Ashton Pointe Apartment Homes

100 Ashton Pointe Boulevard, Beaufort, SC 29906
Call: (877) 873-4774 Email UsAshtonPointe001@myLTSMail.com View Map

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

$963-$1233

Apartment Homes Beaufort SC Blog

Millennials, Should You Rent or Buy? – Beaufort, SC

Joseph Coupal - Tuesday, October 25, 2016
If you’re a millennial then you’ve given some thought about whether you want to rent or buy the next place you live in. With so much to consider it’s hard to break it all down. After all, questions like, when is a good time for me? Or, can I even afford a home? are difficult to answer. Here are some of the factors you should consider. Take a look at the most important factors when considering an old but always relevant question, “should I rent or should I buy?”

Expenses

Rent – When it comes to expenses, or the cost of living outside of your monthly payment, renting comes up as a winner. If your dishwasher breaks your landlord picks up the tab. Likewise for any other appliance, plumbing, or structural issue. That means you don’t have to keep emergency funds for the unexpected when it comes to your living situation. It’s also time consuming and it costs a lot of money to organize labor, shop for the best deal, and hire professionals to perform maintenance.

Buy – Expenses come up constantly when dealing with a home purchase, from start to finish. Let’s revisit the scenario when your dishwasher breaks. You’ll have to pay a pretty penny to replace it. That’s why experts say it is imperative to keep emergency funds on the ready. There will always be an expense that comes up monthly, yearly, or once a decade.

Savings

Let’s talk a little bit more about savings when it comes to renting versus buying a home. There are savings either way but there are very different reasons. When buying it gets complicated and we’ll show you that there is a lot to consider.

Rent – We already discussed savings in the form of your landlord picks up the tab when something requires attention. The fact is that renting is usually cheaper for the first few years. To add to that, if your rent is less than a potential mortgage payment then you can use that extra cash for savings, investments, or retirement.

Buy – A word that is very important to home owners: “equity.” Every payment that you make, whether it’s your down payment or your monthly mortgage payment, you’re increasing your equity in your home. When making your monthly payment some of it is going toward the principle balance of your mortgage. This means you’re gaining equity every month you live in your home.

Timing

When looking back on life with the luxury of hindsight we realize that timing plays a crucial role in our decision making. Since hindsight doesn’t play a role in the decisions we make in the present, let’s look at what considerations do play a role if you’re asking, is this the right time to buy?

Rent – For the person who is unsure where they’ll live in the next few years, renting is probably your best option. Renting affords you the advantage of being able to uproot and move to an area closer to your job. It’s easier to move to a different part of the country, or maybe a fun location like near the beach or downtown in a major city. Rent payments and housing prices are high in these areas. You might not want to stick around too long.

Buy – The cost of purchasing a home and moving is an important factor to consider when thinking about how long you plan on living in your home. It’s expensive to sell a home. Real Estate agents make a lot of money off the sale of your home. That’s money that you’re paying. Not to mention that if you buy again you’ll have to pay the closing costs for that transaction. The flip side is that you will probably make a profit off of selling your home. The point is the more buying and selling you do, whether you’re savvy or not, the more fees you’ll pay.

Rent vs Buy

With all of these variables in mind, it’s time to create some examples that will show you when it’s worth it to rent versus buy. We’ll use the tools we provided such as the rent versus buy tool above, and then plug in the median home prices weighed against average rent costs of three major cities. These figures are provided by trulia.com or Zillow.com, and rentjungle.com respectively. Plug in your own rent amount and the value of the home you have your eye on. You’ll find out for yourself if you can afford it and how long it will take for you to save money.

You probably get the sense that asking if renting or buying is better, the answer is hard to come by. And that’s actually a good place to start. This is a decision that requires a lot of care. Weighing all the pros and cons is important, consider the right factors.

For more information on apartments in Beaufort, SC, contact Ashton Pointe.

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Rent or Buy: Which is More Affordable? Beaufort, SC

Joseph Coupal - Wednesday, October 19, 2016

There is a myth out there that when you rent you are paying someone else’s mortgage, so why don’t you pay your own? This is a farce. It doesn’t matter whose mortgage you are paying, what matters is your costs to live in that home. No matter where you live, the cost to live in your home is an expense. If you rent, you pay rent to a landlord. If you own, you pay a mortgage, taxes, insurance, maintenance, etc. There are costs for both options. Unless you live in a tent you will be paying for a home either way.

The reason many people think that owning is better than renting is that they equate owning a home as an investment rather than an expense. Once they make the realization that it is also an expense, the picture should become much clearer.

If you buy a home, it is an expense. If you buy a home and rent it out to a third party, it becomes an investment. A better way to put it is that when you are renting, you rent from a landlord. When you buy a home to live in, you are renting from yourself. Since you do not get any monetary gain from paying yourself, it is 100% expense.

Renting vs. Buying: Which is Cheaper

On average when you buy a home, you are not making money on it. Given the fact that you usually have to put down 20% you are actually losing out in opportunity costs with those funds. But the question remains – which is actually cheaper?

Are you looking at renting versus buying a home in an upper-class neighborhood? Everyone has to live somewhere, but most people live in a location that is affordable according to their monthly cash flow.  Often that can mean renting. Renters can often live in neighborhoods they could not otherwise afford or will get apartment amenities that they could not have in an affordable home.

For more information on renting an apartment in Beaufort, SC contact Ashton Pointe.

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There are More Expenses Involved in Buying a Home Than You Thought – Beaufort, SC

Joseph Coupal - Wednesday, October 12, 2016

The rent or buy debate. It’s a battle many people have with themselves, with the pride of home ownership in one corner of the ring and the ease of renting in the other.

Pros of buying include "owning" a property. And then there’s the equity, or value of ownership once the property is paid off, and the market value of the home appreciates.

Big advantages of renting include avoiding costs that come with home ownership and maintenance.

The rent versus buy conversation takes place often, with many people.

What you are paying now and what you can afford? Right now, homes are priced aggressively and rates are low. However, cash available for a down payment is always a question.

It’s important to compare the cost of monthly rent to the cost of a monthly mortgage payment. But make sure you have all of the numbers.

There’s a cost to ownership. Not just closing costs, but upkeep, major repairs like water heater, air conditioner, and appliances. Home buyers should seek a one-year home warranty to protect their pocketbooks from those unexpected expenses during the first year.

Also, keep in mind the length of time you plan to be in the area. Generally, if you are going to live in a community for 5 years or less, renting is the better option.

Another important question to ask yourself: Can you handle the stress? Many people weigh financial aspects of buying or renting, but don’t consider the financial stress of such a large expenditure.

For more information on renting apartments in Beaufort, SC contact Ashton Pointe.

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Why Renting is Better than Buying – Beaufort, SC

Joseph Coupal - Wednesday, October 05, 2016

A lifelong goal that many citizens strive to achieve is homeownership. While many people own their own homes in today's society, this wasn't always the case. Historically, families either needed to build their own homes or rent a home from someone else. While both renting and buying have their own sets of financial advantages, renting does appear to have an edge when the economy is poor. There are tremendous financial benefits to renting as opposed to buying a house of your own. Here is a look at 10 reasons why renters have the better financial deal over homeowners.

No Maintenance Costs or Repair Bills

A definite advantage that renters have over homeowners is that they have no maintenance costs or repair bills to pay off. When you rent a property, your landlord is responsible for all maintenance and repair costs. If an appliance stops working or your roof starts to leak, you do not have any financial responsibility to have these things fixed. Homeowners, on the other hand, are responsible for all of their own repair, maintenance and renovation costs. Depending on what the repair is, these costs can be quite extensive.

Access to Amenities

Another financial benefit to renting over buying a house of your own is having access to amenities that would otherwise be a huge expense. Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes with no additional charge to tenants. If a homeowner wants to match these amenities, he or she can expect to pay thousands of dollars in installation and maintenance costs.

No Real Estate Taxes

An obvious benefit that renters have over homeowners is that they do not have to pay real estate taxes. Real estate taxes can be a hefty burden for homeowners and vary by county. Although property tax calculations can be complex, they are generally determined based on the estimated property value of your house. With houses getting larger and larger, property taxes can be a significant financial burden.

No Big Down Payment

Another area where renters have the better financial deal is upon signing. You do not have to have a huge down payment saved up to move into a rental property. While the exact amount you need to move in varies from case to case, the total amount is significantly less than you would need to buy a house. Many landlords require a rental deposit equal to the amount of one month's rent while a down payment for a house is much higher. By renting you can avoid the high initial down payment costs.

Shaky Market Creating More Renters

While many experts claim the U.S. Housing market is making a full recovery, others aren't so sure. An article written by International Business Times claims that the market is just now stabilizing and the word 'recovery' is unwarranted. As foreclosures continue, many citizens are scared off of buying altogether. By renting, citizens are avoiding potentially owing a mortgage that is more than the house's worth.

Decreasing Property Value

Property values go up and down, and while this may affect homeowners in a big way, it does not affect renters. Home value determines the amount of property taxes you pay, the amount of your mortgage and more. In a rocky housing market, renters are not as adversely affected.

Flexibility to Downsize

In today's economy, many people struggle to make ends meet. By renting, citizens have the option to downgrade into a more affordable living space at the end of their lease. When you are a homeowner, it is much more difficult to break free of an expensive house because of the fees involved with buying and selling a home.

Fixed Rent Amount

Rent amounts are fixed for the span of the lease agreement. While landlords can raise the rent with notice, you are able to budget more efficiently since you know the amount of rent you are required to pay. Meanwhile, mortgages and the amount of the property tax can fluctuate.

Lower Insurance Costs

While homeowners need to maintain a homeowner's insurance policy, renters would be wise to invest in a renter's insurance policy. Luckily for renters, renter's insurance is much cheaper and it covers quite a lot. The average cost of renter's insurance is just $12 per month, according to the Independent Insurance Agents and Brokers of America. Meanwhile, the average homeowner's insurance policy cost ranges between $25 to $80 per month.

Lower Utility Costs

With homes getting larger and larger, it is often much more affordable to heat and power an apartment or small rental home as opposed to a larger home. Rental properties typically have a more compact floor plan, and renters can expect lower utility costs.

The Bottom Line

While owning a home may be beneficial for citizens over a long period of time, for many people renting is the better option. There are plenty of examples that show how renting can save consumers a considerable amount of money. The choice of whether to rent or buy your own home is a personal one. Before making a hasty move, review the details and make the financial decision that is right for you and your family.

For more information on apartments in Beaufort, SC, contact Ashton Pointe.

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Ashton Pointe Apartment Homes

100 Ashton Pointe Boulevard, Beaufort, SC 29906

Call: 877-873-4774
Email UsAshtonPointe001@myLTSMail.com
View Map

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

$963-$1233