Ashton Pointe Apartment Homes

100 Ashton Pointe Boulevard, Beaufort, SC 29906
Call: 844-820-6515 Email UsAshtonPointe.PropertySite.HHHunt@aptleasing.info View Map

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Apartment Homes Beaufort SC Blog

You May Not Be Ready to Buy a Home

Joseph Coupal - Thursday, July 27, 2017

Ashton Pointe, Beaufort, 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 Beaufort, SC, contact Ashton Pointe.

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If You May Be Moving in the Next Five Years, Rent

Joseph Coupal - Friday, July 21, 2017

Ashton Pointe, Beaufort, SCIf you think you might move again in the next few years, it's a better plan financially to rent an apartment in Beaufort, SC the first five years are the hardest for building up equity.

If you’re thinking about buying a home, one of the first things you should consider is how long you’re going to stay in the area. If you’re pretty sure that you’re going to be moving out of the area within five years, you’re better off renting.

Why is that? There are several reasons.

First, the first five years of the mortgage are the worst years for building equity. The vast majority of each of your payments during the early years of your mortgage is going to go straight towards interest. On a thirty year mortgage, you build approximately 5% of your home’s value in equity during the first five years of the mortgage.

Second, much of that small amount that you do build in equity will be eaten by realtors when you sell. You can try the “for sale by owner” route to try to recoup some of that value, but there are challenges and expenses involved with going that route as well.

Third, what equity isn’t devoured by the realtors will be devoured by the bank. Closing costs are not your friend. They can add up to a noteworthy portion of your mortgage, particularly when you’re really only concerned about the small amount of equity you’d build during that time.

Finally, the housing market isn’t the giant money rocket that it used to be. Interest rates are rising, and it is a seller's market.You’re not going to make a mint by buying a house, waiting a year, and then flipping it. If you’re reading any personal finance advice that suggests doing so, check when that advice was written.

If you’re thinking about buying a home, one of the first things you should consider is how long you’re going to stay in the area. If you’re pretty sure that you’re going to be moving elsewhere within five years, you’re better off renting.

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

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CSMonitor


What it's Like to Retire in Beaufort, SC

Joseph Coupal - Thursday, July 13, 2017

Ashton Pointe Apartment, Beaufort, SCThe Old South lives on in the quaint seaside charm of Beaufort, SC. Known as the “Queen of the Carolina Sea Islands”, this popular retirement community of 11,000 was discovered by the Spanish in 1514 and chartered by the British in 1711. It lies in the Sea Islands or “Low Country” area of South Carolina, just north of Hilton Head. 304 acres of the town have been designated as a National Historic Landmark. That history is reflected in the horse-drawn carriages that roll along streets in the town’s charming historic district that are overhung with Spanish moss. The area offers a laid back atmosphere that most people find very relaxing. Beaufort is located in Beaufort County. Savannah is 39 miles away.

There are 3 major military installations here that provide a solid economic underpinning and a lowering of the average age in the area. Those include the U.S. Marine Corps Recruitment Depot at Parris Island, the Naval Air Station, and the Beaufort naval hospital.

What is special about Beaufort

  • Charming old town in the Low Country
  • Numberous awards as "Best Small Southern Town", "Small Town Arts", and "Best Fishing Town "
  • Proximity to Hilton Head Island and Savannah
  • Luxurious golf course communities
  • The town has 304 acres designated as a National Historic LandmarkMilder winters
  • Second oldest city in South Carolina

Who will like retirement in Beaufort

Beaufort attracts a community of people who either want to live in a charming old river town or expensive new golfing communities. The presence of so many military personnel creates a younger and more diverse atmosphere than in some comparable communities.

Climate

Beaufort is located on Port Royal Island and the Beaufort River. This area between Charleston and Savannah is often referred to as the Sea Islands or Low Country because it has so much water and so little elevation. This diverse city has a mild climate in the winter - the average January low is 39 and the average July high is 91. August is the rainiest month.

Restaurants & Cultural Scene

Beaufort has many art galleries and has won numerous awards as an arts town. Additionally there is the Arts Council of Beaufort County with its 12,000 square foot community arts center, the Beaufort Orchestra Society, the University of SC-Beaufort's Performing Arts Center, and the Penn Center. Festivals such as the Water Festival and the Shrimp Festival keep things interesting. Nearby Hilton Head Island has cultural opportunities, as does nearby Savannah.

Medical facilities

Beaufort Memorial Hospital. Hilton Head Hospital a 5 star hospital is 17 miles away.

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

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topretirements.com


4 Reasons to Rent

Joseph Coupal - Thursday, July 06, 2017

Ashton Pointe, Beaufort, SCBuying a home is part of the American Dream, but that doesn't necessarily mean it's the best choice for you.

For decades, the conventional wisdom has been that buying a house makes much better financial sense than renting one. After all, you'll have to spend a large chunk of your income on housing either way, so doesn't it make more sense to invest that money in something you'll eventually own, rather than simply forking cash over to someone else?

However, a number of factors can make renting a much wiser financial decision than buying. Here are four good reasons why it may be smarter for you to rent instead of buy.

1. You're not staying in the home very long

The sooner you intend to move, the less sense it makes to buy.

If you plan to stay put for less than two years, then buying a house would be a poor investment. In such a sort amount of time, the home likely wouldn't gain enough value to make up for the costs of buying and selling it, like realtor commissions, closing fees, moving expenses, and so on. And don't forget that buying or selling a house is a huge hassle compared to switching from one rental to another.

2. You're in an inflated housing market

Some parts of the country are prohibitively expensive to live in. Coming up with a down payment for a $500,000 house is considerably harder than coming up with a down payment for a $150,000 house. But what makes certain highly desirable urban areas really problematic is that home prices in these areas can be driven steeply upward by the high demand. Not only would you have to pay an inflated price for the house, which makes it harder for you to turn around and sell it for a gain in a few years, but you'd also have to pay far more each month as a homeowner than you would as a renter for the same amount of house.

3. Your income isn't secure

If you're not confident in your job security, then now is not the time to make a huge purchase like a new house.

If you suddenly lose a major source of income, then you may need to cut your housing costs in order to get by. That's a relatively quick and painless process if you're renting; you might pay a fee to end your lease early, but you could move to a cheaper home in a matter of days. If you own your home, then a career crisis could force you to sell your house at a bad time; it may take months to find a buyer, or you might end up selling the house for less than you paid for it.

4. You have no savings

If an emergency savings account is important for a renter, it's absolutely crucial for a homeowner. As a renter, if something goes wrong with the house, you can simply call the landlord, who will have to pay to fix the problem. As a homeowner, all the expense lands squarely on your shoulders. Even if nothing expensive breaks down on you, homeowners have ongoing additional costs such as homeowner's insurance and property taxes.

If you don't budget for such expenses or run short one month, you may end up having to tap into savings to pay for them. And if you don't have a well-funded savings account, you may be forced to turn to credit cards -- and that repair bill will be made even more expensive by interest and possibly fees.

Also don't forget that ponying up a down payment will take a big bite out of your savings. You'll need to make sure you still have a solid emergency fund after you've paid out the down payment and the cost of moving. After all, what's the point of buying home if you'll be too busy fretting about expenses to enjoy it?

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: 844-820-6515
Email UsAshtonPointe.PropertySite.HHHunt@aptleasing.info
View Map

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

$963-$1233