Hethwood Apartment Homes

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Blacksburg VA Apartment Homes Blog

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.

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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.

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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.

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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.

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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.

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zippia.com


Virginia is One of the Best States for Business

Joseph Coupal - Wednesday, March 08, 2017

Hethwood, Blacksburg, VAWe score 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.

Our study is not an opinion survey. We rely on tangible numbers to gauge each state's performance, scoring all 50 states on more than 60 measures of competitiveness, using publicly available data.

Here are our categories and this year's weightings.

Workforce - We rate states based on the education level of their workforce, the numbers of available employees, and the states' demonstrated abilities to retain college-educated workers. We measure workforce productivity based on each state's economic output per job. We look at the relative success of each state's worker training programs in placing their participants in jobs. We also consider union membership and the states' right-to-work laws.

Cost of Doing Business - We look at the competitiveness of each state's tax climate, as well as state-sponsored incentives that can lower the cost of doing business. Utility costs can add up to a huge expense for business, and they vary widely by state. We also consider the cost of wages, as well as rental costs for office and industrial space.

Infrastructure - We measure the vitality of each state's transportation system by the value of goods shipped by air, waterways, roads and rail. We look at the availability of air travel in each state, the quality of the roads and bridges, and the time it takes to commute to work.

Economy - We look at economic growth, job creation, consumer spending, and the health of the residential real estate market. We measure each state's fiscal health by looking at its credit ratings and outlook, as well as its overall budget picture. We also consider the number of major corporations headquartered in each state.

Quality of Life - We score the states on livability, including several factors, such as the crime rate; inclusiveness, such as antidiscrimination protections; the quality of health care; the level of health insurance coverage and the overall health of the population. We evaluate local attractions, parks and recreation, as well as environmental quality.

Technology & Innovation - We evaluate the states on their support for innovation, the number of patents issued to their residents and the record of high-tech business formation. We also consider federal health, science and agricultural research grants to the states.

Education - Higher-education institutions offer companies a source to recruit new talent, as well as a partner in research and development. We consider the number of higher-education institutions in each state, as well as long-term funding trends for higher education. We look at several measures of K–12 education, including test scores, class size and spending. We also look digital and lifelong learning opportunities in each state.

Business Friendliness - But we grade the states on the freedom their legal and regulatory frameworks provide for business.

Cost of Living- The cost of living helps drive the cost of doing business. From housing to food and energy, wages go further when the cost of living is low.

Access to Capital - We look at venture capital investments by state, as well as small-business lending on a relative basis.

Virginia is #13 on the list of America's Top States for Business.

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

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cnbc.com


Rent or Buy Arguments – Blacksburg, VA

Joseph Coupal - Wednesday, March 01, 2017

Hethwood Apartments, Blacksburg, VAThere are plenty of arguments favoring both sides of the rent versus buy argument. Probably the main reason to buy a home is to create personal wealth. After all, for most Americans, it's the most expensive item we'll ever acquire, and typically it increases rather than decreases in value.

For the more than 75 million U.S. homeowners, the Federal Reserve estimates the total value of the equity in their homes at $13.1 trillion dollars. That works out to $175,000 per household.

What are the downsides to homeownership? Well, as we learned during the recent meltdown in the housing market, what goes up can very well come down, and with very bad effects.

Buying a house also limits a person's or family's mobility. As homeownership rises, unemployment rates tend to begin moving higher within five years, at least partly due to homeowners who are unwilling to sell up and move.

Then there are the other costs of homeownership: property taxes, homeowners insurance and maintenance, to name the most obvious. A renter does not have to pay for a new roof or a new furnace while a homeowner does. And these things aren't cheap.

But, the rent versus buy decision depends mostly on personal goals. For more information on apartments in Blacksburg, VA contact Hethwood.

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Excerpts – Yahoo! Finance


Renting Gives Financial Freedom to Retirees – Blacksburg, VA

Joseph Coupal - Wednesday, February 22, 2017

Hethwood Apartments, Blacksburg, VAA growing number of homeowners are using the equity in their houses, by selling and moving into an apartment.

One couple sold their home two years ago, but they didn't buy a condo. Instead, like a growing number of people downsizing, they rented.

He often woke up in the middle of the night last month as he often does. This time, though, he rolled over and went back to sleep.

That's when he knew that after more than two years of turmoil, he was finally home. The fact that the roof over his head belongs to someone else only added to his peace of mind.

They are among a growing number of downsizers, who are choosing to rent rather than buy a retirement nest. It is a choice that can be physically, mentally and financially liberating.

The couple is healthy and vibrant. But a couple of years ago, their two-story home of 32 years was "just consuming too much time and it was absorbing huge amounts of energy that we wanted to use in other ways." There were rooms they didn’t even use.

"We wanted to leave while we still could — gracefully."

The emotional and financial decision to rent rather than buy is becoming more common.

Many retirees have had a really good run by owning their own homes for many years. They've accumulated a lot of equity. They have a feeling that the market is going to go back down again and all the benefits of this great market are going to be lost if they don't cash in.

At the same time, these home sellers can't necessarily see spending hundreds of thousands, plus maintenance fees, on a condo.

Many retirees don't want the responsibility of owning a home any longer. With an apartment you can close the door and go away.

Some are open to renting or buying.

"Buying any of the condos we looked at would have consumed a huge percentage of our net worth. You don't want 50-, 60-, 75-, 80 per cent of your net worth in one piece of real estate. It's just too risky.

The couple pays rent every month and they only write just three checks a month — rent, electric/gas and cable. When they lived in their house, there were 15 to 20 regular expenses.

Gone are the bills for a security system, for chimney repairs, sewer connections and maintenance agreements on appliances.

Community is important too. Many can rent in an apartment community where they know and can meet other residents.

Is renting a condo saving them money on a monthly basis?

Maybe not. But it isn't costing more. And they can take the proceeds from their home sale and invest the money.

Releasing the equity on your house can actually generate enough cash flow to cover rent.

For people rich in equity but cash poor, renting can give them the freedom to pay for some of the extra things they want in life. It's all very well to watch your home's value appreciate, but you can't eat a doorknob.

If the decision to rent or buy a smaller home is a financial wash, then go with the better emotional fit. That frequently depends on whether you are comfortable giving up the control of owning your own place or whether you really need the cash to cover the cost of enjoying retirement.

If you're going to rent and invest your home's equity you need to look carefully at where you're putting that money so you're not seeing your old age security benefits clawed back.

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

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thestar.com


Why Millennials Should Stick to Renting - Blacksburg, VA

Joseph Coupal - Wednesday, February 15, 2017

Hethwood Apartments, Blacksburg, VAToday’s 20-somethings and even those in their early 30s came of age in what may have been the worst national real estate market on record since their grandparents were born. Now a major online realtor wants to persuade them that it’s high time to take a risk; that it’s time to walk away from paying high rents in some costly markets 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 tradeoff should also ponder some of the long-term market dynamics that will affect the housing market now.

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

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democratnation.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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