Auston Grove Apartments

1160 Auston Grove Drive, Raleigh, NC 27610
Call: 866-220-3907 Email UsAustonGrove.PropertySite.HHHunt@aptleasing.info View Map

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

$800-$1250

Apartments Raleigh NC Blog

Should Millennials Buy Homes? Maybe Not – Raleigh, NC

Should Millennials Buy Homes? Maybe Not – Raleigh, NC

Joseph Coupal - Wednesday, January 11, 2017

Auston Grove Apartments, Raleigh, NCAs the old saying goes, landlords get rich and renters stay poor. But this may not be true anymore.

On the other side of the debate are housing experts who have told The Wall Street Journal that, in the shadow of the Great Recession, the stigma of renting has faded.

It used to be that if you were an adult and didn’t own your own home, you were kind of a bum— but that image has been “blown into a million pieces.”

In an era of stagnant wages, tepid job growth and soaring student debt, just 35 percent of Americans under age 35 owned their homes in the third quarter of 2016.

Should you rent or own your home? It’s an age-old question that doesn’t always yield a straight answer.

The unsatisfying advice: It’s complicated. Perhaps the most important factor in the rent-vs-buy calculus is how long you plan to stay in one place.

The five-year rule: In general, housing experts say, if you plan to live in a property for less than five years, you’re wiser to rent. That’s because expenses such as closing costs and real estate commissions wipe out the modest appreciation you enjoy. If you’re going to stay for 10 years, you’ll almost certainly gain by owning.

Here’s a partial list of the cons of homeownership:

Con: You’re responsible for property taxes and insurance.

When you rent, those expenses are part of your monthly payment, and your landlord worries about them. While Florida’s property taxes are modest compared to other states, you can expect to pay about 2 percent of the value of your home every year.

Con: You’re on the hook for repairs.

Kitchens and bathrooms don’t last forever, and a kitchen redo can run into the tens of thousands of dollars. Roofs, windows and air conditioners wear out over time. Replacing these costs thousands of dollars. Appliances break, and you’re on the hook for them, too. If you’re a renter, maintenance is the landlord’s problem.

Con: Owning makes you less mobile.

If you’re tied down by a property here, you might not grab that lucrative job offer somewhere else.

Con: The financial benefits of owning are real, but they’re often overstated.

Here is a sobering example of paying $1,500 a month in rent for 30 years. You’ll blow $540,000 with nothing to show for it. How much will you have if you buy? Here’s a very rough example, with no adjustments for inflation and appreciation: Say you take the same $1,500 a month and apply it to a $250,000 house, with a $200,000 mortgage at 4.25 percent. You’ll spend $984 a month on principal and interest, and the other $516 a month might (or might not) cover property taxes, insurance, lawn care, pest control, the occasional pressure cleaning and those inevitable visits by plumbers, electricians and carpenters. Over the 30-year life of the mortgage, you’ll replace the roof twice, the AC twice, repaint the house three times, buy enough replacement appliances to fill a small warehouse, and you’ll renovate the kitchen and bathrooms, all of which’ll cost you $100,000. And don’t forget that $50,000 down payment you made back when you were young. You will have paid the same $540,000 over 30 years, and you’ll have a net gain of $100,000 to show for it. Not bad, but certainly not hedge fund money.

For more information on apartments in Raleigh, NC contact Auston Grove.

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Real Time


Happy New Year 2017 from Auston Grove Apartments in Raleigh, NC!

Happy New Year 2017 from Auston Grove Apartments in Raleigh, NC!

Joseph Coupal - Thursday, January 05, 2017

Auston Grove  Apartments in Raleigh, NCA fresh new year has arrived once again. It’s the time to be thankful for everything we have and for everything we have achieved in the past year. But it is also time to start new, start strong, and accomplish everything we want to do this year.

It is also time for us to say “Thank You” for our success last year. If you are an existing associate, we have enjoyed working with you. If we are just embarking on a new relationship with you in 2017, we look forward to the opportunity. We are excited for what we all can achieve in 2017.

The New Year stands before us, like a chapter in a book, waiting to be written. We can help write that story by setting goals. – Melody Beattie

Happy New Year from Auston Grove  Apartments in Raleigh, NC!

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If You Rent, Get Renter’s Insurance - Raleigh, NC

If You Rent, Get Renter’s Insurance - Raleigh, NC

Joseph Coupal - Wednesday, December 28, 2016

Auston Grove Apartments in Raleigh, NCA common idea when renting an apartment in Raleigh, NC is that you don’t need renters insurance because, well, you’re renting. Nothing could be further from the truth. If you are renting, you need renters insurance whether you are a college student getting your first apartment or a college graduate moving to a more sophisticated pad.

So what is renters insurance and why do I need it?

Rental insurance is basically coverage of damages to personal possessions. It covers everything that you own such as furniture, clothes, electronic devices, books — you name it. It also provides liability protection if someone is injured in your place and wants to hold you responsible for the incident.

For example, if your apartment burns down and your roommate suffers second-degree burns, then renters insurance (the liability coverage part) will protect you from liability, having to pay out of pocket for his injuries. Another example is if your dog bites the postman and he chooses to sue you for injuries, renters insurance will cover the medical costs and the court costs. Additionally, if your home is unusable for a certain time, most forms of renters insurance will provide funding for you to stay in a temporary place that is at least comparable, in some cases better, than your current apartment.

Well, you might be saying my landlord has insurance on the apartment, why should I get it on my own? The insurance your landlord buys only covers the apartment building which is the just the physical building structure. It does not include any of your personal belongings.

What will it cover?

STUFF: As mentioned above, renters insurance covers most of your personal belongings in the event of fire, theft, vandalism, and water damage. However, most renters insurance companies do not cover damage from more severe events such as earthquakes, flooding, landslides and so forth. You may need to check for a separate policy or an add-on to your insurance policy if you live in a part of the country in which such weather is prone to happen.

LIVING: If something were to happen to your apartment that made it completely unfit to live in, then renters insurance would cover any expenses incurred with moving to another place including certain bills at least for a reasonable time and in some cases, the cost of food and travel expenses.

LIABILITY: Negligence resulting in an accident to someone else physically or to property is covered by renters insurance.

What’s the cost? And where do I get it?

On average, renters insurance policies cover anywhere from $25,000 to $55,000 for apartments and upwards of $100,00 for homes. The first question you want to ask yourself is how much does your stuff cost. Make an itemized list of every important thing in your apartment — furniture, electronics, clothes, and any other personal items of worth. Second, take pictures or record video of everything so that if you don’t know the price, you can search for the item by photo or video and find the same or similar pricing. Take this list to your insurance agency and together you can determine how much coverage you need.

Insurance prices as well as liability limits vary by state. You can start by communicating with the agent who insures your vehicle and check for a bundle package. This will keep all your insurance in one place and give you a much lower cost per month. Almost all major insurance companies provide renters insurance. A basic policy should cost anywhere from $20 to $30 a month and that’s not a whole lot.

Think of renters insurance like a plan B. You may never even get to use it, but the pennies for peace of mind is simply smart and worth it.

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ULOOP


Happy Holidays from Auston Grove Apartments in Raleigh, NC

Happy Holidays from Auston Grove Apartments in Raleigh, NC

Joseph Coupal - Tuesday, December 20, 2016

Auston Grove Apartments in Raleigh, NCIt is once again "end-of-year" blog post reflection time.  If you are reading this blog post, you care enough about us and our business to invest a minute or two reading here.  That means a lot to us.  The primary reason for this blog is to educate and inform our readers; as an ongoing act of giving thanks for the privilege of earning your continued trust and continued professional partnerships. So we're glad you're here.

We reflect today on the blessings that so many of you bring to both our personal and professional lives. Over the course of 2016, we hope that we have made a difference in many personal and professional lives. This is the true essence and a key measure of professional reward and business success.

It is our sincere wish that all of you bask in the joy of reflection and within the warm confines of family and friends throughout this Holiday season and throughout 2017. Cheers!

Happy Holidays!

-from all of us here a Auston Grove Apartments in Raleigh, NC.

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Renting is Becoming the Better Option in Many Cities - Raleigh, NC

Renting is Becoming the Better Option in Many Cities - Raleigh, NC

Joseph Coupal - Thursday, December 15, 2016

Auston Grove Apartments, Raleigh, NCMillennials fretting over the high costs of buying a first home, fear no more: renting may be the better financial option anyway.

A new report shows the growth of home prices is outpacing that of rents across many major metropolitan areas in the United States, which could be yet another factor decreasing the country’s historically low rate of homeownership.

The Wall Street Journal reported a just released third-quarter housing index that compares housing prices and rents in 23 major cities.

Of all 23, the Journal reported, homes were becoming more expensive faster than rents were rising. Nationwide, the cost of buying a home spiked 5.5 percent year-over-year September, while rents jumped only 3 percent.

That trend doesn’t appear to be headed for a change in the near future, either: developers are about to deliver one of the largest influx of apartments in history— a supply boom that will likely keep rent growth at a moderate rate.

Meanwhile, the rising home costs have showed no sign of stopping, even as brokers call for sellers to moderate their expectations and lower asking prices.

The trend has also brought the nation as a whole closer to the tipping point for being renter friendly.

Cities where buying is still the better option, according to the Journal: Atlanta, Boston, Chicago, Cleveland, Los Angeles, New York and Philadelphia. [Wall Street Journal].

For more information on apartments in Raleigh, NC, contact Auston Grove.

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therealdeal.com


More Boomers are Renting Apartments – Raleigh, NC

More Boomers are Renting Apartments – Raleigh, NC

Joseph Coupal - Wednesday, December 07, 2016

Auston Grove Apartments, Raleigh, NCBaby boomers are altering the American Dream.

After having the home in the suburbs, the kids, the two cars, and maybe even the picket fence, a growing number now want to ride elevators to rental apartments and walk out the door to restaurants. When the kids are grown, an increasing number of empty nesters are selling homes and aspiring to live like urban millennials — in rental buildings full of amenities and free of lawn mowing, shoveling, mortgages and property taxes.

It's not unusual for empty nesters to consider downsizing and avoiding tasks such as yard work. But typically downsizing has meant buying smaller homes or condos. Now, for a generation with a reputation for setting trends and yearning for freedom, an increasing number want to rent rather than own.

“It's nice to have freedom," said one man, who moved into an apartment with his wife after selling their home about three years ago. He now walks to work, and his wife says she feels like she's on vacation every day. Apartment living frees up time spent on maintenance and they walk to restaurants, plays, movies and musical events.

"We both feel like we are in our 20s."

The number of boomer renters is still small. But there were just 10 million in their 50s and 60s in 2005, and in 2015 there were 15 million. They account for more than half of the nation's renter growth in the last 10 years.

It is a "dramatic increase," and a trend that's likely to continue as the giant generation of 77 million people, born between 1946 and 1964, ages and seeks easy living.

At a National Multifamily Housing Conference, "landlord after landlord mentioning the surprising surge in older renters." Many of the boomers have sold homes and have been looking for luxury apartments in walking distance to stores and entertainment.

In many metro areas, older renters are driving demand. There is an increase in people "who don't see their primary residence as an investment" and don't want their retirement money tied up in a home.

Renting is a unique twist for many boomers, who began their adult lives when the sheer size of their generation starting households drove a sharp climb in home prices in the '70s and '80s. For years many assumed renting was a waste of money and a home an essential investment. But after living through the recent housing crash, that assumption has been tarnished and renting now seems fine.

You aren't going to get equity quickly any longer. As empty nesters, couples can sell their three-bedroom home and renting can be a short-term experiment that would allow them to move easily, and without selling costs, if they changed their minds. Many have no urge to move.

Homeownership among people 50 to 64 slipped 5 percentage points between 2005 and 2013. Part was driven by foreclosures and job loss in the recession. Others are transitioning to renting as a choice. They want "cost-effective options that demand less time, physical effort and money to maintain." As people enter their 70s, it is expected that the desire for ease and safety will intensify.

The combination of 8 million foreclosures and a 10 percent unemployment rate during the housing crash and Great Recession sparked a surge in rentals among all age groups during the last few years. There are 19 million renters who previously owned homes. But older boomers were not as hard-hit in the housing crash as people ages 36 to 55, because people in their 50s and 60s tended to have purchased homes before the housing peak and therefore had more equity to absorb losses.

The interest in potential boomer renters is coming from developers seeing opportunity in the luxury market.

Boomer parents are also being tempted to rent as they see the housing their children are considering in new luxury buildings.

"They see the light and the view, and they are jealous," said one developer. "They want a vibrant life" instead of isolation in empty homes in quiet suburban neighborhoods. "They are busy with their phones and iPads, and can live in a new building for less than a mortgage and stop writing checks to the handyman and the landscaper. They don't have to worry about the snow."

Although luxury buildings have been especially popular with empty nesters craving activity, boomers are also renting near suburban areas where they raised families. They want to continue ties with churches and communities.

For more information on apartments in Raleigh, NC contact Auston Grove Apartments.

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Chicago Tribune


Young Professionals Are Choosing to Rent Instead of Buy - Raliegh, NC

Young Professionals Are Choosing to Rent Instead of Buy - Raliegh, NC

Joseph Coupal - Tuesday, November 29, 2016

Auston Grove Apartments, Raleigh, NCHome ownership has reached a five-decade low due in part to the fact that millennials have historically low ownership rates compared to other generations at that age.

Home ownership has always been a part of the American dream. So why aren’t more millennials willing to purchase a place to call home? Should they purchase homes or is it smarter for them to rent? There are several factors to consider.

The Relocation Factor

After the housing crash of 2007, many millennials began to realize home ownership may not be quite the American dream as it has long been touted by realtors and organizations who encourage home ownership.

In fact, home-buying may not be a good idea for the vast majority of millennials – at least not right now.

Not only does it represent a huge financial risk, but it ties you down to a specific area – which may not be very convenient if a higher paying job which required relocation came calling.

For those who want to focus on establishing their careers, some experts highly recommend renting.

Another expert doesn’t think there is a “correct” answer, it depends on each millennial’s individual circumstances.

How long do you plan on staying in the area or in this particular home?  Except in rare cases where you’d be buying into a rapidly appreciating market, or you’re renovating a total fixer-upper, if you don’t plan on staying more than a minimum of 2-3 years, it probably makes more sense for you to rent.

The Debt Factor

While some millennials may not want to purchase a home, many simply are not able to because of debt. Lingering debt and financial worries play a critical role in the home-buying decision.

Despite millennials’ well-publicized low rate of homeownership, our index found 76 percent feel being able to save for a home remains important to achieving an ideal home life – but only 37 percent feel satisfied in their ability to save.

Any millennials who are thinking about purchasing a home will need to understand and then start building their credit score so they can qualify for a mortgage when the time comes.

Perceived job security is another contributing factor. And financially speaking, one needs ample money for a down payment, pre-paid items at a closing like property taxes, and also insurance and renovations.

Even if you have a stable income, your home shouldn’t eat up all of your money.

If it would take every penny of your savings to make a down payment on a home, and you’re not certain of your ability to replenish that in the future, you may want to factor that into your decision.

There are many loan programs out there that can help first-time home buyers with down payment assistance, or that don’t require a severed arm and leg in order to get a mortgage. But millennials should also consider their comfort level with the final estimate.

A home is a huge purchase and demands substantial responsibility in terms of monthly payments and ongoing upkeep, so it’s important to be realistic when it comes to assessing whether you can and should purchase a home.

For more information on apartments in Raleigh, NC contact Auston Grove.

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Should Millennial Rent or Buy? – Raleigh, NC

Should Millennial Rent or Buy? – Raleigh, NC

Joseph Coupal - Tuesday, November 22, 2016

If you’re a millennial then you’ve given some thought about whether you want to rent or buy the next place you live in. With so much to consider it’s hard to break it all down. After all, questions like, "when is a good time for me?" or, "can I even afford a home?" are difficult to answer. Here are some of the factors you should consider. Take a look at the most important factors in considering the question, “should I rent or should I buy?”

Expenses

Rent – When it comes to expenses, or the cost of living outside of your monthly payment, renting comes up as a winner. If your dishwasher breaks your landlord picks up the tab. Likewise for any other appliance, plumbing, or structural issue. That means you don’t have to keep emergency funds for the unexpected when it comes to your living situation. It’s also time consuming and it costs a lot of money to organize labor, shop for the best deal, and hire professionals to perform maintenance.

Buy – Expenses come up constantly when dealing with a home purchase, from start to finish. Let’s revisit the scenario when your dishwasher breaks. You’ll have to pay a pretty penny to replace it. That’s why experts say it is imperative to keep emergency funds on the ready. There will always be an expense that comes up monthly, yearly, or once a decade. On the flip side, when something fails that will usually prompt you to make an improvement. These add up and equate to a higher value for your home.

Savings

Let’s talk a little bit more about savings when it comes to renting versus buying a home. There are savings either way but there are very different reasons. When buying it gets complicated and we’ll show you that there is a lot to consider.

Rent – We already discussed savings in the form of your landlord picks up the tab when something requires attention. The fact is that renting is usually cheaper for the first few years (we’ll show you an example in a moment). To add to that, if your rent is less than a potential mortgage payment then you can use that extra cash for savings, investments, or retirement.

Buy – A moment ago we mentioned a word that is very important to home owners: “equity.” Every payment that you make, whether it’s your down payment or your monthly mortgage payment, you’re increasing your equity in your home. When making your monthly payment some of it is going toward the principle balance of your mortgage. This means you’re gaining equity every month you live in your home. There’s just no comparison for this advantage when put up against renting.

Timing

When looking back on life with the luxury of hindsight we realize that timing plays a crucial role in our decision making. Since hindsight doesn’t play a role in the decisions we make in the present, let’s look at what considerations do play a role if you’re asking, is this the right time to buy?

Rent – For the person who is unsure where they’ll live in the next few years, renting is probably your best option. Renting affords you the advantage of being able to uproot and move to an area closer to your job. It’s easier to move to a different part of the country, or maybe a fun location like near the beach or downtown in a major city. Rent payments and housing prices are high in these areas. You might not want to stick around too long.

Buy – The cost of purchasing a home and moving is an important factor to consider when thinking about how long you plan on living in your home. It’s expensive to sell a home. Real Estate agents make a lot of money off the sale of your home. That’s money that you’re paying. Not to mention that if you buy again you’ll have to pay the closing costs for that transaction. The flip side is that you will probably make a profit off of selling your home. The point is the more buying and selling you do, whether you’re savvy or not, the more fees you’ll pay.

Rent vs Buy

With all of these variables in mind, it’s time to create some examples that will show you when it’s worth it to rent versus buy. We’ll use the tools we provided such as the rent versus buy tool above, and then plug in the median home prices weighed against average rent costs of three major cities. These figures are provided by trulia.com or Zillow.com, and rentjungle.com respectively. Plug in your own rent amount and the value of the home you have your eye on. You’ll find out for yourself if you can afford it and how long it will take for you to save money.

You probably get the sense that asking if renting or buying is better, the answer is hard to come by. And that’s actually a good place to start. This is a decision that requires a lot of care. Weighing all the pros and cons is important, consider the right factors.

For more information on apartments in Raleigh, NC, contact Auston Grove.

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Before Signing Your Lease – Apartments in Raleigh, NC

Before Signing Your Lease – Apartments in Raleigh, NC

Joseph Coupal - Wednesday, November 16, 2016

While they are anything but entertaining, a lease agreement is one contract you really should read before signing. Before an agreement is signed, it is often easy to address specific terms. But, once it is signed, resolving even minor issues can be difficult.

A good lease agreement avoids unwelcome surprises. A landlord and tenant nearly always discuss the rent, when it is due, and the length of the lease term. But, unless the lease agreement makes it clear, there can be disputes over things like who is responsible for repairs, property taxes, and insurance; whether there are any automatic renewals or rent increases; if or when late fees or interest charges apply; and in what situations deductions may be taken from the security deposit.

Concerning repairs, a residential landlord is generally responsible unless the repairs are needed due to the tenant’s carelessness.

With respect to security deposits, the lease should state what is expected of the tenant upon moving out, what will happen if those expectations are not met, and how much of the security deposit will be refunded.

Some lease agreements include options to renew the lease. To avoid having to move again, a tenant may want to negotiate the right to renew at the end of the initial term.

Wise landlords also contact a would-be tenant’s prior landlord for a rental history. Some perform credit checks on all prospective tenants. Likewise, some prudent tenants ask around to neighbors and may even try to contact the prior tenant for information about the property and to find out how responsive the landlord has been to maintenance and repair issues. Whether you are a landlord or a tenant, doing your homework before renting or signing can pay big dividends.

For more information on apartments in Raleigh, NC, contact Auston Grove.

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The Spectrum


11 Signs You're Not Ready to Buy a House – Raleigh, NC

11 Signs You're Not Ready to Buy a House – Raleigh, NC

Joseph Coupal - Tuesday, November 01, 2016

Making the leap from renting to buying is thrilling and liberating. But it's also a big decision, both for your future and your finances.

It's a long-term commitment that requires strong financial standing, and in many ways it's about more than just money.

If any of the following signs strike a chord with you, you may want to delay the home-buying process.

You have a low credit score

Before considering home ownership, you'll want to check your credit score.

The higher your score, the better the interest rate on your mortgage will be. Good credit can mean significantly lower monthly payments, so if your score is not great, consider delaying this big purchase until you've built up your credit.

You're doing it as an investment

If someone asks why you want to buy a house and your first answer is something along the lines of "Because I'm wasting money on rent" or "Because it's a good investment," you might not be mentally prepared for all the responsibilities that come with home ownership.

When you look at the average price increase of a home across the country over the last 100 years, it's only about 3%. If you take away extra costs plus inflation, you're not really making any money on average on a single-family home.

It's smarter to look for a house that meets non-monetary goals: It's in your dream neighborhood or it's a good place to start a family. A home is a utility, not an investment.

You have to direct more than 30% of your income toward monthly payments

Personal finance experts say a good rule of thumb is to make sure the total monthly payment doesn't consume more than 30% of your take-home pay.

Any more than that, and your finances are going to be tight, leaving you financially vulnerable when something inevitably goes wrong.

While there are a few exceptions, aim to spend no more than one-third of your take-home pay on housing.

You don't have a fully funded emergency savings account

And no, your emergency fund is not your down payment.

We all receive unexpected financial setbacks. Someone gets sick. The insurance company denies a medical claim. A job is suddenly lost. However life intrudes, the bank still expects to receive our monthly mortgage payments ... Finance your emergency fund. Then think about purchasing a home. If you don't have an emergency fund and do own a house, chances are good you will someday find yourself in financial turmoil.

Have the equivalent of a few years' worth of living expenses set aside in case there is a job loss or other surprise.

Unlike a rental arrangement with a one- or two-year contract and known termination clauses, defaulting on a mortgage can do major damage to your credit report. In addition, a quick sale is not always possible or equitable for a seller.

You aren't putting anything into savings

Even with a full emergency fund, you should still be able to continue putting money away for other goals.

If you're saving money every month, that means your cash flow is in good shape, which is a good sign you're ready to buy a home.

If you can't spare anything more than the mortgage payment, consider putting off purchasing a home until your cash flow is more stable.

You can't afford a 10% down payment

Technically, you don't always have to put any money down when financing a home today, but if you can't afford to put at least 10% down, you may want to reconsider buying.

Ideally, you'll be able to put 20% down — anything lower and you will have to pay for private mortgage insurance (PMI), which is a safety net for the bank in case you fail to make your payments. PMI can cost between 0.5% and 1.50% of mortgage, depending on the size of your down payment and your credit score — that's an additional $1,000 a year on a $200,000 home.

The more money you can put down toward the initial purchase of a home, the lower your monthly mortgage payment. That's because you will need to borrow less money to finance the home. This can save you tens of thousands of dollars over the life of the loan.

To get an idea of the savings you'll have to put away, check out how much you need to save each day to put a down payment on a house in major US cities.

You're planning other big expenses in the next few years

It's important to consider your housing budget within the context of your future goals. Keep in mind the next couple of years down the road and what you have coming up.

You plan on moving within the next five years

Home ownership, like stock investing, works best as a long-term proposition. It takes at least five years to have a reasonable chance of breaking even on a housing purchase. For the first few years, your mortgage payments mostly pay off the interest and not the principal. It is recommended to stay put for at least 10 years.

The longer you stay in your house, the more you save. If you sell through a traditional realtor, you pay that person a huge fee — usually 6% of the selling price. Divide that by just a few years, and it hits you a lot harder than if you had held the house for ten or twenty years.

Not to mention, moving costs can be exorbitant on their own.

You won't be able to keep up with other goals

Don't feel like you need to have every penny worth of debt paid off before you can purchase a home. But do a deep dive into why you have debt and how you're planning to deal with it, from student loans to credit card charges.

Why do you have the credit card debt? Was it just a random occurrence where you had to put something on the credit card and you know you're going to pay it off soon? Or have you been spending more than you make and it's increasing over time?

It's okay to still be paying off your student loans or paying down past credit card debt. But if the added costs that come with buying a house — mortgage payments, taxes, and repairs — impede your ability to continue putting money toward those goals each month, you might want to hold off for now and let your other expenses take priority.

You're deep in debt

While it's okay to have some debt, if it's a significant enough amount, it could hinder your ability to buy a house at all. If your debt is high, home ownership is going to be a stretch.

When you apply for a mortgage, you'll be asked about everything you owe — from car and student loans to credit card debt.

If the combination of that debt with the amount you want to borrow exceeds 43% of your income, you will have a hard time getting a mortgage. Your 'debt-to-income ratio' will be deemed too high, and mortgage issuers will consider you at high risk for a future default.

You've only considered the sticker price

You have to look at much more than just the sticker price of the home. There are a mountain of hidden costs — from closing fees to taxes — that can add up to more than $9,000 each year, real estate marketplace. And that number will only jump if you live in a major US city.

You'll have to consider things such as property tax, insurance, utilities, moving costs, renovations, and perhaps the most overlooked expense: maintenance.

The actual purchase price is not the most important cost. What's important is how much it's going to cost to maintain that house.

For more information on apartments in Raleigh, NC contact Auston Grove.

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Auston Grove Apartments

1160 Auston Grove Drive, Raleigh, NC 27610

Call: 866-220-3907
Email UsAustonGrove.PropertySite.HHHunt@aptleasing.info
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Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$800-$1250