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: 1P - 5P

$963-$1233

Apartment Homes Beaufort SC Blog

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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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