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

Downsize Your Home and Right-Size Your Retirement

Joseph Coupal - Wednesday, April 25, 2018

Abberly Village, West Columbia, SCMost likely your home is your biggest asset. It’s also your biggest expense. Unfortunately when it comes to retirement planning, the family home is often last on the list of later-in-life changes.

There are many reasons for this delay. Emotionally it’s difficult to let go of a home filled with memories; moving can be a big process; and downsizing to an apartment may not produce a substantial cash windfall. For these reasons, many retirees delay for years moving into an apartment.

However, in many cases the benefits of downsizing sooner rather than later can be significant.

The financial benefits may seem small initially, but in the long term they can extend the life of your retirement savings. You may hesitate to sell a mortgage-free house and move to an apartment with a monthly rent payment, but with a home many of the expenses are hidden. It’s the ongoing maintenance such as: roof, furnace, windows, grass cutting and landscaping or snow removal — not to mention the annual costs of heat, electricity and taxes on a large older home. These costs add up to a substantial amount.

Selling your home will eliminate any mortgage or other debt and reduce your monthly expenses. Add in the income you will earn from investing the equity of your home and the savings from no home maintenance. Compare that to the monthly rental payment of an apartment.

In many cases retirees are financially better off by renting. If downsizing makes sense, don’t wait. Sometimes people have a hesitation to downsize because they like to keep the family home so when children and grandchildren visit they can stay there. You should carefully consider the cost of this decision. It’s cheaper to pay for a hotel for the relatives than cling to the family home and all its associated costs (taxes, maintenance, heat, etcetera).

Trading the variable and hidden costs of home ownership for the visible cost of an apartment can help with planning and budgeting. You know what your fixed costs will be.

Even without a mortgage, housing will often account for 30 per cent of retirement expenses.

Besides the financial benefits, is simply the practicality. Many people fail to consider how the aging process makes it harder to move. The process is exhausting at a young age. It’s much more daunting for retirees.

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

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thechronicleherald.ca


More Seniors are Renting

Joseph Coupal - Wednesday, April 11, 2018

Abberly Village, West Columbia, SCAn interesting phenomenon among seniors who are selling their home is their changing attitude about buying another. Younger home sellers are typically focused on quickly buying another home. Their lifestyle has changed and they need to sell and buy another.

Most senior sellers will become senior homebuyers but there is an increasing trend among seniors selling their home: They don’t intend to buy another home and they are making the decision to rent.

“I think we’ll rent for a while” is an increasing response to my question: “Have you thought about your next home?”

Rent? Here are folks who have worked hard all their lives to pay off the mortgage so that they could enjoy retirement in their own home and now they want to rent?

Isn’t renting for the economically challenged, the young millennials, the unstable? Why throw money away renting when equity-rich seniors can sell and buy the home of their dreams?

The homeownership rate for seniors has been declining for the last 10 years as an increasing percentage chose to rent rather than own a home. A recent national survey of seniors who rent were asked the question: Why?

One-out-of-ten planned to buy a home within the next 6 to 12 months, about half could not afford to buy but four-out-of-ten responding seniors who could afford to buy, won’t. They’re content to remain tenants.

Why do you suppose more seniors are choosing to rent than own?

Replacement home too costly

Most seniors who are selling say that they would like to downsize into another, perhaps smaller, single-level home, closer to shopping, medical facilities and family. We have homes meeting that description in our county but they are usually higher in price than the market value of a senior’s existing home.

If family is in the region, perhaps relocating to another state is not an option. Faced with reinvesting all their sale proceeds and perhaps the obligation of a new mortgage, many choose not to sell their home or if they sell, they will rent.

Demands of homeownership

Often seniors don’t have the same physical strength at 60 as they did at 40. Some seniors are physically unable to maintain, remodel or repair everything that’s routinely necessary.

Rural properties require even more attention. Whether clearing brush or mowing the back yard, it takes good health and energy to maintain a home.

Renting is cheaper

Despite what the real estate community would have you believe, every homeowner knows that at the end of the day it’s more expensive to own a home than rent one.

Absent a mortgage, homes are still expensive to maintain. Ask anyone who has had to replace a leaking roof, a new HVAC system or replace a deck.

Retirees likely have less income than when they were working and many depend upon Social Security as their primary source of income to pay household expenses. Renting may not be the lifestyle they would prefer but it is one that they can afford.

Been there, done that

While some seniors enjoy puttering around their home with projects and working in their yard or garden, many don’t. They have spent a lifetime tied to their homes with the responsibilities of ownership while their friends have been vacationing. These seniors do not want another long-term commitment to a home. As tenants, mobility finally becomes an option.

Fear of another real estate bubble

Most of our grandparents never psychologically recovered from the Great Depression. They became compulsive savers, skeptical of debt and leery of investing in the stock market.

The 2008 Great Recession and the collapse of home values left a similar impression on many retirees. They have personally experienced how quickly the value of their home can disappear. They have watched helpless as friends and neighbors lost their home to foreclosures. They know first-hand that the real estate market has up and down cycles and they are not going to get caught in another.

There are 75 million baby boomers who are on the verge of retirement. For the next 20 years an average of 10,000 people each day will reach age 65, which has historically been the retirement phase of life. What’s fascinating is after a lifetime of homeownership more are choosing to rent.

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

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Mountain Democrat


Apartment Hunting in West Columbia, SC

Joseph Coupal - Wednesday, April 04, 2018

Abberly Village, West Columbia, SCAbberly Village offers stylish apartment homes in an enviable location situated between Downtown Columbia and Lexington. Presenting outstanding features, inviting floor plans and upscale amenities, these apartments in West Columbia, SC will captivate those who seek contemporary living with comfort and convenience. Space to live, In the place to live.

These apartment Homes are equipped with Individual air conditioning, microwave ovens and washer/dryer in all units. We offer and have rental rates from $893 to $1,402. This apartment community also offers amenities such as Business Center, Clubhouse, pool and fitness center, and Controlled Access. Choose either a 1 bedroom apartment, 2 bedroom apartment, or 3 bedroom apartment all with varied floor plans ranging from 684 Sq.Ft to 1408 Sq.Ft. As a resident of Abberly Village Apartment Homes, you can pay rent online, submit maintenance requests, and get community news by logging in securely to your Resident Portal.

Abberly Village Apartment Homes is managed by HHHunt, a reputable property management company. For more details, contact Abberly Village.



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