Low mortgage rates and more affordable home prices in the Raleigh area are creating an interest in homeownership by those who live in apartments. However, potential buyers who are unprepared for the true cost of owning a home may be shocked by the bite homeownership can take out of their wallet in addition to their mortgage payments.
Inspection and Appraisal Fees
Before you purchase a home you need to pay for a home inspection, and an appraisal, possible even inspections for pests or radon. The costs of these inspections are borne by buyers and are a necessary protection to avoid buying a flawed property or paying too much.
Closing Costs
Buyers need to be prepared with the cash for anywhere from 2% to 4% of the mortgage balance depending on your area.
Taxes
As a homeowner, you'll need to pay property taxes, which are generally part of the escrow you pay into each month. Remember, even if you have a fixed-rate home loan, your property taxes could go up and increase your monthly housing costs.
Insurance
Your lender will require home insurance, the cost of which depends on factors including the construction materials of your home and the location. Even if you have renter's insurance, you'll find that home insurance costs more because you are paying for the ability to rebuild your home in addition to replacing your personal possessions. Insurance costs will rise over time, and you will need supplemental insurance if you live in a flood zone.
HOA and Condo Fees
If you buy a home within a homeowners' association or a condominium association, you'll be required to pay a monthly or quarterly fee. These fees can rise, or your association may need to charge a special assessment for projects such as repaving the parking lot or repairing a roof.
Utility Bills
Depending on where you live, your costs for electricity, gas and water could be higher when you move into your own home than when you live in an apartment in Garner, NC. You may also need to pay for garbage collection along with your Internet, cable and phone bill.
Furniture
While this is essentially a discretionary expense, most people who move from an apartment to a larger home need to buy at least some new furniture.
Lawn Care
Whether you handle your yard work yourself or hire a professional, you will have to pay something to keep your landscaping in check. Lawn equipment can be costly and you may need a leaf blower and other yard equipment, too.
Maintenance
Home maintenance costs time and money. While you may be able to change your furnace filters, clean your gutters and keep your appliances running smoothly yourself, you may also need to hire a contractor to clean and inspect your chimney and to keep your heating and air conditioning system in top shape.
Repairs
While maintenance tasks can be predictable, the most costly part of home ownership typically comes with unexpected repairs such as replacing or repairing the roof, removing a tree, or paying for mold mitigation in a damp basement. The list of possibilities is endless, so homeowners should set aside savings for an emergency. Experts suggest budgeting for 1% or 2% of your mortgage balance as a yearly maintenance and repair fund.
The Bottom Line
Buying a home costs more than you think. If you don’t expect to stay in your home for at least seven to 10 years, contact Abberly Place Apartment Homes.
If you live in an apartment in Garner, NC there is a fun 24 hour event this weekend. The North Carolina Museum of Natural Sciences will celebrate the grand opening of its new wing with a 24-hour opening of the Nature Research Center in Raleigh.
The event begins at 4 p.m. Friday with music from the Shaw University Jazz Band. At 4:30 p.m., dancers from the African-American Dance Ensemble will be among those participating in a procession from the Governor's Mansion.
The opening ceremony will be held at 5 p.m. Friday at the 80,000-square-foot center. Actor Ira David Wood III and Chuck Davis, founder of the African-American Dance Ensemble, will officiate. After the opening ceremony, the center will be open for tours around the clock until 4 p.m. Saturday.
The event ends at 5 p.m. Saturday with an invitation to citizens to personally engage with science.
Raleigh is host to an array of authentic and eclectic restaurants serving hearty, delicious eats. If you live in an apartment in Garner, NC you certainly have your fair share of choices to dine. Where can you go to find a meal as described above? Well there are certainly plenty of places to visit, but here are some restaurants that have caught the eyes of Raleigh locals.
Busy Bee Café
In the heart of downtown, you’ll find a place that offers good food, good beer and good times. Known for its impressive selection of assorted craft beers and distinctive burgers, Busy Bee Café is, “the neighborhood bar that your friends come to.”
“The intent of our food that we serve is meant to be casual dishes that compliment the beers we serve. Our menu is primarily based off of the beer,” the owner, Lockwood said. Apart from its food and distinguished label as the connoisseur of beers, Busy Bee Café offers a welcoming and diverse environment. It’s a place where you can enjoy good times with a good meal and a great drink.
Caffé Luna
This is one of downtown Raleigh’s authentic Italian restaurants—Caffé Luna can simply be described as a slice of Italy. Utilizing fresh and true ingredients alongside the culinary skills of an Italian chef, the restaurant creates dishes that you could only find and taste within the heart of Italy.
One of its most popular and original items on the menu is lasagna. An old Italian favorite, Caffé Luna’s lasagna is a filling dish staying true to its traditional roots. For the vegetarian and vegan crowd out there, a hot-selling dish is the portobello ripieno, consisting of portobello mushrooms stuffed with gorgonzola cheese and tomatoes.
Lilly’s Pizza
For some seasoned pizza-lovers, Raleigh has got a place to please your hankering for a creative pizza experience. Located within the Five Points neighborhood is a little venue called Lilly’s Pizza.
Whether customers prefer a simple, traditional cheese pizza or are a bit more daring, Lilly’s has a pie for everyone. For all the vegetarians, vegans and celiacs out there, don’t feel left out, because there are plenty of options to choose from.
If customers feel that none of Lilly’s pies appeal to their desires, the menu allows them to get creative and construct their own. “We evolve within our own dynamic with simple goals of being fresh and whole-foods oriented and also to ensure a fun experience,” Jon Garrison, owner of Lilly’s Pizza, said. “Our customers appreciate this; the lines on weekends will attest.”
After this guide to downtown Raleigh restaurants, anyone should be ready to ravish all that local dining has to offer.
You have felt the pain at the pump. You also probably know that gas prices may get as high as $5.00/gallon as we approach summer! If you live in an apartment in Garner, NC and you like to drive in and around Raleigh on your summer weekend, gas mileage is very important.
You can improve your car’s gas mileage. If you do them all, you can increase your gas mileage by 50%. When you bought your car you had a specified number of miles per gallon, but you may not be seeing that mileage today. Why?
Don’t neglect regular car maintenance. If it has been awhile since you have had a tune up on your car, schedule one! Be sure to keep up on your car’s regular maintenance. Regularly maintained cars get the best gas mileage. You will be pleasantly surprised.
Check your tire air pressure. Your tires can directly affect your gas mileage. As the temperature changes, so does the pressure in your tires. Regularly check that your tires have the required PSI. When the pressure in your tires is too low, your tires no longer work efficiently, they work like water balloons. With too much surface on the road, there is too much friction causing your car to work harder. Your gas mileage can be dramatically affected by poor tire pressure.
Believe it or not, changing your driving habits can affect your gas mileage. The way you drive affects how much gas you burn. Not planning to stop, revving up and slowing down and driving over the speed limit all use too much gas. By changing your behavior behind the wheel, you can increase the gas mileage in your car.
Enjoy the summer and enjoy the ride. Keep money in your pocket as gas prices rise, follow these tips to increase your gas mileage.
If you live in an apartment in Garner, NC you may be looking for some nightlife options. “The Edge,” and Elon paper has made some suggestions for some action around the Triangle inRaleigh:
Raleigh maintains a vast selection of nightlife attractions. The city is divided into eight entertainment districts, one of the most popular being Glenwood South that features shopping, nightclubs and unique restaurants like Hibernian Irish Pub. The Warehouse District, contrary to its misleading name, is actually known for its clubbing scene and popular barbecue restaurant, The Pit.
Raleigh is also home to dozens of live music venues ranging from clubs to taverns. Some of the most notable are Lincoln Theatre, The Pour House Music Hall and The Berkeley Café. Raleigh also has a variety of dance clubs, among them Fubar, Mirage and Solas.
“Mirage is a really good place to go if you’re looking for more of a classy club because the people there are generally older,” said NC State student Courtney Farrell. “They host a lot of DJs. I went when Pauly D was there and it was a good time all around.”
No one wants to spend too much money, and Raleigh’s Carmike Blue Ridge 14 Cinema is a discount movie theater that offers older movies for only $2. Raleigh also offers IMAX theaters for a bigger, more diverse range of showings.
Do you need to work off some extra calories before you eat and drink on St. Patty’s day? If so, the 4th annual St. Paddy's Run Green 8k is here. Challenge yourself and your neighbors from your apartment in Garner, NC, grab your kilts and register to run! The race is tomorrow, so start stretching.
Registration is now open for the 4th annual St. Paddy's Run Green 8k in Raleigh! As always, there will be live Irish music, tasty food from Tir na nOg Irish Pub, and the first beer is free (for runner's age 21+ of course)! This year you will also get a free race tech shirt!
Enjoy race contests sponsored by the nOg Run Club: Fastest kilted runners, best St. Paddy's theme costumes, and best team costume (at least 3 runners, and must finish at the same time)!
The first 2,000 registered 8K runners receive their first beer is free (age 21+) and a free race tech shirt!
Highlights of this great event include: Post-race street party hosted by Tir na nOg Irish Pub. The beer truck will have beer available for purchase (21 and above). Bands will be playing in Moore Square, great beer and food provided by Tir na nOg all evening!
This race is a "green" sustainable event” with minimal landfill waste, natural, compostable food and drink containers, and other earth-friendly initiatives.
House prices are low and mortgage rates are too, many say it is time to buy a home. But in an upside down real estate market, is it really more cost-effective to own as opposed to renting? Interest rates are lower, house prices are down, but it's also harder to get financed.
Many renters at Abberly Place, outside Raleigh, have gotten out of a mortgage. Others are renting so they are not tied down to such a large amount every month.
Whether you should rent or buy depends on many factors, like how long you plan to stay in your home. Some experts will tell you buying is better than renting only if you plan to be in your house more than five years.
If you don't need the tax help, which is minimal, you may want to rent. Most of the time, and always at Abberly Place, Apartments in Garner, NC, the landlord will fix a kitchen sink which saves the renter out of pocket money.
Here's one pro and con breakdown:
Pros to Buying a House:
if it has been a goal for awhile then there's the emotional satisfaction of owning your own home.
It builds equity, (but it takes awhile).
You can get a tax break if you deduct your mortgage interest and your property taxes.
Cons to Buying a House:
Homeowners have to pay property taxes
Homeowners have to pay for maintenance and upkeep.
There's less flexibility if you decide to move.
Down payments are often 20% of the purchase price (if you want to avoid mortgage insurance). That's money that could have been invested elsewhere.
Lastly, most experts say the value of properties won't go up soon. When they do, since selling your house with a realtor normally comes with a 6% commission, values must go up by at least 6% just to break even.
Buying at today's prices doesn't necessarily mean your house will be worth more in a couple of years. Whether it's worth the risk to buy is something each person needs to figure out for their unique situation.
Perhaps you are relocating to the Raleigh area and you have just started the search for a home. Regardless of where you are in your home search, consider some questions before you decide between renting and owning a home. Buying a home is a big commitment both financial and otherwise, so take the time to weigh pros and cons.
Here are a few questions you should ask yourself:
Will I own it for at least five years?
The most important question to ask before you consider buying a home is whether you will own it for a long time. People buy homes as an investment and five years, maybe even more today, is about the break-even point for earning appreciation in value. If you don’t plan on holding the property for longer than five or more years, don’t buyit! Renting a home is NOT necessarily throwing money away. Buying and selling quickly will usually leave you worse off financially.
Can I afford it?
It is more expensive to own a home than you think. Even if you qualify for the loan amount, you need to make sure YOU can afford it. Lenders don’t take into account home maintenance costs, expenses, health care expenses, expensive lifestyles and habits, etc. So make sure that you can comfortably afford your housing payment, still pay your other bills, and still save at least a little more for retirement. Also, if you are not sure of your continued employment situation, don’t buy a home.
Do I know about the neighborhood?
Did you do adequate research, look at enough properties, and learn the neighborhoods. If you just moved into town or if you don’t know the area, rent anapartment in Garner for a while. Get to know the city.
For information on Abberly Place Apartment Homes in Garner, NC, contact us.
The housing market is stagnating right now and real estate brokers would have potential buyers believe that there is no better time than the present to buy a home. It is true, prices are down and mortgage rates are at all-time lows.
Unfortunately for the real estate brokers, many clients are not persuaded by that logic. Instead, in increasing numbers, they are choosing to rent instead of buy — unconvinced that the housing market has yet hit bottom. Would be buyers also understand that unless you plan to stay in your home for more than 10 years, buying a home may not be the right investment for everyone.
With apartments in Garner, NC , located near downtown Raleigh, offering apartment amenities that can’t be found in homes, renting is a great option for many. There is also a broad mix of tenants at Abberly Place Apartment homes: young single residents and families and empty-nesters that no longer have homeownership on their wish list.
The question has arisen more and more. Should Irent or buy? The answer is personal to your situation. While mortgage rates and housing prices are low, there is still a lot to be said for renting anapartment in Garner, NC.
Based on your financial situation, your job situation and frankly, how much time you want to spend on home repairs, the answer could be very different for every individual or family.
There is much to be said about renting. Sudden roof leaks or broken appliances can make your wallet take a hit. Unforeseen home expenses cannot really be incorporated into a budget.
If there is any possibility that you will not stay in theRaleigh area or that your job will relocate you, renting may be a better option. Closing costs and fees can really add up, not to mention the first several years of mortgage payments go to the interest alone not the principal.
But there is an even more practical reason for renting. Maybe you just don’t have any interest in home repairs and yard maintenance. Apartments are the solution to maintenance free living without the condo fees. With so much to do in and around the Raleigh area your time off should be your time off to spend however you like.
Talk to a financial advisor and review your expenses first when considering renting.
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Low mortgage rates and more affordable home prices in the Raleigh area are creating an interest in homeownership by those who live in apartments. However, potential buyers who are unprepared for the true cost of owning a home may be shocked by the bite homeownership can take out of their wallet in addition to their mortgage payments.
You have felt the pain at the pump. You also probably know that gas prices may get as high as $5.00/gallon as we approach summer! If you live in an 
If you live in an 
Do you need to work off some extra calories before you eat and drink on St. Patty’s day? If so, the 4th annual St. Paddy's Run Green 8k is here. Challenge yourself and your neighbors from your 
