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

Sunday in the Park concert series rent or buy a home JC Raulston Arboretum Jeffrey Gitomer renting in retirement Going Green tornado in the south free rent Do More for Pets Beer Month events, Raleigh, Garner apartment hunting, Garner, NC keep the environment clean christmas holiday deciding whether to rent or buy Pet friendly Apartments in Garner Raleigh abberly place apartment homes two bedroom or three bedroom Taste of Downtown Raleigh Gourmet Food Tour one bedroom apartments in Garner, NC mild winters Apartments in Garner NC apartments Susan G. Komen Walk, Raleigh green methods Raleigh fourth of July renter's insurance Raleigh events healthy Gala in the Garden wahm Go Green Oktobersfest teaching kids the value of money Best Run City Father's day gift ideas golf fitness centers America’s most livable cities two bedroom apartments, Raleigh model apartment home furniture personal health March Madness sports bars buy or rent St. Patrick's Day Parade Raleigh healthy school lunch tips Vending machine Raleigh Winterfest lego festival fall events, Raleigh fall events Raleigh New Year's Eve apartment decorating International Festival of Raleigh reviews for apartments in Garner, NC Duke University summer vacation dining tables for sale Groupon travel raleigh NC drink recipe hot weather and your AC Pool Party green holidays how to be a good roommate desserts Raleigh three bedroom apartment in Garner, NC Resident Advantage Program hunger decision to rent or buy Around Town new year’s resolutions global warming The Gratitude Local restaurants Garner, NC monthly budget changing apartments diets apartment reviews, Garner apartment wishes chairs for sale winter workout health and fitness Music how to get out sofa stains stay cool New Year's resolutions Happy Easter Pet Friendly Apartments Raleigh Restaurant Week how much is a billion vacation spots healthy food Holiday events, Raliegh apartment contest ways to burn calories apartment fire relocating to Raleigh flowers and plants pullen park fun ways to burn calories losing weight how to get out carpet stains Waste management Triangle Restaurant week Raleigh fireworks New Hope River Valley Black Friday best place to live for young adults abberly place apartments homes Olympic Fun Day Garner pride gas mileage, NC rent or buy Raleigh nightlife how many billionaire in the world Irish pubs Raleigh fishing high profile universities Southern charm Getaways March Madness positive mental attitude redbox movie rental Winterfest Winter Holiday Season Mental Health Museum Exploration rent vs. buy why rent Garner NC Marbles Kids Museum home maintenance and repairs downtown Raleigh restaurants Santa, Raleigh, NC meatballs home insurance coverage looking for apartments in Garner, NC new year’s eve hurricane path how to keep new years resolutions holiday events, Raleigh, NC sports Abberly Place renting apartments near Raleigh North Carolina State Fair holiday ornaments barbeque using your AC Liberty National coke Restaurants open for Thanksgiving Dinner home depot kitchen tools kitchen cooking hurricane insurance apartments in Charlotte NC Holidays skyscrapers green cleaning Easter Abberly Place Garner Apartment Homes walking summer activities for kids apartments in Garner, NC how to meet people events in downtown Garner negative attitude green living torndo warning compound interest hiking trails bunnies save money on renting renting or owning in retirement street festival Google Instant top cities in the US for Millenials holiday giving rent Festivals around Raleigh top 35 cities in the US for Millenials Resident Party top cities for Millenials Raleigh North Carolina hiking best place for educational opportunities healthy eating roommate duties Garner apartments go green without plastic Concerts and Events Abberly Place apartment reviews recycling go green food Restaurant Week rent or own new year’s day Durham Earth Day Festival holiday trees hurricane irene improve indoor air quality events hockey area activities music and arts festival shrink wrap eco-friendly room mate duties cost of home maintenance things to do in the Triangle spaghetti Memorial Day recipes two bedroom apartments in Garner, NC Tax Day green Halloween events farmers markets Triangle area golf courses three bedroom apartments in Garner, NC abberly place fitness center Carbon Leaf winter cold apartments party idea cancer walk, NC burn calories Downtown Raleigh Food Truck rodeo Real estate decoration apartments in the Carolinas deciding between renting and buying eating outside Search Engines tornado apartments for college graduates home ownership Garner renting in Raleigh, NC popcorn apartment pets Gingerbread House Competition fourth of July, Raleigh, NC fresh fruits and vegetables eastern carolina university apartments in Glen Allen, VA increase gas mileage, NC televison commercials tax free weekend, NC Father's day gift North Carolina Raleigh parks tips on how to choose a pumpkin tips for apartment pets start a supper club vacation destinations heat index in Raleigh Museum of Natural Sciences HHHunt apartments for college grads GoogleInstant excercise two bedroom apartment in Garner, NC Raleigh Area New Year's Eve near Raleigh NC cost of home maintenance and repairs Susan G. Komen Walk team happiness machine put away decorations top 25 places to retire Garner litter sweep setting your thermostat interest calculator during a tornado Martha Stewart plastic Dtown Oktoberfest tips on renting Food fall festivals, Raleigh valentines day gift ideas two bedroom apartments, NC The Time Traveler's Wife apartment management company twister three bedroom apartments, NC YogaFest Raleigh relocating to Raleigh, NC apartment pets, Garner, Nc corn maze house plants that help indoor air quality Wachovia iMax Theater Raleigh Third Tuesday plastics golf courses MLK celebration in Raleigh apartments in Raleigh, NC renting how to choose a pumpkin Concerts and events in Garner Have a Coke a Smile and a great weekend winter health Glen Allen, VA winterfest celebration One bedroom apartment communities Raleigh area college grads holiday food rare syndromes YogaFest green cleaning products Holiday Open House April Fool's Day best place to live and work leftover dinners environment Little Engine That Could dieting Memorial Day Fun Fact Friday Thanksgiving tree lighting, Raliegh Best Run Cities family fun chicken recipe charity swim for cancer, Raleigh valentines day gifts Mother's Day savings NC community Tar Heels National Public Lands Day kitchen newlyweds rentning Self-Help renters insurance winter weather Adult #HowYouLive Jordan Lake Abberly Place Apartments Abberly Place residents When to buy a home eating one bedroom apartments, NC St. Patrick's Day Raleigh ads Audrey Niffenegger Raleigh restaurants Labor Day red hawk March Madness sports bars raleigh try to meet people research triangle park community holiday renting vs buying a home healthy school lunch ideas great place to come home to St. Paddy's Run Green 8k metro Raleigh Memorial day events Raleigh, NC best food in Raleigh concert series one bedroom apartments, Raleigh apartment amenities american diet senior learning program New Year Coca Cola Raleigh tornado Abberly Green food and apartments renting in Garner, NC house plants for indoor air quality Holiday Season Raleigh NC Memorial Day Weekend Apartments near Raleigh Raleigh ranked number 1 St. Patrick's Day event Raleigh’s walking food tour Rachel McAdams Wearin’ of the Green Festival, Raleigh apartments reviews in Garner, NC Raleigh bars grilling food gifts Carolina Panthers high tech industry Raleigh, NC garden parties apartment reviews, Garner, NC icebergs best fast food in Raleigh pet lovers margaria recipe Triangle BBQ tips White Deer Monster Dash and Family Fun Run reviews of apartments in Garner, NC goals for kids Garner Revitalization Association three bedroom apartments, Raleigh how to improve credit score Soda Alice in Wonderland First Night in Raleigh interational festival of Raleigh Lake Benson Park renting Apartment Homes good food urban beekeepers Google roommates hurricane awareness Papa Johns Pizza apartments around Raleigh Music on Main Concert apartment resolutions The International Festival Beer, Boubon and BBQ Festival Garner apartment reviews Food Truck rodeo halloween events, Raleigh Redbox has a great deal how to get out stains New Year's Eve Raleigh coach best quality of life diy beekeeping first night Raleigh Rent-to-own renting vs buying summertime drink health 401k Turkey perfect margaria recipe April 1st International Festival apartment homes St. Patrick's Day newly weds rentning ornaments before a tornado Easter egg hunt NC State Fair memorial day party tips triangle area retire wealthy 1992 Chapel HIll festifall Arts Festival hurricane track downtown Raleigh Restaurant Week furniture for sale apartment decor Raleigh Festivals Super Bowl Events in Raleigh walking food tour christmas decorations don't drink and drive eat healthy jokes free coffee veterans day parade Raleigh A Movie With Dad (Free) teacher gift ideas Fun Facts North Carolina Museum of Natural Sciences wealthy holiday shopping Earth Day Festival Arnold Palmer designed courses apartment community retirement years HH Hunt gas prices, NC apartment in Garner, NC teaching kids to save money Generation Rent how to save money personal safety Black Friday deals Credit Cards nutrition after a tornado Downtown Garner renting after retirement Personal development conserve energy in your apartment New Zealand apartments in Garner Memorial Day appetizer recipes ways to go green Betty White tornado safety leftover turkey recipes buildings Raleigh ranked no. 1 upcoming events, Garner, NC safety Mom's Day swapstyle.com. wardrobe GRA MasterMinds Missing Dog relocating to Raleigh NC relax Nixon prank Apartment Living recipe for summer apartment floor plans aprtments in Garner NC Financial advice teacher holiday gift ideas roommate of the year renting in Garner pet friendly apartments in Raleigh, NC dog parks, Raleigh swap clothes post-grad apartments breast cancer walk, NC Kentucky Derby making apartments green urban beekeeping pet friendly apartments, Raleigh carolina hurricanes improve credit score retirement lego expo holiday popcorn one bedroom apartment in Garner, NC renting an apartment in Garner, NC space saving apartment furniture credit score Spare Change hurricanes community events young adults Panthers renting vs owning N.C. State Fair discipline of living a positive attitude new places to live in Raleigh plasticx pet friendly green decorating apartment building fire Free Music on Main Street Series kids savings account cholesterol renting an apartment Vending holiday events how to start beekeeping buying and renting energy efficiency indoor air quality Positive living in Garner fireworks, Raleigh, NC dogs and cats Arts and Entertainment drink responsibly Thanksgiving dinner North Carolina Beer Month apartments near Raleigh, NC food gift baskets location ira HHHunt Apartment Homes relocating Raleigh, North Carolina items for sale living in an apartment Father's Day Jennifer Moran christmas St. Patrick's Day Parade positive attitude cleaning Oktoberfest, Raleigh, NC flu shots tornadoes

Archive