In this article, we will continue our list:
6) Consider the Housing Market in Your Area
Before you dive into a lengthy mortgage in a new area, it is vital to thoroughly examine the housing market in your area. The same low prices that attract you to a home today, may hurt you when you're ready to sell or upgrade down the road.
Are housing prices in your community on the rise? If not, it may take several years to see any return on your investment. If you do not plan to live in your home for at least three years, it makes more sense to rent a nice apartment.
7) Consider the Value of Your Time
What is your time worth to you and your family? In addition to a mortgage, owning a home requires a significant investment of your time. Ways in which owning a home will require your time include:
Lawn maintenance and beautification
Water Heater flushing and maintenance
Management and performance of home repairs
Insurance and mortgage management
Storm clean up and repair
Even if you are DIY-minded, when you own your home you must ask yourself how much your time is worth? In contrast, renting from an apartment community like Regency includes:
Lawn and property maintenance
HVAC and other appliance maintenance
Storm clean up and repair
8) Consider Proximity to Work and Recreation
In addition to the time it requires to effectively maintain your home, house hunters must factor in the time required to travel to their jobs and favorite recreation locations. Property values may be lower in parts of the area that are not as conveniently located to the places to which people regularly commute. Housing prices may increase considerably the closer houses are to great food, parks, and employment opportunities.
In contrast, a quality apartment accessible to work and recreation may be more affordable, especially once you factor in the other considerations in this list. Regency Park is within walking distance to several large employers, shopping, and great restaurants in Greenwood, SC.
9) Consider the Community in Which You Want to Live
Low mortgages may come at the cost of community appeal. When you are searching for a home to buy, it may be worth it to you and your family to consider a higher mortgage for access to great schools, friendly neighbors, and fun activities.
Apartment communities also take on certain characteristics. Regency Park is known for being a quiet neighborhood, with good neighbors, and plenty of family-friendly activities.
10) Consider Who Will Renovate and Update
Finally, it is important to factor in the costs and inconveniences of renovation. Who will update and make repairs to your home? If it is you, will you have time and budget to accomplish your goals? If not you, are your prepared to budget for renovations far in advance? In contrast, apartment communities like ours update homes regularly.
For more information about apartments for rent in Greenwood, SC, contact us. We are here to help.