Auston Woods Apartment Homes

5301 Roundstone Way, Charlotte, NC 28216
Call: 833-392-5643 (704) 597-7192 Email UsAustonWoods.PropertySite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$883-$1,200

Apartments Charlotte NC Blog

What Is the American Dream? – Charlotte, NC

Joseph Coupal - Thursday, October 27, 2016

There is a great illusion when it comes to real estate. This illusion is that owning your home is an investment.

  • When you own real estate and use it to generate monthly income…it is an investment.
  • When you buy real estate and develop it to sell for a profit…it is an investment.
  • When you buy real estate to live in…it not an investment. It is a personal expense.

Where did this idea come from that every American should own their home?

Actually it is possible that Fannie Mae came up with the “American Dream” idea as part of a marketing campaign that everyone should own their own home. Great idea on their part if they really did come up with it.

Should I Rent or Buy a Home?

Most people believe that owning a home should be considered an investment. Some go as far to become “house poor” so that they can leverage themselves into a bigger home. This does not seem wise.

There is also a social stigma to being an renter vs. an owner. If you are an owner, you are perceived as being more well off. But are you?

You need to know whether it is cheaper to rent or own in each U.S. city. It is not as clear cut as you might think. It is not always cheaper to own than rent. There are a number of variables to consider, many of which are not often discussed.

Regardless of whether you are looking to rent or buy a home then there are a number of factors that you should consider. Here are a few considerations to look at.

Pros and Cons of Whether to Rent or Own a Home

The best way to look at this question of whether to rent or buy a home, is to look at the positive aspects, negative aspects, figure out what is important to you, and then run the numbers to see which is the more financially responsible approach.

What are the positive aspects of buying a home?

  • Sense of ownership: Most people who own their home appreciate the ability to do what they want to their home.
  • Sense of accomplishment: Keeping up with the Joneses is subconsciously important to many people. Being a homeowner brings with it a level of cache and respect with your peers.
  • Capital appreciation:  Home prices have gone up substantially over the past 60+ years. They have been a great hedge against inflation.
  • More choices: While it would be nice to think that you can find any home you want whether you are renting or buying, it just isn’t the case. There are more homes for sale than there are for rent when it comes to single family homes.

What are the negative aspects of buying a house?

  • Illiquidity: A house is an illiquid asset. This means that if you want to sell it, it could take you a month or more than a year to sell it. If you have to relocate to another area, this can make it a bit of a challenge for you. You may even have to heavily discount your asking price to move it quickly.
  • Prices don’t always go up: As we saw in 2007–2010, home prices don’t always go up. When you are buying an expensive asset with leverage, you better hope that prices continue to go up. Otherwise you might be “underwater” on your home equity.
  • Large down payment: It will require a large down payment to buy a home. Not everyone has enough capital to put down a 20% down payment.
  • Costs of ownership: While many people calculate the costs of ownership as mortgage payments, taxes, and insurance, they typically miss a few other items that can add up. Things such as: maintenance costs, landscaping, furnishings, HOA fees, and renovation costs. I will discuss these in the next post of this series.
  • Being “house poor”: Many homeowners stretch financially to buy a house. This puts them in a dangerous position if their financial situation suddenly changes.

What are the positive aspects of renting a home?

  • Mobility: You have the freedom to move anytime you want. While your lease agreement will dictate the terms of your moving out, if you need to relocate you can do it on a short notice.
  • No maintenance costs: Owning a home costs money. The periodic maintenance can be expensive. The house may need to have a new exterior siding, new roof, other other expensive replacements. As a renter you will not be responsible for these costs.
  • Monthly costs: While it will depend on where you live and how much the house costs, but in many cases it is cheaper to rent than to own.
  • No down payment needed: Owning a home requires a down payment; renting does not.

What are the negative aspects of renting a home?

  • Fewer choices: The choices are more narrow for renters.
  • Inflexible ability to “make it yours”: Most landlords do not want the renters to do renovations. This can restrict your ability to fully enjoy your home or make it feel like it is yours.
  • No capital appreciation: If you rent a home for 20 years you will miss out on the potential capital appreciation of the property. This is not a guarantee that appreciation will happen, but if history is a guide then you should consider this.

How Can You Decide?

The best way to decide is to consider each one of these above pros and cons of whether to own or rent a home. How important is it that you have a feeling of ownership, or to make changes to the house? Do you think the prices of real estate are going up or down? What will happen with inflation? These are important questions.

For more information on renting an apartment in Charlotte, NC contact Auston Woods.

#HowYouLive
investopedia.com


Tips for Apartment Hunting in Charlotte, NC

Joseph Coupal - Wednesday, October 19, 2016

Here are four apartment hunting tips about things to look for in your first or next apartment.

Price

There is a wide range of apartment prices in Charlotte. You need to make sure you will be able to afford the apartment month after month.

Parking

Free resident parking and visitor parking is a very big deal to some. Some apartments make you pay an extra fee to have your own space and it can be hard for your guests to find a space without getting a ticket or towed.

Proximity to Work or Campus

Everyone wants to be close to work. Although being close to campus is nice, it could be more expensive. The farther away from a college campus usually makes for a less expensive place.

Apartment Amenities

Pool, gym and pet friendly; All very important things when you are looking. It's nice to not have to leave the community in order to work out at a gym or pool. Pet friendly is also a must for some and they can be tricky to find.

There are many apartment options with a wide variety of different aspects and hopefully this advice can help you pick out what you really want in an apartment. For more information on apartments in Charlotte, NC contact Auston Woods.

#HowYouLive
iowastatedaily.com


Charlotte, NC: A City Where Your Paycheck Stretches Farthest

Joseph Coupal - Tuesday, October 11, 2016

Interested in making sure that a large portion of the money you make stays with you and isn’t lost to cost of living? You might want to look into moving to a city like Charlotte, NC, which came in number 17 on the list of 25 Cities Where Your Paycheck Stretches the Farthest.

Stretching your paycheck is a major concern for many looking to live in a cosmopolitan urban sprawl. To showcase cities where paychecks make up a bigger portion of median home costs (usually the largest expense folks have to deal with in their lives), jobs and salary information site, Glassdoor.com, released a study of the most economical cities to live in.

17. Charlotte, NC
Cost of Living Ratio: 36%
Median Base Salary: $58,000

For information on apartments in Charlotte, NC, contact Auston Woods.

#HowYouLive
Forbes


Why Renting is Better than Buying – Charlotte, NC

Joseph Coupal - Wednesday, October 05, 2016

A lifelong goal that many strive to achieve is homeownership. While many people own their own homes, this wasn't always the case. Historically, families either needed to build their own homes or rent a home from someone else. While both renting and buying have their own sets of financial advantages, renting does appear to have an edge when the economy is poor. There are tremendous financial benefits to renting as opposed to buying a house of your own. Here is a look at 10 reasons why renters have the better financial deal over homeowners.

No Maintenance Costs or Repair Bills

A definite advantage that renters have over homeowners is that they have no maintenance costs or repair bills to pay off. When you rent a property, your landlord is responsible for all maintenance and repair costs. If an appliance stops working or your roof starts to leak, you do not have any financial responsibility to have these things fixed. Homeowners, on the other hand, are responsible for all of their own repair, maintenance and renovation costs. Depending on what the repair is, these costs can be quite extensive.

Access to Amenities

Another financial benefit to renting over buying a house of your own is having access to amenities that would otherwise be a huge expense. Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes with no additional charge to tenants. If a homeowner wants to match these amenities, they can expect to pay thousands of dollars in installation and maintenance costs.

No Real Estate Taxes

An obvious benefit that renters have over homeowners is that they do not have to pay real estate taxes. Real estate taxes can be a hefty burden for homeowners and vary by county. Although property tax calculations can be complex, they are generally determined based on the estimated property value of your house. With houses getting larger and larger, property taxes can be a significant financial burden.

No Big Down Payment

Another area where renters have the better financial deal is upon signing. You do not have to have a huge down payment saved up to move into a rental property. While the exact amount you need to move in varies from case to case, the total amount is significantly less than you would need to buy a house. Many landlords require a rental deposit equal to the amount of one month's rent while a down payment for a house is much higher.

Shaky Market Creating More Renters

While many experts claim the housing market is making a full recovery, others aren't so sure. Some say that the market is just now stabilizing and the word 'recovery' is unwarranted. As foreclosures continue, many citizens are scared off of buying altogether. By renting, people are avoiding potentially owing a mortgage that is more than the house's worth.

Decreasing Property Value

Property values go up and down, and while this may affect homeowners in a big way, it does not affect renters. Home value determines the amount of property taxes you pay, the amount of your mortgage and more. In a rocky housing market, renters are not as adversely affected.

Flexibility to Downsize

In today's economy, many people struggle to make ends meet. By renting, citizens have the option to downgrade into a more affordable living space at the end of their lease. When you are a homeowner, it is much more difficult to break free of an expensive house because of the fees involved with buying and selling a home.

Fixed Rent Amount

Rent amounts are fixed for the span of the lease agreement. While landlords can raise the rent with notice, you are able to budget more efficiently since you know the amount of rent you are required to pay. Meanwhile, mortgages and the amount of the property tax can fluctuate.

Lower Insurance Costs

While homeowners need to maintain a homeowner's insurance policy, renters would be wise to invest in a renter's insurance policy. Luckily for renters, renter's insurance is much cheaper and it covers quite a lot. The average cost of renter's insurance is just $12 per month. Meanwhile, the average homeowner's insurance policy cost ranges between $25 to $80 per month.

Lower Utility Costs

With homes getting larger and larger, it is often much more affordable to heat and power an apartment or small rental home as opposed to a larger home. Rental properties typically have a more compact floor plan, and renters can expect lower utility costs.

The Bottom Line

While owning a home may be beneficial for citizens over a long period of time, for many people renting is the better option. There are plenty of examples that show how renting can save consumers a considerable amount of money. The choice of whether to rent or buy your own home is a personal one. Before making a hasty move, review the details and make the financial decision that is right for you and your family.

For more information on apartments in Charlotte, NC, contact Auston Woods.

#HowYouLive
Investopedia.com



Auston Woods Apartment Homes

5301 Roundstone Way, Charlotte, NC 28216

Call: 833-392-5643
Email UsAustonWoods.PropertySite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$883-$1,200