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

It's Cheaper to Rent Than Buy in Charlotte, NC

Joseph Coupal - Tuesday, July 25, 2017

Auston Woods, Charlotte, NCTraditionally, owning a home is touted as a smarter financial move than renting one. But with demand increasing and the supply of houses for sale falling, home prices have been rising nationally, according to real estate marketplace Zillow. So, you might be wondering: Is it better to rent or buy a home?

To find out where it makes more sense to rent or buy a home, GOBankingRates surveyed the cost of renting versus owning a home in all 50 states and the District of Columbia. Since conducting a similar survey in 2016, we found that the number of places where it’s more expensive to own than rent has increased from nine to 11 — this includes a few states where the price difference is minimal.

For this year's study, we looked at the estimated rent price for all homes listed on Zillow. We also calculated the estimated monthly mortgage to own a home in each state, based on the median list price of homes listed on Zillow, a 20 percent down payment and a 30-year fixed-rate loan.

8. North Carolina

Buying vs. Renting a Home in North Carolina

  • Monthly rent in North Carolina: $1,157
  • Monthly mortgage in North Carolina: $1,233
  • Should you rent or buy: Rent

In 2016, it was more expensive to rent than own a home in North Carolina. But now, it costs $76 more to own than rent, likely due to a sharp rise in home prices. The median home list price jumped from $226,750 in May 2016 to $249,000 in May 2017, according to Zillow data.

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

#HowYouLive

gobankingrates.com


Can Renters Afford to Live in Charlotte, NC?

Joseph Coupal - Wednesday, July 19, 2017

Auston Woods, Charlotte, NCWhat's the cost of living in Charlotte for renters?

Looking to move to Charlotte, NC? Cost-of-living estimates make this one of the cheaper cities you can live in in the U.S.

While other cities in the South like Raleigh, Knoxville, and Dallas are around the same if not similar price ranges, prices in Charlotte are dwarfed by most major metropolises. For instance, it’s 42 percent cheaper to live in Charlotte than in San Francisco. Depending on where you’re coming from, you can save a fortune on rent alone.

So what is the cost of living in Charlotte, North Carolina?

The cost of living in Charlotte, NC, is 5 percent lower than the national average.

A great local economy has made Charlotte area a very good deal. Major companies in the industries of finance, motor sports, and energy are coming in and the recent economic boom has meant fast growth for the area; however, and prices are likely to rise. Right now, it’s the 14th best city for business and careers and one of the top U.S. financial cities. Your new friends in the area will likely be working for "the big three": Bank of America, Wells Fargo, or Red Ventures.

What are the monthly expenses typically like?

Here’s a simple breakdown of the cost of living in Charlotte, NC, that locals typically pay:

  • About $1,019 for Housing: Rent is largely reasonable in Charlotte, NC. Housing in general is about 15 percent lower in price than the national average.
  • About $391 for Transportation: This is the main downside of living in Charlotte: Cost-of-living estimates will be dependent on fluctuating gas prices, as it is very difficult to live in the city with no car. Although there are plenty of parks and green spaces where you can get fresh air, Charlotte is hardly a walkable city at all, and the fairly good public transportation systems are rarely used. Gas in the area typically hovers around $2 per gallon, and an express monthly pass with the local transit system is $121 per month. According to the Living Wage Index, locals will need to spend $391.41 per month on transportation.
  • About $252 for Food: This is another odd thing about the city: There are farms, farms everywhere, but not a lot of farmers’ markets! That’s quickly changing, though. The Living Wage Index estimates that $251.83 will be spent on food and groceries for residents each month. Note that those hoping to go out will likely be paying higher rates because of the local Prepared Food and Beverage Tax.
  • About $39.99 for Internet Access: The two main Internet providers here are Time Warner Cable and AT&T, and the average price for Internet-only service is $39.99 per month.
  • About $100 for Utilities: This is a rare instance where good weather translates to a good cost of living. In Charlotte, NC, you’ll pay affordable amounts for utilities, rarely going above $100 per month. Usually, the energy bills are between $50 and $75 per month, and a water bill is under $25. Note that this is the only category where Charlotte’s prices go above the national average, by about 8 percent.

That adds up to an average of $1801.99 per month for someone looking to live alone in a one-bedroom apartment.

Is it possible to find an affordable apartment?

Compared to most major cities that a rental agent would work in, it’s very easy to find affordable rent in Charlotte, North Carolina. Cost-of-living numbers and great job outlooks make this increasingly an area that appeals to professionals and young families. For more information on apartments in Charlotte, NC, contact Auston Woods.

#HowYouLive

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4 Reasons to Rent

Joseph Coupal - Friday, July 14, 2017

Auston Woods, Charlotte, NCBuying a home is part of the American Dream, but that doesn't necessarily mean it's the best choice for you.

For decades, the conventional wisdom has been that buying a house makes much better financial sense than renting one. After all, you'll have to spend a large chunk of your income on housing either way, so doesn't it make more sense to invest that money in something you'll eventually own, rather than simply forking cash over to someone else?

However, a number of factors can make renting a much wiser financial decision than buying. Here are four good reasons why it may be smarter for you to rent instead of buy.

1. You're not staying in the home very long

The sooner you intend to move, the less sense it makes to buy.

If you plan to stay put for less than two years, then buying a house would be a poor investment. In such a sort amount of time, the home likely wouldn't gain enough value to make up for the costs of buying and selling it, like realtor commissions, closing fees, moving expenses, and so on. And don't forget that buying or selling a house is a huge hassle compared to switching from one rental to another.

2. You're in an inflated housing market

Some parts of the country are prohibitively expensive to live in. Coming up with a down payment for a $500,000 house is considerably harder than coming up with a down payment for a $150,000 house. But what makes certain highly desirable urban areas really problematic is that home prices in these areas can be driven steeply upward by the high demand. Not only would you have to pay an inflated price for the house, which makes it harder for you to turn around and sell it for a gain in a few years, but you'd also have to pay far more each month as a homeowner than you would as a renter for the same amount of house.

3. Your income isn't secure

If you're not confident in your job security, then now is not the time to make a huge purchase like a new house.

If you suddenly lose a major source of income, then you may need to cut your housing costs in order to get by. That's a relatively quick and painless process if you're renting; you might pay a fee to end your lease early, but you could move to a cheaper home in a matter of days. If you own your home, then a career crisis could force you to sell your house at a bad time; it may take months to find a buyer, or you might end up selling the house for less than you paid for it.

4. You have no savings

If an emergency savings account is important for a renter, it's absolutely crucial for a homeowner. As a renter, if something goes wrong with the house, you can simply call the landlord, who will have to pay to fix the problem. As a homeowner, all the expense lands squarely on your shoulders. Even if nothing expensive breaks down on you, homeowners have ongoing additional costs such as homeowner's insurance and property taxes.

If you don't budget for such expenses or run short one month, you may end up having to tap into savings to pay for them. And if you don't have a well-funded savings account, you may be forced to turn to credit cards -- and that repair bill will be made even more expensive by interest and possibly fees.

Also don't forget that ponying up a down payment will take a big bite out of your savings. You'll need to make sure you still have a solid emergency fund after you've paid out the down payment and the cost of moving. After all, what's the point of buying home if you'll be too busy fretting about expenses to enjoy it?

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

The Motley Fool


Tips for Renting with Roommates in Charlotte, NC

Joseph Coupal - Friday, July 07, 2017

Auston Woods, Charlotte, NCAs the first college semester starts to wind down, many residents are looking for roommates to being next semester. Here are some tips when considering renting an apartment with friends or for when you are renting with a roommate you are just meeting.

1. A pre-lease group meeting.

Get together for the sole purpose of sorting out each of your expectations. Do not sugarcoat your feelings. We often think “we are all good friends and we have gotten along well for years. We are all very compatible.” Yes, but you have not lived together. One neat freak and two slobs is a dangerous combination.

2. Agree on house rules before going ahead.

Here are some sample questions to get started. Who does the dishes? How late can friends stay in the evening? How are food costs shared? Will food be stored daily so as not to attract critters? There are plenty of other questions to come up with together. An agreement between all roommates with some written rules will help in the future.

3. Are you moving? Finding the right place.

Maybe you are moving out of another apartment community and moving into a new apartment. Look around if you are moving. Is the apartment sparkling clean and ready to move-in? This is a good sign about the landlord or manager. If it is clean at the start, you will be expected to leave it in the same condition.

Look carefully at what is going on outside the apartment. Try to get a glimpse of other tenants or neighbors. Are the hallways well lite and clean? Is the building itself in good condition? If dirt, spider webs, dirty light fixtures with burnt out bulbs, broken windows, loose banisters, sticky doors and more, all represent a red flag. What is the condition of cars in the parking lot? Is the parking lot well-lit?

Schedule the appointment in the early evening, when people are returning from work. This can provide a good sense of place. Ask people, "I am thinking of renting here, what can you tell me about living here?" and listen closely to what they say.

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

#HowYouLive

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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