Call Today
Resident Survey 
Abberly Place Apartment Homes
500 Abberly Crest Boulevard,
Garner, NC 27529

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.

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.

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


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