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Why Renting is Often Better - Waldorf, MD

Joseph Coupal - Thursday, April 27, 2017

Abberly Square, Waldorf, MDOnce you get your career going, you may begin to think about settling down; maybe you are looking for a place to live. One of the biggest questions is whether you should rent or buy your home.

For many, buying is one of life’s biggest aspirations. But for others, buying property doesn’t really have a place in their life. It can be difficult choice, and one that’s going to have a big impact on your bank-balance. There are pros and cons to both buying and renting.

Buying a home has been traditionally been the goal for many people. Once you’ve paid off your mortgage or mortgages, your home is your own. A home also represents a large chunk of your credit security.

Fundamentally, this is how many look at it: monthly mortgage payments may be a headache when times are tough, and it may be increasingly difficult to get one but at the end of the day you’re paying into something that you’ll eventually own outright.

The same cannot be said for renting, and this is the main criticism. However, there are many benefits to renting.

Firstly, you’ll need a much smaller initial down payment to secure an apartment. Provided you treat the property right, you’ll receive your deposit back in full at the end of your lease.

Secondly, you have flexibility and freedom. You can choose to move– in a completely different region –more quickly and easily than you would be able to if you owned a home.

Thirdly, the upkeep of any rented property is the responsibility of the landlord. Homeowners will have to pay for home repairs and ensure they have insurance coverage.

For more information on renting an apartment in Waldorf, MD contact Abberly Square.

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Economic Voice


Should I Rent or Buy? Questions to Ask – Waldorf, MD

Joseph Coupal - Friday, April 21, 2017

Abberly Square, Waldorf, MD“Should I buy a house?” This life-changing question is not something you casually ask the magic eight ball and get hit with a vague answer like, “Concentrate and ask again.” Instead, there is an empirical way to find out if you should buy a house or rent an apartment in Waldorf, MD. Ask yourself these questions below.

Question No. 1: Can I afford a home?

The first step is to find out whether you can buy a house given your current financial situation. A calculator will help you figure out just how much house you can afford. However, a rule of thumb is that you should spend no more than 33% of your income on housing.

Question No. 2: Is it better for me to rent or buy?

The whole “rent or buy?” question depends on which housing market you’re in, because inventory can make a huge difference.

Question No. 3: How long can I stay put?

Generally the longer you live in a home, the smarter it is to buy rather than rent. Short-term stays? Renting might make more sense. The reason: When you buy a home, you’ll pay closing costs that can total thousands of dollars, plus most of your early mortgage payments go toward interest rather than whittling down the principal (the actual amount you owe on your home). As a result, as a rule of thumb, home buyers should plan to stay put at least five years. If you might move before that point, you should stick with renting instead.

Question No. 4: Are my retirement savings on track?

We know, retirement seems a long way off. Still, it’s crucial to start storing those nuts early. So if you’re neglecting your 401(k) to funnel all your funds toward a home purchase that may not be the best allocation of resources (particularly if your employer matches funds, which is free money). Another reason: Setting aside money in a retirement account must be done the year you earn that income; you can’t go back later with a wad of cash and hope to squeeze it in.

When in doubt on what to do, consult a financial adviser who can help you strike a balance between saving for a house and your future simultaneously.

Question No. 5: Am I ready for the responsibility?

With rentals, you can just call your landlord to fix that leaky faucet. With a home you own, it’s all on you. So ask yourself if you’re willing to forgo weekend bar crawls with friends in lieu of mowing the lawn or patching the roof.

Ask yourself the following: “Do I have the time, resources, and desire to take on home maintenance and repairs as well as yard maintenance?” For more information on apartments in Waldorf, MD contact Abberly Square.

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realtor.com


It May be Better to Rent, Even if the Numbers Say It's Cheaper to Buy – Fredericksburg, VA

Joseph Coupal - Friday, April 14, 2017

Abberly Square, Waldorf, MDIf 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 Waldorf, MD, contact Abberly Square.

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Yahoo! Finance


Are You Really Ready to Buy a House? – Apartments in Waldorf, MD

Joseph Coupal - Friday, April 07, 2017

Abberly Square, Waldorf, MDLet's say you're a veteran renter and you're thinking you want to start building value in a home of your own and the thought of buying a house is becoming more and more tempting.

Should you do it?

It depends. Homeownership isn't a sure path to building wealth if you're using a mortgage like most homebuyers do. The truth is: You'll be paying a lot and not getting anything in return in the form of mortgage interest, mortgage insurance, property taxes, property insurance, homeowners association fees and home maintenance. All of that money simply vanishes – the only part that actually builds wealth for you is the tiny fraction of your mortgage payment that goes toward your balance.

There are actually many financial and life situations where renting is by far the better deal, just as there are many financial and life situations where buying is the better deal.

One great step to take is to use a "rent versus buy" calculator. It's a spectacular tool for helping you run the numbers and figure out if you're ready to buy a home on paper. But on paper is just part of the story. Are you really ready for homeownership? Do the realities of your life make you ready?

Ask yourself these questions before deciding.

Q: Are you planning to live in the area long term?

During the first few years of a mortgage, homeowners build very little equity in their home. The portion of their mortgage payment that actually goes toward the principal of their mortgage is tiny, meaning that after a few years, you still only own a tiny fraction of your home.

Thus, if you're only planning on living in the area for a short while, at least 5 years, you're almost always better off renting. The value of home ownership doesn't reveal itself until you've lived there for a while.

Q: Am I able to save a significant amount each month for a down payment?

Homeownership comes with many more costs than does renting. As a renter, virtually your only bills for your living space include rent, utilities and renters insurance. If you're a homeowner, you're contending with your mortgage bill, mortgage insurance, property taxes, homeowners insurance, homeowners association fees and all of the maintenance costs that come with a home.

If, as a renter, your financial state is so tight that you're unable to save much each month for a down payment, then the costs of homeownership would likely stretch your budget substantially beyond what you can afford. The ability to save a significant amount each month for a down payment is a great litmus test as to whether your finances are ready to deal with the costs of homeownership.

Q: How will my commuting costs change?

Quite often, you'll find people who are renting properties that are fairly close to where they work, but then buy a home that's far from work.

If buying a home means you'll no longer be able to walk or bike to work, your commuting costs are about to skyrocket. Even if you can take mass transit from your new location, you're still going to be footing the bill. Your reliance on a car may now go up, if your move puts you farther from grocery stores and other necessary amenities.

Include the cost of transportation changes in your calculations or else you may find yourself in a very rough spot.

Q: Am I overreaching?

Even after thinking through these questions, people still often fall in love with a home that's simply beyond their budget. If they dive in, they may find themselves walking the tightrope for many years as they deal with the burden of an enormous mortgage and high additional expenses.

Yes, this can pay off if everything goes perfectly, but when is life perfect? If you're buying for the first time, you're far better off in a reasonably priced home that will still grow in value while giving you some financial breathing room as you learn the ins and outs of being a homeowner. You can certainly jump to the "dream home" later, but don't make it your first move after renting.

Q: Do I have the time?

If you constantly find yourself pressed for time as a renter, it's not going to get better when you move into a house that has maintenance and lawn care needs, which you'll be solely responsible for.

Does your current schedule afford you the time to deal with tackling home repairs, mowing the lawn and tending to the greenery? If not, you should be very careful when you consider moving into a home, particularly one that belongs to a homeowners association.

Homeownership can be a very expensive proposition and it's easy to make big missteps early on by jumping in before you're financially ready. Take the time to make the right choice when it comes to the biggest financial decision of your life.

For more information on renting an apartment in Waldorf, MD, contact Abberly Square.

#HowYouLive

US News – Money


It is Cheaper to Rent than Own in Every State, Including Yours - Waldorf, MD

Joseph Coupal - Thursday, March 30, 2017

Abberly Square, Waldorf, MDOwning a home is often considered the American dream — and it’s an expensive one. Homeowners in all 50 states and Washington, D.C., pay from 33% to 93% more for housing each month than do renters living in the same state, according to a new NerdWallet analysis.

But many homeowners reap benefits that you can’t get from renting. The equity you build can be leveraged for loans that can be used to improve the home and boost its value or be used in financial emergencies.

While renting can’t offer thosefinancial benefits, it’s cheaper to rent on a month-to-month basis. If you’re wondering how to save money for a down payment, renting can help you build that nest egg — but in extremely expensive or competitive markets, renting might be better for the long haul.

To determine the monthly homeownership premium — the additional cost of owning instead of renting, expressed as a percentage — NerdWallet compared 2015 American Community Survey data from the U.S. Census Bureau for the median gross rent and median homeownership cost in each state and Washington, D.C. Median gross rent includes the costs of monthly rent and utilities for all kinds of rental properties, and median homeownership cost includes monthly mortgage payments, real estate taxes, insurance and utilities. This comparison doesn’t include the down payment required to buy a home, which is traditionally 20% of the home price for conventional mortgages, but is lower for FHA or VA loans.

Key takeaways

  • Owning is more expensive everywhere. Across all 50 states and Washington, D.C., it costs more each month to own a home than to rent. The median cost people pay nationwide to own a home is 54% more than the median cost to rent each month.
  • The smallest difference is still a third more to own.
  • In some states, the cost of owning far eclipses renting.

State: Maryland
Homeownership Premium: 49%
Median Monthly Cost to Own: $1909
Median Monthly Cost to Rent: $1278
Difference: $631

For more information on apartments in Waldorf, MD, contact Abberly Square.

#HowYouLive
NerdWallet


Buy or Rent? How to Decide which Is Best for You – Waldorf, MD

Joseph Coupal - Thursday, March 23, 2017

Abberly Square, Waldorf, MDShould you buy or rent? Most people ask themselves this question and there’s no clear correct answer. Before you give up in frustration, take some time to ask yourself the following questions.

How Stable Is Your Lifestyle?

Are you the kind of person who likes to stay in one place, or do you like to move around? If your life is stable and you want to put down roots, buying a home is probably a good idea. If you are looking to move around or you are willing to pick up stakes for your job, you should consider renting.

What Are Your Plans for the Near Future?

Your plans for the near future are also very important in this decision. If you are planning on expanding your family it might be a good idea to buy a home that’s bigger than most apartments. Likewise, if you are planning to move soon, you’ll want to rent.

What’s Important to You?

You should also take a few moments to consider what’s important for you in terms of a living situation. Do you like privacy, stability, and the feeling of owning your own home? If so, then you’ll want to buy. Do you prefer amenities, a community, and putting the responsibility for home care and maintenance in the hands of professionals? That might mean you want to rent. There’s not a right or wrong answer here, so take some time to come to your own conclusion.

Who Is Helping You?

Finally, think about who’s helping you to make this choice. If you work with professionals, you’ll have a better chance to see more properties and make a more informed decision. One of the worst moves you can make when making this decision is to rush forward without enough information. Always make sure you let a real estate professional help you in your search.

Deciding whether to rent or buy is always a deeply personal decision. Take some time and think things over, then work with a professional to help you find a living situation that suits your lifestyle.

For more information on apartments in Waldorf, MD contact Abberly Square.

#HowYouLive
rismedia.com


Apartment Hunting Mistakes to Avoid – Waldorf, MD

Joseph Coupal - Thursday, March 16, 2017

Abberly Square, Waldorf, MDHere are a few common mistakes you can avoid when looking for a new apartment. Avoid these mistakes you will be able to choose the right apartment. Are you searching for a new apartment? If you don’t know the tricks to buy or rent an apartment let us help you. Here are a few common mistakes you can avoid when looking for a new apartment. Avoid these mistakes and you will be able to choose the right apartment at your desired location at an affordable price.

Never fall for an apartment that looks good in appearance. If it is an older apartment, then look for wood. Even if the locality is impressive, you should first have a look at minor things such as the kitchen, walls, etc. Anybody can make their apartment to look good when people come to see it. They can easily hide the flaws. But, you should investigate the place properly instead of falling for it in a second.

When looking for an apartment, whether for purchase or rent, you should consider your neighborhood and neighbors as well. After all, your neighbors will be sharing the same place with you. You do not want to feel uncomfortable in the neighborhood and with the neighbors. In most cases, neighbors tend to stay in contact frequently. In this situation, you would wish for good neighbors.

Once you have set out for this hunt, you first must make sure what your budget is. You might not be able to choose the right apartment for yourself without budgeting. What if you could pay the rent later? It will create more difficulty in moving in and out frequently. Therefore, it is better to know how much money you should keep for this purpose.

Make sure you check the reviews regarding the place or apartment itself. You may check the reviews online. Or in other cases, you may have a chat with some existing neighbors who are willing to share their knowledge. Get histories regarding the place and who used to live there. Make sure you go into every detail. Look over the place for signs of damage. For example, you would want to check out all plumbing areas, taps, sewerage system, bathrooms, kitchens, gas line pipes, water pipes, etc. There are going to be many things on the list that should be viewed. A person purchasing or renting an apartment should inspect these areas so that they have no difficulty once they are living in there.

You should determine the purpose for moving to a new apartment. It might be for you and members of your family or for some other reason. Identify the purpose and then choose the place.

Believe in your instincts while choosing an apartment so the place is going to be right for you in the future. If you follow these tips, you will certainly have a good experience in your new apartment.

For more information on apartments in Waldorf, MD, contact Abberly Square.

#HowYouLive
newswire.net


Baby Boomers Are Renting and Living Like Millennials - Waldorf, MD

Joseph Coupal - Friday, March 10, 2017

Abberly Square, Waldorf, MDBaby boomers and millennials — could they be more different? The former are in or nearing retirement, while the other group is ambitiously rising in the workforce. Many millennials are waiting to marry and have kids, while their dear old boomer parents, quite possibly divorced by now, were comparatively eager to settle down in their twenties.

Is there any common ground between these two demographics who, rivaling in size, are so often pitted against one another? Research shows that in fact, yes, in many ways millennials and boomers are similar, not only in values but in other matters including finance, living situations, and even online presence.

Renting — and Getting Roommates

Last year, home ownership rates in the U.S fell to a historic low, and while millennials — who are less likely to buy than previous generations — are partly to blame, the surging interest among boomers to rent rather than own mustn't be discounted.

A 2015 study by the Joint Center for Housing Studies at Harvard University found that families or married couples ages 45-64 accounted for roughly twice the share of renter growth as households under the age of 35.

Like millennials, boomers are affected by increasing rents in "hot housing markets. With renters paying increasingly higher rents than ever before, both millennials and boomers are having to adjust their definition of affordability. For example, boomers who grew up with 'the 30 percent rule,' find the new standards of rental prices to be especially unaffordable.

To manage high rent, baby boomers are increasingly open to living with roommates.

Interestingly, it's not just money concerns that motivate boomers to take on a roomie or two. Sometimes, social factors are at play.

Like millennials who choose to live with others for social reason, boomers do the same. In fact, we found that many boomers choose to share living accommodations even though they can afford to live alone.

For more information on apartments in Waldorf, MD, contact Abberly Square.

#HowYouLive
NBC News


Millennials Should Stick to Renting – Waldorf, MD

Joseph Coupal - Thursday, March 02, 2017

Abberly Square, Waldorf, MDToday’s 20-somethings and even those in their early 30s came of age in what was the worst national real estate market on record since their grandparents were born. Now realtors want to persuade them that it’s time to take a risk; that it’s time to walk away from paying rent and pay high prices to buy their own homes.

There’s nothing wrong with the mathematics at the heart of the analysis by Trulia.

Trulia is even urging millennials to push the envelope. Buy a house, they suggest, and eat ramen noodles to make mortgage payments for a year or so, because after a raise or promotion or two, that new house will look like a bargain and be a much easier financial burden.

But for many Americans, the tradeoff isn’t that easy. And to be blunt, it shouldn’t be. If you don’t plan carefully, your dream of home ownership can end up as a financial nightmare. Here are the points to ponder.

Trulia is arguing that millennials should stretch themselves financially, basing that argument on a hypothesis that may or may not be valid: that they can expect their incomes to rise and their personal financial outlook to improve. You’ll need to be ruthlessly honest with yourself: is that likely to be the case with you?

More than any other single factor, what anyone wrestling with the buy v rent decision needs to ponder is the extent to which they are stable. That means how stable their job is (and how likely they are to get promotions and raises over the coming years), how stable their relationship or marriage is (is there a risk that they might have to sell the house at a bad time in the market because of a divorce or split?), and how stable their career path is (might they move cities or states to work for a different company or attend graduate school?). If the answers to any of those questions signals doubt that they might not be committed to staying in that house for the next five or more years – then regardless of what the mathematics says, buying probably isn’t a good idea.

That’s because while a house purchase can make sense when you run the math, it may still not be wise when you examine life circumstances. A great many homeowners found themselves in precisely the same predicament during the housing crisis: needing to sell because they were relocating, because they were elderly or because they were military families asked to deploy overseas, but unable to find buyers because of the market conditions. So, evaluate your circumstances.

Be equally honest about your finances.

But the costs of home ownership doesn’t stop with the mortgage. Remember, you’ll also need money to pay property taxes, and the bank that gives you your mortgage will want proof that you’ve got an insurance policy on your new home. When you were renting, there’s a chance that your landlord covered some of your utility expenses: almost certainly he paid a water bill, and possibly either heating or power. Now, all that will be your responsibility. You spot an ominous drip in a ceiling? That’s now your responsibility to fix quickly, before it becomes a flood. That parade of ants through your kitchen in spring? That’s up to you to control, along with the signs of mice nibbling on the edges of your cereal box in the kitchen cupboard. The refrigerator that you bought along with the house dies, and that’s another expenditure and then there’s the time that you invest in mowing the lawn, painting the walls, and so on.

You’ll also have to keep putting money into your retirement savings plan, because your house can’t end up being 100% of your nest egg.

This might not even be the right time to buy, anyway. Sure, rental prices are high, but chasing housing prices higher is rarely a wise plan. You may feel that houses are becoming less and less available, and less and less affordable, and you’d be right on both counts.

Millennials and others who are mulling the renting v buying trade off should also ponder some of the long-term market dynamics that will affect the housing market now.

For more information on apartments in Waldorf, MD contact Abberly Square.

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democratnation.com


The Benefits of Living in Apartments with Kids – Waldorf, MD

Joseph Coupal - Friday, February 24, 2017

Abberly Square, Waldorf, MDHere are a collection of perspectives from renters with families on their experiences with the benefits to living in an apartment. This is what apartment dwellers with children do to make it work for them.

Family Time Abounds

There are several advantages to living in an apartment with school age kids. The biggest one was the fact that without the upkeep of a house, there is so much more extra time to spend quality and quantity time with the kids. Also, because there is no space to stash a lot of items, so you spend less money. If you don’t pay for a storage space, you must always consider where an item would fit before a purchase. Finally, the complex can have several amenities, including a pool, a playground, and an exercise facility. Therefore, there is easy access to free entertainment, which is something that every parent of a young child appreciates.

More Resources for Children

Cities often have wonderful resources for children that are not so easy to find in a small town. Search out the city's library. It will most likely have wonderful programs for children, such as "story times." This also gives the parent a chance to meet other parents who have young children and to make new friends.

A Quick Call to Maintenance

With young kids you can really appreciated the security of living in an apartment complex. If there was a plumbing problem or a broken appliance, a phone call took care of everything. You develop relationships with the management and maintenance staff, as well as our neighbors.

The Benefits of Cultural Diversity

There are a lot of advantages to city apartment dwelling.

  • No lawn care or housing repair costs
  • Extensive public transportation with no real need for a vehicle
  • Cheap and free cultural activities abound.
  • Cities tend to attract colleges, which mean free or cheap college events, babysitters, and adult evening classes.
  • In a city situation, you have neighborhoods. Visiting them is a great way to experience new foods and cultures without going far.

Ethnic neighborhoods sprout ethnic groceries as well, which tend to be cheaper on certain items.

For more information on apartments in Waldorf, MD contact Abberly Square.

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stretcher.com



Abberly Square Apartment Homes

2350 Eden Woods Drive, Waldorf, MD 20601
844-652-1446 240-585-7263 Email Us View Map