Ashton Pointe Apartment Homes

100 Ashton Pointe Boulevard, Beaufort, SC 29906
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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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Investopedia.com


Things to Look Out for When Renting an Apartment – Beaufort, SC

Joseph Coupal - Thursday, September 29, 2016

Finding a cheap place to rent with a view might be at the top of your list when you start hunting for your next apartment — but there are other, more critical items you should consider. Here are 20 things to watch out for when apartment hunting.

1. A Boring Location

Dreaming of a move? You'll want to scope out the area before ever setting foot in a potential new apartment.

Location is key. If you're moving from out of town, often you take the first apartment you see. But do your research, and make sure it is a good personal fit.

Not sure where to start? Look up city guides to determine whether the area you're moving is near food and entertainment.

2. The Length of Your Lease

As simple as it sounds, some landlords will not clearly state that a lease is six or 12 months, unless you ask. In addition to asking about the length of the lease, ask what happens when it ends, and how and if you can renew it.

If you love your place and your lease ends, you'd hate to have to move because they put it back on the market without asking you first.

3. Regular Rent Increases

As much as your landlord might want you to stick around, your rent price isn't guaranteed if you renew your lease.

Make sure you ask about annual rent increases, which are typically based on property tax increases in your city. You want to be sure that your rent won't be going up by $500 after just one year.

How much your rent can increase and how much advanced notice your landlord is required to give you varies by state, so check your local tenant’s rights before you sign the dotted line.

4. Who Manages General Maintenance

Try to talk to some current residents about maintenance service, timeliness in response to maintenance requests, as well as the overall ease of living in the building. A simple question like, “Does it take five weeks to get your sink unclogged?” can tell you a lot about what it’s like to live there.

5. What Happens If You Break the Lease

It’s critical to know if and how you can break the lease, should the need arise. In many cases, job offers come or personal issues occur that result in a need to move immediately.

6. Unsavory Pet Regulations

Many apartments have rules about pets — if you can have them, what kind, how many, size and even breed. If the apartment allows pets, ask if you need to make an additional deposit, and how cleaning and repairs related to the pet are handled when you move out.

7. A Bad Interview With Your Landlord

Meeting the landlord? Come prepared. Of course, the landlord is interviewing you; but keep in mind that you’re also interviewing the landlord. The interview is a good time to bring questions.

For instance, you can learn about any issues with the property. Keep an eye on how the landlord responds to your queries, too. If they're quick to anger or seem aloof, you'll want to do extra digging to make sure you and the landlord will get along.

8. Damage From Previous Tenants

Protect your security deposit with a thoroughly documented walk-through of the property. Taking photos of the apartment before you move in and the day before you move out can protect you from illegitimate damage charges.

9. Noisy Neighbors

You might find the perfect apartment in an ideal location, but noisy neighbors can ruin the vibe of the place.

Be sure to go by the place you are looking to rent both on the nights and weekends. Some apartments are very quiet during the work week and become party central on nights and weekends.

10. High Crime Rates

Some neighborhoods seem safe, but what happens behind the scenes tells a very different story. Luckily, local crime rates are easy to access.

11. Unfinished Renovations

Sometimes, landlords will start showing an apartment in the middle or near the end of renovations. This can be a huge red flag.

Never sign a lease on a unit until it is move in ready. Once you sign that lease, landlords can sometimes become a little squishy on doing final repairs.” If you’re interested in an apartment with unfinished work, get any promises in writing from the landlord.

12. Dirty Floors and Dingy Paint

A messy apartment could be a warning sign to future tenants. When doing a walk-through, you should make sure the apartment looks like it's been cleaned and painted somewhat recently.

13. Mismatched Knobs

The doorknobs and light switches and little things like that should generally match throughout the apartment. A sign of mismatched light fixtures could be a sign of poor attention to detail and willingness to cut corners.

14. Past Lawsuits With the Landlord

Google the landlord. Many states have court records online so you can see how many times they've been sued to have repairs made or by tenants trying to recover a security deposit.

15. How the Property Looks at Night

After you find an apartment you like, drive by to see what it’s like at different times of the day and night.

Most people tour apartments on the landlord’s schedule, which usually means during the business day. But the place is very different on a Tuesday at 10 a.m. than it is on Tuesday night at 6.

16. An Absent Landlord

Whether it’s the landlord or a property manager, you want to actually meet the person who will be managing the property on a month-to-month basis. You can get a sense for what kind of person they are [and] how committed they are to managing the property well.

If the building owner only hires people to show the unit, that could mean they aren’t invested enough to either manage the property themselves or hire a dedicated property manager.

17. An Unresponsive Landlord

An unresponsive landlord could be a sign of trouble.

If the landlord isn’t great about returning your calls when they’re trying to fill a vacant unit, how responsive will they be when there’s a problem that costs money?

18. Community Events

Some apartment complexes have community events, where management organizes social events for the residents.

This could be a good sign that management is invested in trying to create a positive experience for the residents. You could always ask if the landlord/management does this, or knows of residents who organize events like this, since that usually indicates more camaraderie and goodwill between many of the residents.

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

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Renting is No Longer Only for Millennials - Beaufort, SC

Joseph Coupal - Tuesday, September 20, 2016

Renting is no longer a young person’s game. Many of those in rented apartments are over 46.

Many more ‘silver renters’ are over 55; similar in numbers to those under 25.

In the survey, a significant number of 18 – 25-year-olds claimed they were satisfied with renting, with and a large number want to own their own home in the future.

These numbers reversed for those aged 55 and above, with those saying they were happy with renting and only few saying they would like to own a house in the future.

The rise of the ‘silver renter’ may seem surprising, but increasingly thousands of people have turned to the private rental sector as the most convenient option available to them, following a change in personal circumstance.

Many of the younger tenants in our survey have aspirations to own their own home in the future.

Some feel that if the flexibility of renting can be combined with the stability and reassurance of longer residencies, and fewer restrictions around making the space ‘feel like home’, for many, renting would be considered a better long-term, as well as short-term, option.

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

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Yahoo News


Benefits of Buying or Renting an Apartment in Beaufort, SC

Joseph Coupal - Wednesday, September 14, 2016

This is an increasingly common question in our financial planning practice. We find that most of the families we deal with think that rent money is “thrown away.” This belief is often quite wrong.

When you add up the cost of owning a property is at least eight percent of the total cost of the home. This is true regardless of whether you pay cash or finance the entire amount (if you use your own cash, there is an “opportunity cost” of not having it invested and making money elsewhere). One way or the other, you are laying out thousands a year to live in a house you own.

From a strictly financial viewpoint, if the cost to rent is less than the cost to own, renting is just fine. If you can rent that half million dollar house for twenty five hundred dollars a month (thirty thousand a year), you can assume the owner is paying you ten thousand a year to live in their residence.

A girl in New York City who is paying $2,400 in rent for an apartment that sells for over $800,000. That is a rental bargain.

What are the downsides of renting? Well, if the rental cost is more than ownership, it might be better to own (not always, see below). If you don’t want to take the chance of being forced to move, then renting may not be for you. Renters lose out on the appreciation of home prices. But we’ve seen over the last decade that residential real estate tends to be a lousy investment (even over the long run). Another downside is that rents tend to increase every year, whereas technically a mortgage should not. However, many mortgages do indeed increase in cost with inflation and time, and the other costs associated with ownership (repairs, maintenance, insurance, property taxes) inexorably rise.

What are the upsides of renting? Certainly the financial advantage discussed above. Another reason is that it gives you the flexibility of living in an area without being tied down. It is not unusual at all for a family to decide to live in a different town or at least a different area of a town after first moving there. Consider the value of calling the landlord when something is broken as another powerful incentive to rent instead of own.

The point is that we should not reflexively think that renting is a mistake. For many, it makes great sense. For more information on apartments in Beaufort, SC contact Ashton Pointe.

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How Much Income Does it Take to Buy a Home? – Apartments in Beaufort, SC

Joseph Coupal - Wednesday, September 07, 2016

How much does it cost to buy a home where you live? How about where you're thinking of moving for a new job or school or retirement?

We don't mean how high are the price tags on the homes -- we mean how much income do you need to be able to buy a home.

The conventional wisdom is that you should not spend more than 28% of your pay before taxes. That works out to 36% of your net income after paying taxes. But what does that mean in dollars?

It turns out that the annual salary needed nationally is $52,699, as of June 30, according to HSH.com, a mortgage and consumer loan information website.

And the income needed to buy a home in the most expensive U.S. metropolitan area is nearly five times the salary you need in the least expensive metro area.

This information can help millennials, whose careers can be just getting started and who can be flexible in terms of where they live and work, and can decide where to look for a college education and a job. It can help Gen Xers and baby boomers plot career moves and retirement plans.

It's particularly helpful to learn how much housing costs in easy-to-understand terms, such as how much salary you must earn to afford to buy a home, on average.

HSH's number crunching is based on second-quarter median home prices, minus 20% down payment, from the National Association of Realtors and HSH's average interest rate for 30-year fixed-rate mortgages.

It’s the base cost of owning a home. That includes principal, interest, taxes and insurance. It does not reflect ongoing costs for such things as maintenance. For more information on apartments in Beaufort, SC contact Ashton Pointe.

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Non-Cost Reasons for Renting – Beaufort, SC

Joseph Coupal - Wednesday, August 31, 2016

Will you need to move in under 8 years?

Especially with today's higher down payments, it is anywhere from around 6 to 8 years before a home buyer can expect to get their money out of a home sale after the costs of sale. Those can be significant. If you're not sure about having to move being out of your control, buying may not be wise. It may be best to look for a one bedroom apartment in Beaufort, SC.

Are you just starting a new family?

This isn't a problem really unless you do like many first time buyers and get into a starter home that's fine for two of you. However, when children enter the picture within a few years, will you be pushed into upsizing and selling before you can recoup your costs, much less get any appreciation in equity?

Are you trading travel costs in this choice?

Many of today's best jobs are in technology, financial and medical sectors, and these companies tend to locate in large urban areas. Buying is usually much more costly close to the workplace. Moving farther out to buy affordably can result in hundreds of dollars in travel costs every month. In this scenario, looking for a one bedroom apartment may be a great choice.

The smart move is to consider every factor impacting your lifestyle, instead of just looking at a direct cost breakdown. Sometimes renting may be a good "now" decision that you can far more easily change later than taking the buy first approach.

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

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Huffington Post


Rent or Own: Questions to Ask When Deciding– Beaufort, SC

Joseph Coupal - Wednesday, August 24, 2016

The American dream of owning a home is powerful and prevalent, but that dream doesn’t always make good sense in the light of day. When deciding whether to rent or buy, you’ll want to keep your eyes open and your feet on the ground so you can make decisions that are right for you and your family. Here are 6 things to keep in mind:

1. Crunch the numbers. Buying vs. renting isn’t solely about comparing costs, but that’s still a huge part of the process.

2. Know the market. If you don’t know the difference between a “buyer’s market” and a “seller’s market,” now’s the time to educate yourself. Is low inventory driving prices up and making buyers more competitive? Or is there a glut of homes for sale, giving buyers more leeway to cut deals? In either case, how is the rental market responding? Are home prices trending up or down (i.e., will the places you’re looking at likely be worth more or less in five or ten years)? You can’t predict the future, but you should look at current trends and make informed decisions based on what’s happening now.

3. Itemize your costs. The financial difference between renting and owning is much more than simply the upfront difference in price between paying rent vs. mortgage. Don’t forget to account for property taxes, homeowners insurance, HOA fees, maintenance, and repairs/renovations. (If the fridge stops working, you can’t just call your landlord; you will need either fix-it skills and a can-do attitude or money to hire a pro.)

4. Get real about job stability. One major consideration of the “to buy or not to buy” question is whether homeownership makes sense with your job. Can you count on maintaining at least the same level of income in the years you plan to own the home? Will your job allow you to stay in the same city or state for more than a few years at a time? Will you lose income if you choose to stay home with children? If your career is subject to change, don’t discount the benefit of renting a place that’s easy to leave if you need to relocate or reduce expenses on short notice.

5. Consider the kids. Many people decide to buy homes specifically to accommodate building a family. Questions to ask yourself include: Can you afford to live somewhere with schools that meet your needs? Is there room for not just your current family but also any family members that might join you in the future? If you will have to move in 5 years or less, buying may not be a good idea.

6. Search your heart. Do you even want to own a home? Or do you think it’s just what you should want? If owning a home and all that comes with it -- the good and the bad -- isn’t something you’re excited about, don’t sweep that feeling under the rug. Owning a home can be awesome, but it’s not for everyone. You do you.

For more information on renting 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