Abberly Twin Hickory

Formerly The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059
Call: 888-621-8872 (804) 364-3649 Email View Map

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

Abberly Twin Hickory Blog

Young Professionals Are Choosing to Rent Instead of Buy – Glen Allen, VA

Joseph Coupal - Tuesday, November 29, 2016

The Gardens at Twin Hickory Apartments, Glen Allen, VAHome ownership has reached a five-decade low due in part to the fact that millennials have historically low ownership rates compared to other generations at that age.

Home ownership has always been a part of the American dream. So why aren’t more millennials willing to purchase a place to call home? Should they purchase homes or is it smarter for them to rent? There are several factors to consider.

The Relocation Factor

After the housing crash of 2007, many millennials began to realize home ownership may not be quite the American dream as it has long been touted by realtors and organizations who encourage home ownership.

In fact, home-buying may not be a good idea for the vast majority of millennials – at least not right now.

Not only does it represent a huge financial risk, but it ties you down to a specific area – which may not be very convenient if a higher paying job which required relocation came calling.

For those who want to focus on establishing their careers, some experts highly recommend renting.

Another expert doesn’t think there is a “correct” answer, it depends on each millennial’s individual circumstances.

How long do you plan on staying in the area or in this particular home?  Except in rare cases where you’d be buying into a rapidly appreciating market, or you’re renovating a total fixer-upper, if you don’t plan on staying more than a minimum of 2-3 years, it probably makes more sense for you to rent.

The Debt Factor

While some millennials may not want to purchase a home, many simply are not able to because of debt. Lingering debt and financial worries play a critical role in the home-buying decision.

Despite millennials’ well-publicized low rate of homeownership, our index found 76 percent feel being able to save for a home remains important to achieving an ideal home life – but only 37 percent feel satisfied in their ability to save.

Any millennials who are thinking about purchasing a home will need to understand and then start building their credit score so they can qualify for a mortgage when the time comes.

Perceived job security is another contributing factor. And financially speaking, one needs ample money for a down payment, pre-paid items at a closing like property taxes, and also insurance and renovations.

Even if you have a stable income, your home shouldn’t eat up all of your money.

If it would take every penny of your savings to make a down payment on a home, and you’re not certain of your ability to replenish that in the future, you may want to factor that into your decision.

There are many loan programs out there that can help first-time home buyers with down payment assistance, or that don’t require a severed arm and leg in order to get a mortgage. But millennials should also consider their comfort level with the final estimate.

A home is a huge purchase and demands substantial responsibility in terms of monthly payments and ongoing upkeep, so it’s important to be realistic when it comes to assessing whether you can and should purchase a home.

For more information on apartments in Glen Allen, VA contact The Gardens.


Is Downsizing For You – Glen Allen, VA

Joseph Coupal - Monday, November 21, 2016

The Gardens, Renting in retirementMany retirees downsize their homes, but this decision requires careful consideration of a variety of factors.

As men and women retire or approach retirement age, many opt to downsize their homes. Such a decision can save older adults substantial amounts of money while also liberating them from the hassle of maintaining large homes they no longer need.

Downsizing to smaller homes or apartments is a significant step, one that homeowners should give consideration before making their final decisions. The following are a handful of tips to help homeowners determine if downsizing is the right move.

  • Understand the real estate market. Downsizing is not solely about money, but it's important that homeowners consider the real estate market before putting their homes up for sale. Speak with a local realtor or your financial advisor about the current state of your real estate market. Downsizing can help homeowners save money on utilities, taxes and mortgage payments, but those savings may be negated if you sell your house in a buyer's market instead of a seller's market. If you think the current market won't get you the price you are hoping for, delay your downsize until the market rebounds.
  • Take inventory of what you have in your home. Empty nesters often find that their homes are still filled with their children's possessions, even long after those children have entered adulthood and left home. If the storage in your home is dominated by items that belong to your children and not you, then downsizing might be right for you. Tell your children you are thinking of downsizing and invite them over to pick through any items still in your home. Once they have done so and taken what they want, you can host a yard sale, ultimately donating or discarding what you cannot sell. Once all of the items are gone, you may realize that moving into a smaller place is the financially prudent decision.
  • Examine your own items as well. Your children's items are likely not the only items taking up space in your home. Take inventory of your own possessions as well, making note of items you can live without and those you want to keep. If the list of items you can live without is extensive, then you probably won't have a problem moving into a smaller home. If you aren't quite ready to say goodbye to many of your possessions, then you might benefit from staying put for a little while longer.
  • Consider your retirement lifestyle. If you have already retired or on the verge of retirement and plan to spend lots of time traveling, then downsizing to a smaller home may free up money you can spend on trips. And if you really do see yourself as a silver-haired jetsetter, then you likely won't miss your current home because you won't be home frequently enough to enjoy it. If travel is not high on your retirement to-do list but you have a hobby, such as crafting, restoring classic cars or woodworking, that you hope to turn into a second profession, then you might benefit from staying put and converting your existing space into a workshop.

For more information on apartments in Glen Allen, VA contact The Gardens.

The Times

Financial Planner Says Rent Instead! – Glen Allen, VA

Joseph Coupal - Tuesday, November 15, 2016

Certified financial planner Alan Moore shared his 11 best pieces of financial advice with Business Insider.

Among them: Don't buy a home.

"I spend more time talking young people out of buying houses than pretty much anything else with clients," the cofounder of XY Planning Network wrote. "Now, I know it's the American Dream and I know that we've been told that buying a home is cheaper in the long run than renting — but honestly, it’s not always true."

He puts forth the following reasons:

It's illiquid. You end up with all of your money in your house, an asset that's tough to sell and expensive to deal with.

It's immobile. "Whenever you want to chase a new job opportunity (or you get laid off and you need to downsize), or you want to move to a different state or life takes an unexpected turn in some way, homeownership tends to tie us down quite a bit," he wrote.

"Homeownership is a good way to really screw up your finances," he wrote.

Moore isn't the only one in the rent-don't-buy camp. "Buying a house is for suckers," declared self-made millionaire Grant Cardone on Entrepreneur, arguing that a home isn't an investment because it doesn't pay you every month. A home does the exact opposite, and "nothing is a good deal if you have to feed it constantly."

Author James Altucher wrote that he'd never own a home again, citing the money-absorbing purchase process, taxes, a constant need for maintenance, and lack of flexibility. Certified financial planner Sophia Bera wrote on LearnVest about buying a house at age 21 that lost significant value with the housing market crash, and said she considers it a mistake.

So Moore, who wrote that he generally recommends renting as long as possible, isn't alone. However, there is one caveat to his rule: "not buying a home does not apply to investment property. If investment real estate is something you want to get into, it’s certainly an option, but you should consult with a financial planner first to map out the best plan of action for your investment."

The truth is that everyone's financial situation is different, and the decision whether to buy or rent a home has a considerable emotional component. If you're considering it, take a look at smart questions to ask before you buy, and read a financial professional's advice on how to be unfailingly logical about your choice.

For more information on apartments in Glen Allen, VA contact The Gardens.

Business Insider

What To Expect When Renting Apartments in Glen Allen, VA

Joseph Coupal - Monday, November 07, 2016

First you need to ask yourself a few questions. Are you relocating and, if so, for how long? Are you testing out a neighborhood or are you unsure you can afford to buy a home?

You need to determine the location you are considering and its proximity to work. If you want a residential neighborhood then you need to know if there are apartment buildings to choose from or mostly house rentals. If you have children then you need to determine whether your child will attend a private school or use the public school system.

When you rent in a community generally they will have a management company that oversees the day-to-day operations and have set prices for the units they rent. You will want to know if there is a doorman or super in the building both for security or if something needs to be serviced in your apartment. You will also want to make sure that you either have a laundry access in your apartment or on the premises. The condition of the unit and the interior of the building should give you a clear indication of how the building is maintained. You also need to inquire whether the building has a garage and what other fees are associated with the unit and how long a lease they are willing give you.

You should also drive around the neighborhood you are considering both at night and during the day so you have an idea about the noise and other residents that live in and around the area. Who are your immediate neighbors?

Fees associated with renting include one and a half months rent security, which you get back at the end of the lease, less any damages; first month’s rent and one month’s agent fee.

Prior to moving into any rental you should check for any damage, dents or marks and that all the appliances are in good working order. If there are any issues, it should be discussed with the landlord before signing a lease.

For more information on apartments in Glen Allen, VA contact The Gardens.


Abberly Twin Hickory

Formerly The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059

Call: 888-621-8872
View Map

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