Call Today
Resident Survey 
Abberly Place Apartment Homes
500 Abberly Crest Boulevard,
Garner, NC 27529
abberlyplace001@myltsmail.com

Get e-mail notifications of new blog posts! Enter email address below.


Delivered by FeedBurner

 

Apartments Raleigh NC Blog

RSS Grab the Abberly Place RSS Feed

Renting vs Buying - Which is Better?

Joseph Coupal - Friday, May 03, 2013

When it comes to deciding whether to rent or buy your next home, it all boils down to the golden rule of real estate: location, location, location.

Renting an apartment in Raleigh, NC can make perfect sense.

Here's what you should think about before you sign the dotted line on a lease or a mortgage.

Longevity
Renting is ideal for someone who plans to live in an area for fewer than three to five years. If you were to buy a house in that time, you might not get the return on your investment.

If you buy a house and sell it within a couple years, you'll lose about 6% - 7% of the money you put in to a home through the cost of selling — including transfer taxes and the real estate commission.

If you have any doubt about long-term longevity, then you should be renting. Don’t waste your money.

The bottom line: Rent if you can only commit to staying in the same spot for a year or two. If your job will keep you in the same place for several years, it's a good time to buy.

Maintenance
Before buying, you also need to be ready to pay higher insurance and maintenance costs on a home than you would on a rental apartment.

When your sink gets a leaky pipe in a house, you can't call your landlord to bring down his toolbox to fix it for you. And those unexpected costs can potentially add up to thousands each year, depending on the age of your home. Many websites recommended stashing away 1% of your home's worth for annual maintenance costs.

The bottom line: If you're not ready to pay out of pocket when something breaks, go with renting.
 
Upfront cost
Before buying a home, potential owners need to ensure they have at least 20% of the cost for a down payment. Although you can sometimes get by with less, most buyers must meet that threshold to qualify for a typical home loan.

20% down is often called the "magic number" for a house down payment and can come with lower interest rates compared to loans for people who can only afford 10%.

Upfront costs for renting an apartment typically include a down payment of at least one month's rent and a security deposit, which you can recoup at the end if no damage is done.
 
But buyers also can take advantage of current record-low interest rates. And they don't have to deal with landlords or fluctuating rents.

The bottom line: If you can't afford to put down 20% of the home's cost, rent instead.

Return on investment
Home prices are on the rise, but they're still about 30% lower than they were before the real estate bubble popped. Regardless, prices are going up. And the housing inventory is at its lowest in years, showing that real estate is finally in high demand.

On the other hand, there's no chance you'll never get back the rent that you put into an apartment.

The bottom line: Theoretically, there's more to gain by investing in a home, but if the economy takes another downturn, we could be easily singing a different tune in a decade. Millions of homeowners were left with underwater mortgages in the wake of the housing crisis, which left them living in homes that were worth less than they could sell for.

The Verdict:
There's no hard-and-fast rule for whether renting or buying is the "best" choice in today's economy. Buying a home is surely a move to consider if you're planning to stay in one spot for several years. Otherwise, take a gamble on renting for now.

For more information on renting in Raleigh, NC, contact Abberly Place Apartments.

Business Insider


Recent Posts


Tags

three bedroom apartments in Garner, NC put away decorations summer activities for kids american diet ways to burn calories eating outside gas prices, NC Holiday events, Raliegh 1992 North Carolina State Fair St. Patrick's Day Parade Raleigh Local restaurants Susan G. Komen Walk, Raleigh MLK celebration in Raleigh Irish pubs Raleigh deciding between renting and buying Raleigh New Year's Eve one bedroom apartments in Garner, NC tips for apartment pets Garner Revitalization Association red hawk fireworks, Raleigh, NC eco-friendly how many billionaire in the world March Madness sports bars lego festival Concerts and Events winter weather renting in Garner Memorial Day recipes Mom's Day one bedroom apartments, NC popcorn hurricane track ornaments how to improve credit score how to be a good roommate improve indoor air quality Groupon rare syndromes best place to live and work tornado top 25 places to retire Memorial day events Raleigh, NC stay cool Garner litter sweep savings one bedroom apartments, Raleigh hurricane awareness holiday trees young adults Easter egg hunt why rent Jeffrey Gitomer green cleaning interest calculator Apartment Living bunnies veterans day parade Raleigh Financial advice retirement years Mental Health pet friendly Father's Day coke North Carolina things to do in the Triangle Easter apartment floor plans teaching kids the value of money renting vs owning Alice in Wonderland eating Rent-to-own house plants that help indoor air quality Fun Facts Sunday in the Park concert series personal safety Downtown Garner roommate duties Raleigh, NC start a supper club Susan G. Komen Walk team apartment decorating New Hope River Valley research triangle park rent or own spaghetti National Public Lands Day apartments for college graduates renting in retirement losing weight green holidays apartment in Garner, NC concert series heat index in Raleigh Papa Johns Pizza Go Green Rachel McAdams Raleigh, North Carolina Little Engine That Could Food chicken recipe St. Patrick's Day Raleigh When to buy a home Apartments in Garner NC downtown Raleigh Restaurant Week renting an apartment downtown Raleigh restaurants March Madness The Gratitude Winter Holiday Season White Deer Monster Dash and Family Fun Run after a tornado Resident Party one bedroom apartment in Garner, NC Search Engines apartment management company International Festival of Raleigh Martha Stewart Liberty National Music on Main Concert televison commercials New Zealand health and fitness Pool Party Kentucky Derby apartment fire decoration apartments in Garner, NC teaching kids to save money St. Patrick's Day event twister relocating to Raleigh, NC eat healthy christmas holiday Apartments near Raleigh kids savings account healthy school lunch tips Betty White try to meet people Durham Earth Day Festival golf courses green methods Audrey Niffenegger how much is a billion healthy food apartments for college grads apartments diy beekeeping cholesterol Duke University Abberly Place Garner Apartment Homes dog parks, Raleigh Garner, NC aprtments in Garner NC Father's day gift Halloween events travel Raleigh events Raleigh restaurants rent Garner pride Pet friendly Apartments in Garner Raleigh how to meet people desserts winter workout two bedroom or three bedroom Festivals around Raleigh Garner apartments safety Thanksgiving dinner best place to live for young adults Wachovia iMax Theater Raleigh Downtown Raleigh Food Truck rodeo global warming Beer Month events, Raleigh, Garner home depot tornadoes flu shots One bedroom model apartment home furniture Raleigh fireworks grilling Triangle area golf courses Winterfest two bedroom apartments, NC indoor air quality kitchen tools holiday food Music renting vs buying a home Vending ira tornado in the south apartments in the Carolinas energy efficiency how to keep new years resolutions Vending machine two bedroom apartment in Garner, NC Positive living in Garner tree lighting, Raliegh discipline of living a positive attitude first night Raleigh roommate of the year Lake Benson Park Super Bowl Soda garden parties vacation spots food gifts fall events torndo warning Raleigh NC relocating to Raleigh NC Raleigh summertime drink renting Pet Friendly Apartments Google Instant recycling apartment homes Museum of Natural Sciences Resident Advantage Program buying and renting senior learning program Black Friday walking events in downtown Garner tornado safety New Year's Eve Raleigh abberly place fitness center free coffee space saving apartment furniture Best Run City Chapel HIll festifall Arts Festival hurricanes monthly budget apartments in Raleigh, NC relocating Raleigh ranked number 1 Jennifer Moran Coca Cola Personal development Tax Day items for sale retire wealthy don't drink and drive new places to live in Raleigh The Time Traveler's Wife valentines day gift ideas dieting flowers and plants NC State Fair making apartments green apartments in Garner winter health Free Music on Main Street Series go green food Labor Day green cleaning products apartment communities A Movie With Dad (Free) apartment pets Do More for Pets holiday popcorn North Carolina Museum of Natural Sciences newlyweds rentning before a tornado changing apartments winter cold icebergs rent vs. buy urban beekeepers gas mileage, NC location area activities halloween events, Raleigh Mother's Day renting after retirement dining tables for sale community holiday swapstyle.com. wardrobe compound interest free rent charity swim for cancer, Raleigh St. Patrick's Day Parade meatballs Triangle Restaurant week positive attitude drink responsibly Tar Heels apartment amenities tips on renting coach Wearin’ of the Green Festival, Raleigh newly weds rentning during a tornado Raleigh ranked no. 1 christmas furniture for sale Concerts and events in Garner plastics home insurance coverage Raleigh Festivals two bedroom apartments, Raleigh relax healthy increase gas mileage, NC perfect margaria recipe margaria recipe plastic how to get out sofa stains St. Patrick's Day apartment building fire Self-Help Nixon prank New Year's Eve Fun Fact Friday 401k how to get out stains near Raleigh NC Carbon Leaf good food personal health home ownership diets teacher holiday gift ideas renting vs buying renting an apartment in Garner, NC Going Green community hiking trails nutrition carolina hurricanes Spare Change corn maze April 1st apartments in Charlotte NC jokes sports renting in Garner, NC Marbles Kids Museum best place for educational opportunities ways to go green St. Paddy's Run Green 8k holiday giving fishing New Year's resolutions Happy Easter interational festival of Raleigh credit score pullen park how to start beekeeping Third Tuesday Best Run Cities negative attitude hurricane insurance recipe for summer hurricane irene pet friendly apartments in Raleigh, NC Memorial Day Weekend North Carolina Beer Month healthy eating renting apartments near Raleigh pet lovers burn calories new year’s eve urban beekeeping hunger Raleigh fourth of July apartment resolutions Garner music and arts festival new year’s resolutions farmers markets christmas decorations HHHunt Apartment Homes holiday ornaments golf abberly place apartment homes pet friendly apartments, Raleigh chairs for sale Raleigh Winterfest Holiday Season rent or buy Holidays fresh fruits and vegetables Raleigh area college grads Abberly Place residents GoogleInstant valentines day gifts renting in Raleigh, NC apartment community Missing Dog leftover turkey recipes excercise green Garner NC hockey swap clothes two bedroom apartments in Garner, NC Credit Cards how to save money Thanksgiving Arts and Entertainment HH Hunt Redbox has a great deal house plants for indoor air quality roommates Raleigh Area apartments party idea cleaning renters insurance redbox movie rental renting Apartment Homes apartment decor Panthers Food Truck rodeo Carolina Panthers skyscrapers Raleigh parks apartment wishes wahm vacation destinations how to get out carpet stains health great place to come home to Father's day gift ideas HHHunt teacher gift ideas Turkey tax free weekend, NC triangle area decision to rent or buy new year’s day Gala in the Garden Black Friday deals dogs and cats wealthy fourth of July, Raleigh, NC lego expo Real estate Memorial Day appetizer recipes relocating to Raleigh food gift baskets Adult Raleigh nightlife Earth Day Festival green decorating rent or buy a home keep the environment clean raleigh NC drink recipe summer vacation room mate duties goals for kids events leftover dinners environment living in an apartment go green without plastic healthy school lunch ideas community events apartment contest First Night in Raleigh Memorial Day Google conserve energy in your apartment fitness centers Getaways retirement cancer walk, NC abberly place apartments homes Triangle holiday events street festival JC Raulston Arboretum Waste management GRA MasterMinds breast cancer walk, NC Restaurants open for Thanksgiving Dinner Raleigh bars Museum Exploration March Madness sports bars raleigh plasticx three bedroom apartments, Raleigh happiness machine Abberly Place Apartments three bedroom apartments, NC kitchen buy or rent Jordan Lake buildings positive mental attitude best quality of life kitchen cooking family fun Around Town hurricane path New Year improve credit score NC mild winters barbeque green living apartment pets, Garner, Nc Southern charm three bedroom apartment in Garner, NC high profile universities fun ways to burn calories Raleigh tornado Arnold Palmer designed courses Abberly Place renter's insurance hiking save money on renting Raleigh North Carolina metro Raleigh Generation Rent high tech industry Olympic Fun Day renting or owning in retirement eastern carolina university shrink wrap Taste of Downtown Raleigh Gourmet Food Tour April Fool's Day ads Abberly Green food and apartments Have a Coke a Smile and a great weekend

Archive