don’t have a down payment

It’s not a good idea to buy a home without a downpayment. The simplest reason is that foregoing a down payment costs you a lot more over the life of the loan. The more money you borrow to buy your house, the more interest you pay. Having a down payment protects you from going underwater on your loan, or owing more than the house is worth. This can happen when you buy without a down payment and then home values drop.

You aren’t a saver

If you find saving for a down payment challenging, that may be a sign that you aren’t ready to own your own home. When you’re a renter, all you have to worry about is covering your rent. Once you’ve done that, the rest is up to your landlord.

When you own your home, the responsibility is all yours. So, if you get a leaky roof or a broken water pipe, you will have to pay to fix it. If you have a hard time saving, you’ll lack the cash to take care of all the expensive repairs you will face as a homeowner. If you’re already living paycheck to paycheck, the ongoing financial responsibility of owning a home is likely to land you in debt.

For more information on renting an apartment in West Columbia, SC, contact Abberly Village Apartments.

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BusinessDayonline.com


Tips for Renting with Roommates

Joseph Coupal - Friday, July 07, 2017

Abberly Village, West Columbia, SCAs the first college semester starts to wind down, many residents are looking for roommates to being next semester. Here are some tips when considering renting an apartment with friends or for when you are renting with a roommate you are just meeting.

1. A pre-lease group meeting.

Get together for the sole purpose of sorting out each of your expectations. Do not sugarcoat your feelings. We often think “we are all good friends and we have gotten along well for years. We are all very compatible.” Yes, but you have not lived together. One neat freak and two slobs is a dangerous combination.

2. Agree on house rules before going ahead.

Here are some sample questions to get started. Who does the dishes? How late can friends stay in the evening? How are food costs shared? Will food be stored daily so as not to attract critters? There are plenty of other questions to come up with together. An agreement between all roommates with some written rules will help in the future.

3. Are you moving? Finding the right place.

Maybe you are moving out of another apartment community and moving into a new apartment. Look around if you are moving. Is the apartment sparkling clean and ready to move-in? This is a good sign about the landlord or manager. If it is clean at the start, you will be expected to leave it in the same condition.

Look carefully at what is going on outside the apartment. Try to get a glimpse of other tenants or neighbors. Are the hallways well lite and clean? Is the building itself in good condition? If dirt, spider webs, dirty light fixtures with burnt out bulbs, broken windows, loose banisters, sticky doors and more, all represent a red flag. What is the condition of cars in the parking lot? Is the parking lot well-lit?

Schedule the appointment in the early evening, when people are returning from work. This can provide a good sense of place. Ask people, "I am thinking of renting here, what can you tell me about living here?" and listen closely to what they say.

For more information on renting an apartment in West Columbia, SC contact Abberly Village.

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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