Hethwood Apartment Homes

750 Hethwood Blvd. 100G, Blacksburg, VA 24060
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Blacksburg VA Apartment Homes Blog

Buying a Home Could be a Bad Career Move

Joseph Coupal - Wednesday, June 27, 2018

Hethwood Apartments, Blacksburg, VAAmerican dream or ball and chain? We’ve heard so many times that homes are the ultimate investment, but your job advancement and long-term salary potential could be hindered if you’re tied down.

Most of the time, the buy-vs.-rent debate revolves around which is the best financial decision. That’s for good reason: As you’ve undoubtedly heard more than once, buying a home is the biggest purchase you’ll probably ever make. Most people need to borrow hundreds of thousands of dollars to make it happen.

It’s not a decision to make lightly, and the numbers involved are something you need to take seriously — especially when the adage that buying is always better than renting is a myth, not fact.

In some cases, you shouldn’t buy a home because it’s not the financially sound choice. Taking on a large amount of debt for the long term after shelling out that much cash up front could put you in a precarious financial position.

But let’s just say the numbers do check out for you, and you want to buy a home. In that case, you still need to consider one other factor that might make buying a bad choice: your career.

The Finances Check Out, But That Still Doesn’t Mean You Should Buy

At worst, buying a home could sabotage your career opportunities. Even in a less-dramatic situation, your house could seriously limit how much you could advance in your career — and affect how much money you can make.

Owning a home reduces your flexibility to pursue jobs and opportunities that may make it easier for you to build serious wealth over your lifetime.

For many people, committing to living in a single location for years could seriously interfere with their ability to grow their career, expand their business, and earn more money.

It’s Difficult to Move to Follow Career Opportunities

It’s hard enough to move from one place to another when you rent. But moving as a renter is considerably easier than moving as an owner, because you can’t just up and leave any time you want when you own your home. As a renter, you always have the ability to break your lease if you need to.

But as a homeowner, you can’t just call up the bank or anyone else and ask them to take the house off your hands.

If you’re trying to move to chase down a career opportunity, you need the ability to be fast and flexible. Depending on what the real estate market looks like at the time you want to move, that may not be possible.

You Might Not Be Able to Afford to Move

If you bought within the last three years, you sunk a lot of cash into your home. In an average market, it’s unlikely that home prices will have risen to a point where you could break even, let alone make a profit. Unless you’re willing to lose money on the house you might have bought as an “investment,” you might be in a position where you can’t afford to move.

A Lack of Career Flexibility Could Lead to a Lack of Wealth

The inability to move to explore a new position, role or career opportunity could limit your ability to earn a higher income. Taking new jobs or calculated career risks are both great ways to potentially earn more money than to sit at your existing job and cross your fingers hoping for a raise.

When you earn more money, you get to choose how much to save for the future, which puts the power in your hands rather than at the whim of the real estate (or stock) market.

Buying a Home Limits Your Flexibility

Of course, all of this is just something else to think about when you’re making a decision on whether or not to buy. You may not need much career flexibility at all, and that’s fine. But failing to account for this could turn into a big financial mistake.

You do need to understand how buying a home can limit your career flexibility. It can limit your ability to chase down an opportunity if it arose unexpectedly. It also limits your financial flexibility and liquidity over the short term, because it requires you to put a good chunk of your liquid cash into an illiquid asset.

“Less flexibility” is a trade-off you make when you buy a home. Whether that’s acceptable or not is up to you — but the bottom line is that you must think about this factor if you want to make a fully informed, responsible decision around buying real estate.

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

#HowYouLive

kiplinger.com


Spotlighting Apartments in Blacksburg, VA

Joseph Coupal - Monday, June 18, 2018

Hethwood Apartments, VAWe'd like to take a look at and celebrate the community in which we live and work. It’s an opportunity for us to highlight the areas that we find so special and the places we choose to be a part of.

There’s no better place to start than where we first began: Blacksburg and Roanoke, two beautiful cities in Southwest Virginia. Our original corporate headquarters, located in Blacksburg, is where everything started in 1966 when Harry H. Hunt III, the founder of HHHunt, saw the need for faculty and student housing at Virginia Tech.

Nestled in the Blue Ridge Mountains, Blacksburg and Roanoke are special places for a number of reasons. The communities boast stunning scenery and natural beauty, tons of outdoor activities, great wineries, markets and boutique shops, Mill Mountain Zoo, and more. Both cities have eclectic and delicious food scenes and the Hotel Roanoke is a beautiful and historic hotel definitely worth a visit. And, of course, we can’t forget about Virginia Tech. The world-class university serves as the heart of Blacksburg. There’s lots of Hokie pride at HHHunt!

We have a number of apartment communities in the area, including Foxridge and Hethwood, which are located in Blacksburg, and Honeywood, which is conveniently situated near downtown Roanoke.

We are thankful and excited to continue serving as an engaged community partner in these bustling and vibrant cities!

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

#HowYouLive


It is Cheaper to Rent than to Own in Virginia

Joseph Coupal - Tuesday, June 12, 2018

Hethwood Apartments, 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.

But many homeowners reap benefits that you can't get from renting, such as financial security and stability, tax deductions, and a vehicle for retirement savings. 

While renting can't offer those long-term financial benefits, the study found that 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. However, 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.

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 of monthly rent.

In some states, the cost of owning far eclipses renting.

In Virginia it costs 48% more to own vs. rent each month!

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

#HowYouLive

Nerdwallet.com


Step into Blacksburg, VA - A Great Town

Joseph Coupal - Tuesday, June 05, 2018

Are you trying to decide where to live? Maybe it's time to check out Blacksburg, VA. Blacksburg has been called a Best College Town, a Best Place to Live in VA, a Top 100 Place to Live, a "dream town" for outdoor enthusiasts, and a Top 10 City to Raise a Family.

Need to know more? Step into Blacksburg and watch the video above.

Step Into Blacksburg and you'll find a special town. It's a place with something for everyone. Arts. Education. Dining. Recreation. Technology. Business. And more. It is a place with small town charm and metropolitan opportunities, a place that offers unmatched beauty and uniqueness all of its own, and it is known nationally for many reasons, including the Virginia Tech Hokies, the Virginia Tech Corporate Research Center, and the Smart Road, to name a few.

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

#HowYouLive



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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