Abberly Place Apartment Homes

500 Abberly Crest Boulevard, Garner, NC 27529
Call: 844-230-1753 Email UsAbberlyPlace018@myLTSMail.com View Map

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

Apartments Raleigh NC Blog

Should Millennials Buy Homes? Maybe Not – Garner, NC

Joseph Coupal - Friday, April 28, 2017

Abberly Place, Garner, NCAs the old saying goes, landlords get rich and renters stay poor. But this may not be true anymore.

On the other side of the debate are housing experts who have told The Wall Street Journal that, in the shadow of the Great Recession, the stigma of renting has faded.

It used to be that if you were an adult and didn’t own your own home, you were kind of a bum— but that image has been “blown into a million pieces.” In an era of stagnant wages, tepid job growth and soaring student debt, just 35 percent of Americans under age 35 owned their homes in the third quarter of 2016.

Should you rent or own your home? It’s an age-old question that doesn’t always yield a straight answer.

The unsatisfying advice: It’s complicated. Perhaps the most important factor in the rent-vs-buy calculus is how long you plan to stay in one place.

The five-year rule: In general, housing experts say, if you plan to live in a property for less than five years, you’re wiser to rent. That’s because expenses such as closing costs and real estate commissions wipe out the modest appreciation you enjoy. If you’re going to stay for 10 years, you’ll almost certainly gain by owning.

Here’s a partial list of the cons of homeownership:

Con: You’re responsible for property taxes and insurance.

When you rent, those expenses are part of your monthly payment, and your landlord worries about them. While Florida’s property taxes are modest compared to other states, you can expect to pay about 2 percent of the value of your home every year.

Con: You’re on the hook for repairs.

Kitchens and bathrooms don’t last forever, and a kitchen redo can run into the tens of thousands of dollars. Roofs, windows and air conditioners wear out over time. Replacing these costs thousands of dollars. Appliances break, and you’re on the hook for them, too. If you’re a renter, maintenance is the landlord’s problem.

Con: Owning makes you less mobile.

If you’re tied down by a property here, you might not grab that lucrative job offer somewhere else.

Con: The financial benefits of owning are real, but they’re often overstated.

Here is a sobering example of paying $1,500 a month in rent for 30 years. You’ll blow $540,000 with nothing to show for it. How much will you have if you buy? Here’s a very rough example, with no adjustments for inflation and appreciation: Say you take the same $1,500 a month and apply it to a $250,000 house, with a $200,000 mortgage at 4.25 percent. You’ll spend $984 a month on principal and interest, and the other $516 a month might (or might not) cover property taxes, insurance, lawn care, pest control, the occasional pressure cleaning and those inevitable visits by plumbers, electricians and carpenters. Over the 30-year life of the mortgage, you’ll replace the roof twice, the AC twice, repaint the house three times, buy enough replacement appliances to fill a small warehouse, and you’ll renovate the kitchen and bathrooms, all of which’ll cost you $100,000. And don’t forget that $50,000 down payment you made back when you were young. You will have paid the same $540,000 over 30 years, and you’ll have a net gain of $100,000 to show for it.

Not bad, but certainly not hedge fund money.

For more information on apartments in Garner, NC contact Abberly Place.

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Real Time


North Carolina is One of America’s Cheapest States to Live – Garner, NC

Joseph Coupal - Thursday, April 20, 2017

Abberly Place, Garner, NCCNBC scored all 50 states on more than 60 measures of competitiveness, developed with input from a broad and diverse array of business and policy experts, official government sources, the CNBC Global CFO Council and the states themselves. States receive points based on their rankings in each metric. Then we separate those metrics into 10 broad categories, weighted based on how frequently each is used as a selling point in state economic development marketing materials. That way, our study ranks the states based on the criteria they use to sell themselves.

Cost of living is one of the key categories of competitiveness, worth a possible 75 points toward a state's overall Top States score.

This year some states were tied. But North Carolina ranked high on the list .

#5 North Carolina

For more information on apartments in Garner, NC contact Abberly Place.

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CNBC


It May be Better to Rent, No Matter What the Numbers Say – Garner, NC

Joseph Coupal - Friday, April 14, 2017

Abberly Place, Garner, NCIf you're wondering whether you're better off financially renting or buying a home, you can easily find an app for that.

Mortgage calculators all let you input the relevant numbers to determine which option makes more economic sense.

But studies and numbers don't always tell the whole story, and the cheapest option in a state isn't always the cheapest option for an individual.

You shouldn't buy if it doesn't fit your lifestyle. If it's really important to you to be going on exotic vacations ... it might be better to rent. Renting is also ideal for someone whose life is unsettled or a person who expects to relocate in a short time.

You don't want to buy if you don't plan to stay put for a while. In most markets, it's going to take around five years to offset the cost of buying.

In the short term, buying nearly always costs more. There's the down payment and mortgage closing costs, plus whatever money you spend to customize the house and get it ready for you. Then factor in the regular costs of homeownership, including homeowners insurance, property taxes and repair costs, and that can add up to a big chunk of change in the first few years of owning a home.

It's always more expensive in the short run to own rather than rent.

But if you crunch the numbers and they say buying a home is the right move, should you? Not always. Here are three good reasons not to buy a house, even if the all apps and calculators say you should.

You Don't Want the Responsibility

If you own a home, fixing anything that breaks is your responsibility. That could be an easy and inexpensive fix, such as calling a plumber to repair a leaky toilet, or a complicated and costly repair, such as replacement of the water and sewer lines from your home to the street.

When you buy a house, the first thing you discover is your landlord isn't going to fix the water heater when it breaks. Are you entirely ready for the requirements?

Not only do you need to have the money to make the repairs, you need to have the skill to find and negotiate with contractors and repair people. It's a lot of responsibility. Everyone should not buy a house. there are people who are emotionally not ready for it.

Your Life Plans Are in Flux

Even when buying seems cheaper than renting, you end up spending more if you sell quickly because of the costs of buying and selling. Buying a home then moving six months later to take a new job or get married can be costly.

The "in and out" costs are estimated at 10 percent of the home's value, though that varies by home and location. If appreciation is 3 percent a year, it will take you four years to break even, if you didn't spend any significant money on improvements or repairs.

The Great Recession also was a good reminder that there is no guarantee real estate will rise in value. People who bought or refinanced homes at the peak of the market in 2006 found themselves trapped in homes that were worth less, sometimes much less, than they owed on their mortgages. If they sold, they would have had to pay the lender tens of thousands of dollars.

Houses are selling quickly now in most cities and are expected to continue gaining value in 2017, but that's not always the case. If you invest in the stock market, you can sell your assets and have your cash in a few days. Real estate has a much longer time frame.

People whose lives are uncertain may not want to buy. Owning a home could make it harder to relocate for a better job, engage in long-term travel, care for aging parents out of state or unite with long-distance lover. Think hard about your current lifestyle and how it may evolve in the near future before you sign on the dotted line.

You Won't Have Any Savings After You Buy

People often forget that the down payment and closing costs are just the beginning when you buy a house or condo. Even homes in solid condition need maintenance and repair, from painting to new roofs to new appliances.

Every homeowner has a story, often multiple stories, of air conditioners and furnaces that needed replacing six months after they moved in, burst pipes that flooded the basement and washers that stopped forever in midcycle. Annual home maintenance and repairs easily can run 1 to 4 percent of the cost of the home, according to several real estate websites and Freddie Mac.

Houses are expensive and things break. You need to have a healthy emergency fund and be able to add to it.

Some lenders require homeowners to have savings as a condition of approving their mortgages. Even if your lender doesn't, you don't want to spend your last cent buying a home, especially if you'll be stretching to pay the mortgage, taxes and homeowners insurance.

You don't want to come out of the process of buying without at least three months of savings.

For more information on apartments in Garner, NC, contact Abberly Place.

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Yahoo! Finance


One of the Best States To Retire in is North Carolina – Garner, Raleigh, NC

Joseph Coupal - Thursday, April 06, 2017

Abberly Place, Garner, NCMany of us long for a retirement that will feel like going on a permanent vacation. But before we buy that beach bungalow, box up our stuff and break out the Costco-sized wine spritzers, a reality check may be in order.

Bankrate’s latest ranking of the best and worst states to retire finds the fun-in-the-sun places often associated with retirement may have drawbacks as we face aging issues and our savings dwindle. Retiree meccas like Florida and Arizona don’t come close to cracking our top 10.

#20. North Carolina

Many do want to retire somewhere else - It’s no myth that many people dream of moving in retirement. A new Bankrate survey shows that 47% of Americans would consider relocating when they retire. Higher-earning households and younger people are more likely to say so than everyone else.

According to our poll, Americans’ priorities for a retirement haven suggest they’re giving a lot of thought to practical considerations like cost of living and health care.

How we rate the states

To rank the states according to what people say they want in retirement, we pull together data on these eight criteria:

  • Cost of living
  • Healthcare quality
  • Crime
  • Cultural vitality
  • Weather
  • Taxes
  • Senior citizens’ overall well-being
  • The prevalence of other seniors

Two of our categories are new: cultural vitality (whether residents can find fun stuff to do) and the prevalence of other seniors (whether it would be easy to find other retirees to hang out with).

We weight the factors based on the importance they were given in our survey.

For more information on apartments in Garner, NC, contact Abberly Place.

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Bankrate



Abberly Place Apartment Homes

500 Abberly Crest Boulevard, Garner, NC 27529

Call: 844-230-1753
Email UsAbberlyPlace024@myLTSMail.com
View Map

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

$937-$1,361