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

Reasons to Rent in Retirement

Joseph Coupal - Thursday, April 19, 2018

Abberly Place apartments in Garner, NCHomeownership and retirement don't always mesh. Here's why you might consider renting as a senior instead.

Though owning a home has long been hailed as the American Dream, that's not necessarily the case when it comes to retirement. Since 1990, homeownership has declined among 55-64 year-olds, and experts expect this trend to continue in the coming years.

Before you prepare to live out your senior years as a homeowner, here are a few reasons to consider renting instead.

1. Your housing costs will be fixed

The problem with homeownership is that even in the absence of a mortgage payment, you still face countless unknown costs. Your property taxes, for example, could go up significantly if you have a year when your home is reassessed. Similarly, as your home ages, your regular maintenance costs could easily go from manageable to downright astronomical.

Consider this: The typical homeowner spends anywhere from 1% to 4% of his or her home's value on annual upkeep. If you're dealing with, say, a $500,000 property, that's a pretty huge range, but you can't discount the possibility of creeping toward its high end as you make your way through retirement.

Then there are repairs to consider -- problems that aren't expected, but rather pop up suddenly and constitute a huge financial burden. Do you really want to deal with those when you're on a fixed income?

When you rent a home, you're locked into the same monthly payment regardless of whether the roof starts to leak or the heater needs repairs. If the local lawn service raises its rates one year to cut the grass, that's not your problem. Of course, the downside of renting is that your landlord could raise your monthly payments once your lease expires -- but if that happens, you could always find a new home or try to negotiate.

2. Owning may not help much from a tax perspective

One benefit of being a homeowner is getting to deduct the interest on your mortgage, thus saving you money on taxes. But if you're coming into retirement mortgage-free, which is the case for the majority of homeowners 65 and over, then that benefit no longer exists.

Furthermore, it used to be the case that you could deduct your property taxes in full, and as we all know, those apply even once your mortgage is paid off. But as part of the recent tax changes that took effect this year, the state and local tax (SALT) deduction, which property taxes are part of, is now capped at $10,000. This means that if you live in a state with high taxes, you might lose the bulk of that write-off (at least for the next seven years), thus making homeownership a less appealing prospect.

3. You'll get more flexibility

The beauty of being retired is not being tied to a job, or that job's location. This means that if you want to pick up and move to a state with warmer weather or get closer to your grandchildren, you're free to do so -- provided your home isn't holding you back.

As a renter, you have the option to leave your home once your lease ends, or, in many cases, break your lease prematurely with a reasonable bit of notice. Selling a home, by contrast, could take months, and there are numerous expenses you might encounter along the way. You may therefore be better off unloading your home prior to retirement and buying yourself that added leeway later in life.

Now this isn't to say that renting a home in retirement is always the right move. At the same time, it pays to think about the benefits of renting at a time in your life when you're no longer bringing home a steady paycheck.

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

#HowYouLive

The Motley Fool


Rent or Buy Debate Doesn't Make Sense

Joseph Coupal - Thursday, April 12, 2018

Abberly Place apartments in Garner, NCWhen you buy a home, you pay for things you don’t have to pay for as a renter: loan interest, property taxes, insurance, and even maintenance and repair costs. That’s part of the argument in favor of renting: there are so many additional costs and factors that get overlooked. That goes for both sides, though, and the details vary depending on the situation. Here are a few commonly overlooked factors that make up the specifics.

  • How long you’ll live in the home: This varies depending on the market, but in general, the longer you’re in the home, the better, because your costs are spread out over time.
  • The cost of housing in your area: In most cases, people rent because houses are just too expensive, but it all depends on the market in your area. If renting is extremely costly in your area, it might be more affordable to buy a home.
  • The opportunity cost of your taxes and insurance: What kind of long-term return could you get if you invested this money instead, in the stock market, a CD, or even a “high interest” savings account?
  • The opportunity cost of your down payment: Similarly, how much of a return could you get if you invested that lump sum instead?

It’s impossible to say renting or buying is a better decision because each one of these factors (and more) depends on your unique situation. You have to consider where you live, what kind of house you’re looking for, how much you pay in rent, how much you’ll pay in the future...the list goes on and on.

A Rent vs. Buy calculator is a great tool for simplifying these complexities, depending on your own individual specifics. Still, a calculator can only do so much. It might tell you the better long-term decision on paper, but that still doesn’t mean it’s the best decision for you.

Your Home is a Purchase, Not an Investment

Most experts agree that you shouldn’t think of your primary home as an investment. Contrary to popular belief, real estate barely outpaces inflation over time. Sure, you could time the market, flip a house, or buy a rental, but that’s different from expecting your primary home to earn you a sweet return. The investing myth is another valid argument against buying. Many people buy homes they can’t afford or stretch their finances to pay for expensive home projects because they buy into this myth.

The bottom line is: sometimes it’s smarter to rent, and sometimes buying can work in your favor. Rather than giving in to one side or another, it’s more helpful to learn the rules, crunch the numbers, then do what works—and feels right—for you.

For more information on apartments in Garner, NC, contact The Gardens.

#HowYouLive

Excerpts: twocents.lifehacker.com


What To Do During NC Beer Month in Raleigh

Joseph Coupal - Thursday, April 05, 2018

Abberly Place apartments in Garner, NCNorth Carolina is for beer lovers. Craft breweries flourish famously in the mountains, with urban flair in the Piedmont and with character along the coast. The number of breweries stands at more than 250 statewide — it’s hard to keep an up-to-date count with new breweries constantly rising on the beerscape, but we know that North Carolina has the highest total between Pennsylvania and Texas.

Asheville, Raleigh, Durham, Charlotte, Hickory — all celebrate regional beer culture with festivals, beer weeks and other events. In April 2018, Visit North Carolina and the North Carolina Craft Brewers Guild will join forces to host NC Beer Month for its sixth year.

Why celebrate North Carolina beer? Because the state is one of the best for craft brewing with unique and exceptional flavors. Medals from the Great American Beer Festival and The World Beer Cup. Raves for Ninja Porter, Death by Hops, Black Radish and Papa Jade IPA. Beer to be tasted by the flight and savored by the session. Beer that abides by the Reinheitsgebot purity law and beer that innovates on a rich agricultural heritage.

If you live in an apartment in Garner, NC you may be interested on what our area has to offer NC Beer Month.

Raleigh

A brewery that launched in an airplane hangar. North Carolina’s first woman-owned brewery. A brewery born from a rickshaw company. Raleigh area brewers know something about thinking differently. And with more than 30 breweries all over the destination; plus, their presence at World Beer Festival Raleigh, welcoming 250 craft brews from around the country, and Brewgaloo, celebrating regional craft breweries, you can bet on a craft beer experience like no other in April. In Raleigh, the brewers are just as excited to share their passion and inspirations as they are for you to taste the beer.

#HowYouLive

ncbeermonth.com



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