Home Equity is NOT Worth it

Posted: October 3rd, 2012 | Author: | Filed under: Uncategorized | No Comments »

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 Many homeowners let their curb appeal slide or allow their interior to become outdated.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 Roanoke, VA contact Pebble Creek Apartments.

US News

The Rent Generation is Making a Choice to Rent

Posted: September 26th, 2012 | Author: | Filed under: Uncategorized | No Comments »

For those right in the middle of what’s been called the “rent generation” — roughly encompassing those in their mid-20s to mid-30s-plus renting is a great option. With house and condo prices higher than ever, the idea of buying one in the heart of a city is frightening to those carrying high student debt, unnerved by the uncertainty of the post-2008 economy and facing prolonged underemployment, if not unemployment.

Buying a home (including a condo) in close proximity to employment and amenities is becoming increasingly expensive in comparison to renting,” wrote the authors of Drivers of Apartment Living For the Twenty-First Century, a 2010 report from GWL Realty Advisors Inc. “As a result, expect more 25-45 year olds to be renters in the coming decades.”

There are, some say, also attitudinal shifts at play. The GWL Realty report notes that many young people are more interested in consuming experiences than goods, which in part involves living in areas of the city that are exciting and in apartments that are filled with amenities and close to work. At a time when automakers are discovering that young people would rather spend discretionary income on technology than a car, it seems many are also content to rent rather than buy a home.

Of course, in a world where investments can be destroyed by opportunistic speculators and lax regulators and jobs can disappear because of technology and out-sourcing, is it any wonder that the “rent generation” is skeptical about long-term commitments? As one renter says, “I’d rather collect experiences than collect things.”

For more information on apartments in Roanoke, VAcontact Pebble Creek Apartment Homes.

Your Home

Should You Rent or Buy in Roanoke?

Posted: September 19th, 2012 | Author: | Filed under: Uncategorized | No Comments »

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 Roanoke, 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 Roanoke, VA? Contact Pebble Creek Apartment Homes.


6th Annual Roanoke Greek Festival

Posted: September 12th, 2012 | Author: | Filed under: Uncategorized | No Comments »

It's an annual celebration of Greek culture. If you live in an apartment in Roanoke, VA, the Greek Festival is this weekend.  The 6th annual event is held at the Holy Trinity Greek Orthodox Church.

Free Admission. Come join the thousands of participants who visit this joyous cultural festival each fall. Visitors will be able to get all their favorite Greek foods and pastries.  There is also a drive thru service available.

Organizers want everyone to come and stay to enjoy the live Greek music and games for the kids.  Visitors can also taste award-winning Greek wine or try a Greek beer.

25,000 people are expected to attend.  It's a way of bring the community together and show off Greek culture, music, food, and wines.

Money raised helps not only the church, but also several area charities.  Volunteers prepared 10,000 shish- kabobs. 9,500 will be sold at the festival, 500 will be taken to the Roanoke Rescue Mission to feed the hungry.

The festival's website has all the details about the event and the church.  It also has a link to the drive thru menu.

Hours for the 6th annual Roanoke Greek Festival at the Holy Trinity Greek Orthodox Church, 30 Huntington Blvd. NE, Roanoke:

Friday, September 16, 2011, 11:00 am to 10:00 pm.
Saturday, September 17, 2011, 11:00 am to 10:00 pm.
Sunday, September 18, 2011, 12:00 noon to 7:00 pm.


59th Roanoke Fall Festival is Here

Posted: September 5th, 2012 | Author: | Filed under: Uncategorized | No Comments »

From September to September 9th if you live in an apartment in Roanoke, VA you will have an enjoyable weekend. The 59th Roanoke Fall Festival returns this weekend, starting with the crack of the bat on Thursday, Sept. 6, and continuing through the last boom of the fireworks on Sunday, Sept. 9.

Packed in between are games and rides, two parades, a high-powered tractor pull, a demolition derby and free entertainment in the main festival tent.  The free entertainment has been one of the event's constants for all of its 59 years.

The entire weekend offers a low-cost, very fun entertainment for families.

No cost to get in, there will be free games for children on Saturday. Most of this weekend's fun takes place at Roanoke Park, which will host carnival rides and games, food and commercial vendors and a display of antique tractors throughout the weekend.

Spike and the Bulldogs will hit the festival tent stage on Friday at 8 p.m. for a free two-hour concert. Spike and the Bulldogs specialize in the music of 1955 to 1966, playing tunes from Buddy Holly, Bill Haley, the Beach Boys, the Beatles, Wilson Pickett, the Righteous Brothers and more.

Two shows are set for Saturday - a live animal show at 5 p.m. and the sounds of rockabilly at 8 p.m.  A full slate of other activities is packed into the weekend.

Softball teams from Huntington University, the University of St. Francis and Indiana Tech get the festivities going when they meet at 6 p.m. on Thursday on Roanoke Park's front diamond for a fast pitch softball tournament.

Ageless Iron will parade its vintage tractors down Main Street to Roanoke Park starting at 6:10 p.m. Friday.

The festival's parade steps off at 3 p.m. Saturday and the demolition derby starts at 7 pm on Saturday.

The final event of the festival is a fireworks display at dusk on Sunday, Sept. 9, at Roanoke Park.

A complete schedule of festival events is available online at www.discoverroanoke.org.

Huntington County Tab