Hethwood Apartment Homes

750 Hethwood Blvd. 100G, Blacksburg, VA 24060
Call: 888-929-5220 Email Usinfo@foxridgeliving.com View Map
Opens: Monday-Friday: 9A-5:30P | Saturday: 10A-1P & 2P-5P | Sunday: 1P-5P

$$

Blacksburg VA Apartment Homes Blog

Renting is the Right Option for Many

Joseph Coupal - Wednesday, November 07, 2012

Is there still an appetite among young people to own their own homes? A survey suggested otherwise.

It showed that almost a half of those people currently renting would be happy to rent long term.

But as more people are forced into renting over the long term, could we really be approaching a sea-change in our attitude to property ownership?

There are lots of attractions to renting, not least the fact that any problems with the property have to be fixed by the landlord, not the renter. With no sudden maintenance costs to meet, renting can actually be a good long-term deal.

It's also worth bearing in mind that renters don't have to pay property taxes. Renters also avoid all the other costs that home buyers have to meet.

If you're renting, you have more flexibility in terms of moving. That fact resonates with all those people sitting with negative equity on their property.

The fact that homeowners often owe more than the property is worth means very few will be able to take the loss if they want to move. In other words, they're trapped.

The world has changed. The housing market has not risen since the crash in 2008 and as of yet is not climbing.  

Presently, the traditional view of the home being your most valuable asset doesn't apply.

Rather than risking your savings on a massive deposit and the associated property purchase costs, choosing to rent as a long-term decision could actually make sense.

Many renters, rather than viewing renting as a period between purchases, now see it as a better-value alternative to short-term ownership. Renting can help avoid making costly mistakes.

Long term, most believe that the property market will recover somewhat. But it may never reach the historic levels which turned generations of homeowners into speculators. In other words, the profits we've become used to may have simply gone.

Once you strip out the idea of a home being a financial investment, then you focus on finding the best home. And that could just as easily be a rented one.

For information on apartments in Blacksburg, VA contact Hethwood Apartments.
 
The Independent


Timely Rent Payments Improves Your Credit Score

Joseph Coupal - Wednesday, October 31, 2012

At our apartments in Blackburg, VA, we report our resident’s positive rental payment history to Experian in order to help build your credit.  By having positive rental payments added to your credit report, you can establish or improve your credit score since rental payments are such a big part of your monthly expenses.  

At Hethwood, and at all of our HHHunt apartment homes, we believe that renters should get credit for paying their rent on time. That’s why we’ve partnered with Experian RentBureau to include positive rental payments data in Experian credit reports.

In the past only negative rental payment data such as evictions and collections were reported to consumer reporting agencies. Therefore, your on-time rental payments were never included in credit reports, unlike credit card, mortgage or car payments that helps raise credit scores when paid on time.

The addition of positive rental payments data in Experian credit reports can be a tremendous benefit to anyone who rents.

At Hetwood Apartments, we recognize the value of having a positive renal payment history, and we want to provide our residents with this unique opportunity to get credit for their on-time rental payments.

Here are answers to some common questions:

What type of rental payment information is on my Experian credit report?

Only positive rental payment history has been added to your Experian credit report. If available, the 25 most recent months of rental payment history information will be displayed. Negative rental payments such as a collection account, is already reported to credit reporting companies through collection agencies.

Will my rental payments affect my credit score?
 
Your rental payment information will be included as part of your standard credit report and may be incorporated in certain credit scores.

Can I improve my credit by paying my rent on time?

Yes. The inclusion of positive rental payments history within Experian credit reports allows you to establish or rebuild your credit through timely rental payments. Better credit means qualifying for credit products you deserve.

Why does my apartment lease appear as an installment loan?

Your apartment lease is considered installment credit, similar to an auto loan, which consists of paying regular installments of a fixed amount over a set period of time, usually measured in months or years.

For more information on renting an HHHunt apartment home in Blacksburg, contact Hetwood.


Not Everyone is Ready to be a Homeowner

Joseph Coupal - Wednesday, October 24, 2012

With housing prices still low many renters are feeling the pressure to finally buy their first homes. But making the transition from renting to owning is a big change, and not everyone is ready for it.

Here are some tips that will help you decide if you should rent or buy.

When Will You Break Even

Many believe that without rent, you can start building equity in your own property. But don’t expect that investment to start paying off right away. With a down payment, property taxes, insurance and your monthly mortgage payment, expect the five to ten years to put a bite on your finances.

So when does home ownership start to pay off? There are a number of factors at play here, but on average, you’re likely going to break even in 5 or 10 years. In markets with high housing prices, the break-even point can be pushed back to a decade or more.

Learning to Live With Less

Homes are an investment that could pay for itself in 5 to 10 years. However, between the property taxes and monthly mortgage payment, as well as home maintenance fees, the amount you spend on housing each month can rise dramatically, and it may cause a major lifestyle shift for new homeowners. Even with tax benefits that allow you to write off mortgage interest costs, the first several years are going to be lean -- a change that many new homeowners aren’t prepared for.

Before you make the leap, there are a few questions you should ask yourself. Are you planning on staying put for several years? Are you prepared to cut back on luxuries like vacations and eating out? Are you willing to take on the risk that housing values can decrease further?

Taking Care of the House

Making your monthly mortgage payment is only one part of the equation when it comes to owning your own place. Without a landlord to handle repairs, it’s now up to you to tackle the day-to-day maintenance issues that are sure to crop up. As a renter, you can solve most problems with a phone call, but as a homeowner, be prepared to give up a Saturday in order to clean the gutters, or to dip into your savings to hire a plumber.

Interested in renting an apartment in Blacksburg, VA, contact Hethwood Apartment Homes.

Fox News


What Tax Deductions for Homeownership?

Joseph Coupal - Wednesday, October 17, 2012

One of the most popular home ownership myths in Blacksburg, VA is that owning a house is a huge tax break as compared to renting.  I don’t know how many times people have personally told me that they want to buy a home because they NEED a tax deduction!  I just shake my head in disbelief because I have done the math.  

If your mortgage interest and other qualifying expenses such as charity contributions aren’t more than the standard deduction, ($11,600 for joint filers in 2011), there is no tax advantage to owning a home as opposed to renting an apartment in Blacksburg, VA.  Assume that you buy a $200,000 house with a 5% downpayment at a 6% interest rate.  Your mortgage interest for the year would be $11,336.  The Standard Deduction for joint filers is $11,600.  

In this example, there is NO TAX BENEFITEven when there is a tax benefit, you most likely paid much more money to maintain the house than you are saving in taxes.  If your mortgage interest is more than the standard deduction and you choose to itemize, there is little to no advantage.  

For example, assume that your mortgage interest in 2011 is $15,000.  You would get to deduct an additional $3400 if you itemize BUT you spent $15,000 in mortgage interest to save $850 on your taxes (assuming 25% tax bracket).    

Don’t forget that you would also have all of the other expenses of home ownership that you would not have incurred when renting an apartment in Blacksburg, VA in an HHHunt community.


Home Equity May Not Be Worth it

Joseph Coupal - Wednesday, October 10, 2012

If you’ve ever thought about buying a home, you’ve heard the song and dance on home equity plenty of times. While home ownership is a good financial decision for some, the benefits of home equity are frequently overrated by homeownership proponents.

The Housing Market Has Risks

For generations, home equity was considered the holy grail of wealth accumulation. In 2007, the median family held nearly $100,000 in home equity. Home equity was responsible for nearly three quarters of family wealth. However, that’s all in the past.

By 2010, the Recession ravaged median family wealth. Most families took their losses from only one of the many assets commonly held: home equity. Home equity plunged nearly 40% and was responsible for creating the lowest levels of middle class wealth in the last 10 years.

For decades, Americans assumed that home prices were a safe investment for their wealth, but the recent recession has disproven this assumption.

Home Equity is Just a Number on a Piece of Paper

There are two ways you can get value for your home equity. You can sell your home or you can leverage your equity for a loan. In both cases, the amount of money you get converting equity to cash is much less than the number you calculate on a piece of paper.

Selling your home comes with a number of selling costs: commission, plus legal fees and potential selling concessions.

Borrowing against your equity often comes with bank fees and will certainly carry interest costs.

Home equity looks nice when you subtract the selling price of your home from the principal you owe on your mortgage, but the real value of the equity is far less.

Converting Home Equity to Cash Takes Time - Realistically, cashing in on equity takes time, and that means lots of hidden costs. If you were to move out before selling your home, you’d be losing money with every property tax payment. Getting value for your equity is rarely hassle-free.

Home Equity Requires Maintenance - If you want your equity to hold value, you’ll need to update old fixtures and repair your home when things wear out or break. Many homeowners let their curb appeal slide or allow their interior to become outdated. Sellers are later shocked when prospective buyers are able to bid far lower than homeowners expect.

Your Equity is Sensitive to Your Neighbors - Is your neighbor’s house falling apart? How many homes on your street are in foreclosure? None of these questions may seem related to you, but they are related to the value of your home.

For information on renting an apartment in Blacksburg, VA contact Hethwood Apartments.

US News


Rent or Buy in Blacksburg, VA

Joseph Coupal - Wednesday, October 03, 2012

Considering all of the volatility in the housing market in recent years, does it really make sense to own a home? Or is it better to rent an apartment in Blacksburg, VA?

It used to be that the American dream included owning a home. Now the pendulum seems to have swung dramatically in the other direction. Since the housing bubble burst, some are beginning to rethink the conventional wisdom that owning a home is a good investment, even though declines in home prices have made purchasing and owning one somewhat more affordable.

Home prices and interest rates are only one consideration, as many found out during the housing market bust. Home ownership is great if are going to settle in the same place for around 10 years and can continue to afford the payments. Unfortunately, these circumstances can be unpredictable.

When deciding to buy or rent a home, financial considerations are important, but lifestyle issues should also be taken into account.

Be sure to consider everything when it comes to homeownership; benefits should be tempered by other considerations. Taking on a mortgage obligates you to live up to the terms of the loan for years, and homes typically require a significant investment in maintenance and occasional improvements. And as far as an investment, there's no guarantee you will be able to sell your property for more than what you paid for it.

Renting is a realistic starting point for most. As your savings grow and your credit score rises, you might be in a position to qualify for a mortgage and make the leap to home ownership. But choosing the right time to buy is important -- you need to feel secure that your sources of income will be there for the long run.

Lifestyle considerations. Personal traits and current life circumstances are other considerations as you assess whether to buy or rent.

Homeowners should be up to the task of maintaining their own property; from lawn work to minor home repairs. It also means being able to pay for professionals to do occasional work, including plumbers, electricians and carpenters. Renters enjoy a more maintenance-free lifestyle.

Another issue is the need for mobility. Those who are quite certain they can count on their job being in the same area can feel more comfortable making the jump to home ownership, provided they can afford it. Those who expect to be on the move for a job change or educational opportunities in the next three to five years might appreciate the relative mobility they have as a renter.

What's right for you?

There is no "one-size-fits-all" answer to the question of whether you should own or rent your home. A good starting point is to honestly answer questions such as:

Are you comfortable with your current life circumstances and income stability?

Are you disciplined in managing your expenses and paying off debts on a timely basis?

Are you fairly confident you won't be required to move to another city or area in the next five years for personal, work or education purposes?

Interested in renting in Blacksburg, VA? Contact Hethwood Apartment Homes.

NOLA.com


Welcome to the Hethwood Communities Blog

Joseph Coupal - Monday, September 24, 2012

Welcome to the Hethwood Communities blog. Our apartments in Blacksburg, VA offer spacious apartments, terrific service and a prime location just minutes from Virginia Tech. Here you will find out about community events, area news and interesting tidbits.

Did you know that our apartment community was Voted #1 for Apartment Communities in Blacksburg, VA? We were, why? Because we care about our residents and we have the apartment amenities to prove it.

With our clubhouses, swimming pools, basketball and tennis courts and social events we think you'll find Hethwood to be number one as well. Enjoy swimming, walking trails, a fitness center, picnic areas, sand volleyball courts, basketball courts, playgrounds, and much more! You won't find another community that compares to the value and luxury of Hethwood Communities.

The four apartment communities that make up Hethwood Apartment Homes are available in a various sizes with many options, each in its own distinct area. You are invited to find a home  that suits your  needs and lifestyles.
 
For more information, contact  Hethwood Apartment Homes. And be sure to check out our weekly blogs often.



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

Photo Gallery Apply Now!