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Blacksburg VA Apartment Homes Blog

15 Reasons Why Renting Is Better Than Buying - Blacksburg, VA

Joseph Coupal - Tuesday, May 23, 2017

Hethwood Apartments, Blacksburg, VAThe renting narrative is changing. Millennials are not investing in homes like we thought and the housing market is far from “fixed.”

Many people are putting home buying on hold and choosing to make one of their smartest decisions to date. It’s a personal decision to rent or buy, but there are many pros to renting your next home rather than buying. Here are 15 convincing arguments for renting a home — and they’re not all financial.

1. Buying and selling a home is difficult for everyone involved

Selling or buying a home is more stressful than bankruptcy, divorce, and the loss of a loved one, according to one poll. Homes are on the market for an average of four weeks, and 37% of sellers reported reducing the asking price at least once. Plus, if you’re in a long-distance relationship, do yourself a favor and rent. A 12-month lease is a whole lot easier to break or buy out than a 30-year mortgage.

2. Property taxes can kill you

Many homeowners are unaware of unexpected costs that come with owning a home of your own. Fees, such as property taxes, insurance, and maintenance, add up quickly. Taxes can fluctuate, but rental terms are consistent across the duration of your lease.

3. You can take time to repair your credit

Irresponsible spending habits in college and those sneaky credit card scams will haunt you for years. Sometimes, it can take more than seven years to fix your credit. If you’re in the bad-credit club, like one-third of the American population, it might be best to rent rather than buy. Those with low credit scores will find buying a home laborious, and it’ll be wise to wipe clean those credit blemishes before jumping onto the buying scene or making any substantial purchases in general. Renting to re-establish a solid payment history can be a good way to bide your time.

4. You’re financially unable

Those with irregular incomes, such as freelancers or small-business owners, prefer renting as a more stable monthly option. Homeowners are at the mercy of Freddie Mac and Fannie Mae — and who knows what their future plans are. Today, mortgage rates are still low, hovering around 4%. But before you think our nation’s real estate woes are over, remember the average 30-year fixed-rate mortgage was under 3.75% in summer 2016. Then, it shot upward after the presidential election and averaged 4.24% in December. If you’re still unsure about your ability to overcome any potentially rocky housing trends, consider renting while establishing a bigger emergency fund.

5. You remain flexible

Buying a home means choosing a location we want to plant roots in for at least a few years. For those who aren’t exactly sold on their current living situation, investing in real estate would be a mistake. Mortgages and other ownership obligations are like concrete shoes — don’t expect to pick up and move anytime soon. When the opportunity comes to accept your dream job on the opposite coast or marital bliss rides on relocating to another city, the last thing you want to do is get bogged down in selling a home.

6. Maintenance issues are not your problem

If you don’t know what a Philips head screwdriver is then you might want to rent your next home. Not all of us were blessed with the handy gene. Homeowners are often forced to fork over a sizable chunk of their savings to make impromptu and unexpected home repairs. But renters only need to place a call to their property managers when there is a maintenance issue.

7. Upkeep is less expensive

Say goodbye to weekends filled with long afternoon brunches and lazy days at the pool. That large backyard that originally sold you on your property? Well, it needs to be mowed — again. Homeowners don’t have the luxury to bypass time-consuming chores that renters ignore. And renters need not worry about general housework and upkeep required of homeowners.

8. It makes filing taxes harder

If you think taxes are intricate now, wait until you buy a home. Yes, there are some valuable tax breaks homeowners receive, but processing mortgage interest deductions, home repair expenses, and rental income takes considerable time. That’s something renters don’t worry about. In fact, renters are already out socializing care-free, knowing their refund checks are already on their way.

9. There are options for roommates

Roommates are a great option if you’re looking for help shouldering the cost of living expenses. Having someone around to split the cable bill and vent about workplace drama is great, but with homeownership, one person is responsible for the payment at the end of the month. So when that flaky roommate is late on rent, the difference must be made up elsewhere. Apartment complexes, on the other hand, are experienced working with multiple tenants in one location and offer options for individual leases.

10. You have more access to amenities

Renting in a community allows you access to things, such as a community pool, fitness center, dog parks, and Wi-Fi. If you still want access to these perks after leaving the comfy confines of rental agreements, you’ll need to shell out serious dough.

11. You can grab cash bonuses

Many rental communities offer additional cash bonuses if you work for local companies. If you’re a local employee, you might be eligible for rental stipends or bonuses just for working close to home. Check to see whether your employer is on the list of nearby companies to max out every discount and money-saving trick in the book.

12. Urban living at a cheaper price

It’s been said millennials prefer city living over driveways and acreage, but they are unable to afford the fees that accompany urban life. Living near universities and vivacious night life is not cheap, and purchasing an Instagram-worthy loft is a merely a pipe dream for some. Depending on where you want to live, trendy areas, such as warehouse or arts districts, major cities, and beach communities, are typically more renter friendly. Finding affordable homes to buy might require moving into less popular areas.

13. There’s better security

Gated communities come at a high price, but most rental complexes have security features already included in their agreements. This is a welcomed benefit for women, single renters, or tenants living in urban environments. Homeowners will find neighborhoods with these extra precautions come at a price.

14. You remain adverse to risk

Financial advisers might say we must “risk it to get the biscuit,” but that’s easier said than done in a housing market that’s seen so much variation lately. Therefore, many are choosing the safer option to rent rather than investing in real estate. In addition to affordable prices, renters are also adverse to potentially debilitating changes in the housing market. Although experts are showing a recovery, a better, more accurate description is stabilizing. Words, such as “foreclosure” and “mortgage rates,” are still often paired with phrases of uncertainty. And that’s worrisome to fiscally conservative Americans.

15. You have the ability to invest elsewhere

It’s recommended home buyers put 20% down on a home to avoid being house poor. Even when considering upfront rental fees and deposits, it’s still cheaper than the tens of thousands of dollars it takes to buy a home. Some renters might already have potential savings stacked away for this very purpose, but with other uncertainties and future questions, it might be best to invest that money elsewhere. A few grand could do wonders for your future retirement or help hack away at those student loans that still burden you.

For more information on apartments in Blacksburg, VA contact Hethwood.

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cheatsheet.com


Forbes: Blacksburg, VA Among Best Places to Retire

Joseph Coupal - Wednesday, May 10, 2017

Hethwood, Blacksburg, VA“I never stop marveling at the beautiful scenery,” one retiree said. “This is a beautiful place to live.”

Perhaps best known for being home to Virginia Tech, the town has again been listed by Forbes magazine as one of the 25 best places to retire in the U.S. As in previous years, Forbes didn’t rank their picks, meaning that no place can claim to be number one.

The reputed financial publication used an array of criteria that included cost of living, home prices, weather, walkability, public safety, unemployment and access to health care.

While Blacksburg ranked above the national median and average in home prices and cost of living, the college town of roughly 44,000 got nods for its low crime rate, unemployment rate and moderate climate.

Using data from real estate firms, Forbes reported that the median home price in the U.S. is $212,300, or about $18,000 lower than in Blacksburg.

Using an index to show the cost of living, the magazine reported that Blacksburg’s index was 102, placing the town slightly above the national average of 100. Blacksburg, however, is situated in a relatively low-crime area, something Forbes said is an important draw for older adults.

The national violent crime rate average is 367 per 100,000 people. The Blacksburg, Christiansburg and Radford metro area’s violent crime rate sits far below at 175 per 100,000 people.

Forbes also listed a healthy local economy as key because of the possibility that retirees will work part-time. The magazine said a strong economy tends to raise home prices, something that would be a benefit should someone want to sell a home.

One of the factors Forbes used to illustrate economic health was unemployment, which sits at 5 percent nationally, according to the magazine. Blacksburg’s unemployment rate sits just below the national average at 4.3 percent, it ranked.

Forbes also noted early in its summary of the best places for retirement that it skewed its list toward warm or moderate climates. The magazine mentioned that research it gathered shows baby boomers favor sunnier weather when they move.

Blacksburg’s year-round high is 63 degrees and that the town’s 2,000-foot elevation provides some relief from the summer heat.

Many like that they can be in the country, but in less than five minutes they can be in town.”

Retirees can enjoy the quiet rural life, but also quickly find entertainment with Blacksburg’s numerous restaurants and shopping opportunities.

The proliferation of college students also energizes the town.

Blacksburg is not also completely removed from larger metropolitan areas, which include Richmond, Washington, D.C., and Asheville and Charlotte in North Carolina.

For more information on retiring to an apartment in Blacksburg, VA contact Hethwood.

#HowYouLive

The Roanoke Times


Blacksburg, VA: Best College Town in the South

Joseph Coupal - Thursday, May 04, 2017

Hethwood Apartments, Blacksburg, VAOnly in the South is game day more celebrated than any other event–even weddings. Use our easy recipes and spirited gear finds to make sure your tailgate party measures up to the rest.

Blacksburg, VA

The home of Virginia Tech, in the New River Valley 45 minutes from Roanoke, feels blissfully off the grid. Hokie campus–a 2,600-acre green dotted with stone buildings and ancient oaks–meets downtown on College Avenue. Try local brews like Peachicot Blonde Ale and listen to live music at Top of the Stairs, a dive bar discreetly located in a charming white building.

**Readers' Choice Winner** Blacksburg, VA was voted the best college town in the South.

For more information on apartments in Blacksburg, VA contact Hethwood.

#HowYouLive

southernliving.com


Virginia: One of America’s Cheapest States to Live – Blacksburg, VA

Joseph Coupal - Monday, April 24, 2017

Hethwood, Blacksburg, VACNBC scored all 50 states on more than 60 measures of competitiveness, developed with input from a broad and diverse array of business and policy experts, official government sources, the CNBC Global CFO Council and the states themselves. States receive points based on their rankings in each metric. Then we separate those metrics into 10 broad categories, weighted based on how frequently each is used as a selling point in state economic development marketing materials. That way, our study ranks the states based on the criteria they use to sell themselves.

Cost of living is one of the key categories of competitiveness, worth a possible 75 points toward a state's overall Top States score.

This year some states were tied. But Virginia ranked high on the list .

#13 Virginia

For more information on apartments in Blacksburg, VA contact Hethwood.

#HowYouLive

CNBC


Renters are Less Interested in Buying a Home - Blacksburg, VA

Joseph Coupal - Tuesday, April 18, 2017

Hethwood Apartments, Blacksburg, VAReal estate agents may have a tough time trying to convince renters to buy a home, according to a new survey from Freddie Mac. The survey found that while renters are more optimistic about their financial situations than they have been in recent months, they’re not so keen on moving.

“It would appear from our new survey that renters today feel better about their finances, like where they are living, and view renting favorably,” said David Brickman, executive vice president of Freddie Mac Multifamily. “This is consistent with findings from earlier surveys that show a steadily growing number of renters have a positive view of renting.”

The number of renters who say they aspire towards home ownership is falling, the survey found. Some 59% of the renters surveyed said they plan to rent their next home. That’s up from the 55% that said the same thing in September 2016.

The statistic is all the more surprising because renters are generally better able to afford a home now than they were then. The survey found that 41% of renters have enough money to last beyond payday, which is up from 34% last September. This increase in financial confidence was seen across all age groups, but was bigger in the baby boomer generation, rising from 38% to 48% now.

Most renters seem to be quite happy to stay put, the survey found. Just 33 percent of renters have plans to move within the next two years, down from 38 percent in Sept. 2016. Moreover, 55 percent of renters aged 35 to 49 said they have no plans to move, even if their rents were to rise.

Moreover, the percentage of renters who said they expect to own a home one day fell from 45 percent in Sept. 2016 to just 41 percent in the current survey. For more information on apartments in Blacksburg, VA contact Hethwood.

#HowYouLive

realtybiznews.com


Advantages of Living in an Apartment – Blacksburg, VA

Joseph Coupal - Wednesday, April 12, 2017

Hethwood Apartments, Blacksburg, VA An apartment is a great option, whether you have just started a graduate job, moved to a big city, or just want to downsize your property. When making the decision to live in an apartment, it’s important to take into consideration all the pros and cons.

It may be that your lifestyle and situation point clearly to the best option in terms of a house or apartment. Sometimes the decision isn’t that easy, so if you are still trying to work out which option is best consider these advantages of living in an apartment:

Location

If you don’t have a car then the location of your home could be crucial. If you are starting a new job or need to be in the city center, then an apartment is likely to suit you better than a house.

It’s much easier for an apartment complex to afford to be in a desirable city location, whereas houses are much more expensive. Living in an apartment can be very beneficial if you want to walk to work, and is great if you want to experience a city’s nightlife just a short way from your home.

Amenities

Many people would love to have a home with a swimming pool, gym, and tennis court, but the reality is most wouldn’t be able to afford it. The great thing about an apartment complex, especially a big one, is that they often come with all these things.

Owners of large apartment complexes will often reinvest some of their rent money into creating these luxury amenities, in order to retain existing clients and attract new ones.

Security

When moving into a new property it is important to feel secure. One big advantage of living in a flat or apartment is the availability of several layers of added security, especially in a gated complex.

There is a usually a code to get into the building, CCTV cameras around the entrance, and apartments off the ground floor. Most houses just have an alarm and a lock on the front door.

Commitment

If you are just starting your career or moving to a new city, you may not know exactly where you want to live. The great thing about apartments is that you can usually get relatively short-term contracts.

Many landlords offer yearly contracts, and once they are up you can sometimes ask to keep them rolling – this gives you the freedom to move out with just one month’s notice if you want to change location.

Costs

There are usually less costs involved when living in a flat. You don’t have to worry about the structure of the building, as the owner of the complex is responsible for that, and many other repairs are usually not up to you to pay for, especially if you are renting.

The rent of an apartment is usually cheaper than the mortgage in a house too, and if the square footage is smaller you will have cheaper living costs, such as gas, water, and electricity.

For more information on apartments in Blacksburg, VA contact Hethwood.

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Hunters


Virginia is One of the Best States To Retire – Blacksburg, VA

Joseph Coupal - Tuesday, April 04, 2017

Hethwood apartments, Blackburg, VAMany of us long for a retirement that will feel like going on a permanent vacation. But before we buy that beach bungalow, box up our stuff and break out the Costco-sized wine spritzers, a reality check may be in order.

Bankrate’s latest ranking of the best and worst states to retire finds the fun-in-the-sun places often associated with retirement may have drawbacks as we face aging issues and our savings dwindle. Retiree meccas like Florida and Arizona don’t come close to cracking our top 10.

#6. Virginia

Many do want to retire somewhere else - It’s no myth that many people dream of moving in retirement. A new Bankrate survey shows that 47% of Americans would consider relocating when they retire. Higher-earning households and younger people are more likely to say so than everyone else.

According to our poll, Americans’ priorities for a retirement haven suggest they’re giving a lot of thought to practical considerations like cost of living and health care.

How we rate the states

To rank the states according to what people say they want in retirement, we pull together data on these eight criteria:

  • Cost of living
  • Healthcare quality
  • Crime
  • Cultural vitality
  • Weather
  • Taxes
  • Senior citizens’ overall well-being
  • The prevalence of other seniors

Two of our categories are new: cultural vitality (whether residents can find fun stuff to do) and the prevalence of other seniors (whether it would be easy to find other retirees to hang out with).

We weight the factors based on the importance they were given in our survey.

For more information on apartments in Blacksburg, VA, contact Hethwood.

#HowYouLive
Bankrate


How Much Cheaper is it to Rent than Own in Your State? - Blacksburg, VA

Joseph Coupal - Tuesday, March 28, 2017

Hethwood Apartments, Blacksburg, VAOwning 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: Virginia
Homeownership Premium: 48%
Median Monthly Cost to Own: $1692
Median Monthly Cost to Rent: $1144
Difference: $548

For more information on apartments in Blacksburg, VA, contact Hethwood.

#HowYouLive
NerdWallet


Baby Boomer Retirement Plan: Downsize – Blacksburg, VA

Joseph Coupal - Wednesday, March 22, 2017

Hethwood Apartments, Blacksburg, VABaby Boomers are increasingly downsizing and opting out of homeownership entirely in order to prepare for retirement, according to a new study from Bank of America Merrill Lynch.

The survey pointed out that tens of millions of Baby Boomers will soon migrate into retirement, and could soon modify family spending, continue working or downsize or relocate their home.

In fact, three out of four Baby Boomers answered they would downsize their home to lower ongoing costs and for the benefit from the equity. Another 67% said they would be willing to move to a less expensive location.

But many Baby Boomers also said they were willing to give up homeownership entirely. The study showed 47% would consider selling their home and renting an apartment.

Although we are all challenged to fund our longer lives, this suite of studies has repeatedly revealed that Americans remain quite hopeful and are willing to consider a wide range of course corrections in order to enjoy a secure retirement.

A study last summer by Freddie Mac showed that, because older generations are downsizing, they are actually pushing Millennials out of the housing market. And for those who aren’t downsizing, they seem to be abandoning the American Dream as Baby Boomers begin moving into the apartments and urban areas.

For more information on apartments in Blacksburg, VA contact Hethwood.

#HowYouLive
housingwire


Virginia is One of the Most Successful States In America – Blacksburg, VA

Joseph Coupal - Monday, March 13, 2017

Hethwood, Blacksburg, VAZippia did a breakdown of what the most successful states might be. Might they be states containing the most successful cities? Are these states doing something better than yours is? And is good ice cream a key to their success?

The answers? No, Probably, and most definitely. But we’ll get to methodology in a moment (ice cream was not one of our criteria…) First, here are the 10 most successful states:

  1. New Hampshire
  2. Maryland
  3. Minnesota
  4. North Dakota
  5. Hawaii
  6. Wyoming
  7. Alaska
  8. Virginia
  9. Utah
  10. Massachusetts

Virginia:

Of all the states we looked at (which would be… all of them…) Virginia had the eighth highest median income. Residents here were also the ninth least impoverished, overall, and the 14th least likely to be unemployed. Congrats, Old Dominion!

How We Determined the Most Successful States in America

The first thing that comes to most capitalist minds in terms of success is—money. After all, rich people must be successful, right?

Meh. Maybe. But we think there’s a bit more that goes into it than that. So we looked at this set of criteria from the 2010-2014 American Community Survey:

  • Poverty Level
  • Median Household Income
  • Unemployment Rate

Median household income is the most digestible way to understand how wealthy a place really is. The unemployment rate tries to capture the prospects for more people to become rich. And finally, if more people are employed, the brighter (and more successful) that place’s future looks.

After we collected the data for all 50 states, we ranked each from 1 to 50 for each of the criteria, with 1 being the most successful.

We then averaged all the rankings for a place into a “Success Score” with the state having the lowest overall Success Score crowned the “Most Successful State in America.”

As you saw, Virginia came in number 8. For information on apartments in Blacksburg, VA contact Foxridge.

#HowYouLive
zippia.com



Hethwood Apartment Homes

750 Hethwood Blvd. 100G, Blacksburg, VA 24060

Call: 888-397-2931
Email Usinfo@foxridgeliving.com
View Map

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

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