Abberly Market Point Apartment Homes

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Abberly Market Point Blog

Downsizing and Renting Is Often Upgrading

Downsizing and Renting Is Often Upgrading

Joseph Coupal - Wednesday, May 30, 2018

Abberly Market Point, Greenville, SCPick up a design magazine or scan the real estate section of the local newspaper and you’ll probably find something about downsizing. But the word means different things to different people. Downsizing often means moving into smaller, less expensive spaces, but some people are trading up and starting over.

However, according to the US Census, more than half of homeowners in the 55-to-64 age group are not buying new properties — luxury or otherwise. Some of them are staying where they are, but a growing number are selling their homes and moving into rentals like apartments in Greenville, SC.

We have found a sharp swing toward moving to rental apartments compared to homeownership among the 55-plus population. During 2000, just over half (52.5 percent) of older recent movers moved to a rental. This proportion rose to 63 percent by the end of 2015.

Regardless of whether they are looking to buy or to rent, downsizers are a highly visible group these days.

Whether downsizers sell and buy or sell and rent, there is one tax advantage, a “big one”.

US tax law generally allows an individual seller “to exclude from federal taxes the first $250,000 of gain on the sale of a primary residence ($500,000 for married couples filing jointly) that has been occupied for at least two of the five years preceding the sale”.

This can be a big windfall for people who are selling in anticipation of retirement. Also, the aforementioned rule applies to the house sale, no matter if a cheaper or more expensive home is acquired to replace the sold residence or if no replacement is made, e.g., the homeowner moves to a rental.

Retirees can trade space for the lifestyle. Once you get to a certain point in your life, it becomes apparent what spaces — and stuff — you use and need.

For more information on 2 bedroom apartments in Greenville, SC, contact Abberly Market Point.


Boston Globe

Reasons for Renting in Retirement

Reasons for Renting in Retirement

Joseph Coupal - Wednesday, May 23, 2018

Abberly Market Point, Greenville, SCHomeownership and retirement don't always mesh. Here's why you might consider renting as a senior instead.

Though owning a home has long been hailed as the American Dream, that's not necessarily the case when it comes to retirement. Since 1990, homeownership has declined among 55-64 year-olds, and experts expect this trend to continue in the coming years.

Before you prepare to live out your senior years as a homeowner, here are a few reasons to consider renting instead.

1. Your housing costs will be fixed

The problem with homeownership is that even in the absence of a mortgage payment, you still face countless unknown costs. Your property taxes, for example, could go up significantly if you have a year when your home is reassessed. Similarly, as your home ages, your regular maintenance costs could easily go from manageable to downright astronomical.

Consider this: The typical homeowner spends anywhere from 1% to 4% of his or her home's value on annual upkeep. If you're dealing with, say, a $500,000 property, that's a pretty huge range, but you can't discount the possibility of creeping toward its high end as you make your way through retirement.

Then there are repairs to consider -- problems that aren't expected, but rather pop up suddenly and constitute a huge financial burden. Do you really want to deal with those when you're on a fixed income?

When you rent a home, you're locked into the same monthly payment regardless of whether the roof starts to leak or the heater needs repairs. If the local lawn service raises its rates one year to cut the grass, that's not your problem. Of course, the downside of renting is that your landlord could raise your monthly payments once your lease expires -- but if that happens, you could always find a new home or try to negotiate.

2. Owning may not help much from a tax perspective

One benefit of being a homeowner is getting to deduct the interest on your mortgage, thus saving you money on taxes. But if you're coming into retirement mortgage-free, which is the case for the majority of homeowners 65 and over, then that benefit no longer exists.

Furthermore, it used to be the case that you could deduct your property taxes in full, and as we all know, those apply even once your mortgage is paid off. But as part of the recent tax changes that took effect this year, the state and local tax (SALT) deduction, which property taxes are part of, is now capped at $10,000. This means that if you live in a state with high taxes, you might lose the bulk of that write-off (at least for the next seven years), thus making homeownership a less appealing prospect.

3. You'll get more flexibility

The beauty of being retired is not being tied to a job, or that job's location. This means that if you want to pick up and move to a state with warmer weather or get closer to your grandchildren, you're free to do so -- provided your home isn't holding you back.

As a renter, you have the option to leave your home once your lease ends, or, in many cases, break your lease prematurely with a reasonable bit of notice. Selling a home, by contrast, could take months, and there are numerous expenses you might encounter along the way. You may therefore be better off unloading your home prior to retirement and buying yourself that added leeway later in life.

Now this isn't to say that renting a home in retirement is always the right move. At the same time, it pays to think about the benefits of renting at a time in your life when you're no longer bringing home a steady paycheck.

For more information on apartments in Greenville, SC contact Abberly Market Point.


The Motley Fool

A Best Place to Live in South Carolina is Greenville

A Best Place to Live in South Carolina is Greenville

Joseph Coupal - Tuesday, May 15, 2018

Abberly Market Point, Greenville, SCTropical beaches and sea islands, South Carolina lies in the southeast of the United States and has a whole host of darling towns and villages to explore.

Hilton Head Island, infamous Myrtle Beach and of course Charleston, home to Fort Sumter; the list of reasons to love little old SC goes on and on! This state once thrived on agriculture and natural resources but in more modern times there is a big industry for steel and machinery production, meaning jobs are in no short supply.

Talking about jobs, what other factors do we need to take into consideration when seeking a new place to live?

Some would say access to public schools, others would say cost of living, some would have a strong focus on seeking a town with the lowest crime rates. In reality, it is all these factors, and a few more, that we think about when searching for a new abode.

We appreciate that finding all that information in one place can be quite a challenge so we have risen to the occasion and created our list of the 15 best places to live in South Carolina, taking into account all the facts, figures and statistics that are important to you!

15. Greenville, SC

Once again we return back to earth and land in Greenville. We have discussed suburbs of this thriving city already and although coming in 15th on our list, Greenville is certainly worthy of its place here.

Rent in Greenville is phenomenally affordable, averaging $765 a month. Being this low means that many tenants will find themselves being able to rent bigger, more modern homes than they would elsewhere in the state.

Being a city you have access to all the social opportunities you could wish for, you’re never too far from a hipster bar, trendy workout class or art exhibition to keep your mind ticking over.

For more information on apartments in Greenville, SC contact Abberly Market Point.


Relocating to Greenville, SC

Relocating to Greenville, SC

Joseph Coupal - Wednesday, May 09, 2018

Abberly Market Point, Greenville, SCA lot of people know that they want to relocate to South Carolina, but they don't know which city is the best fit. Below is information on one of the best places to live in South Carolina.

Greenville, SC: One of the most popular areas that folks choose!

Greenville is located at the foot of the Blue Ridge Mountains. If you're looking for cooler weather but want to stay in a nicely sized metropolitan area, Greenville is a great option to consider for relocating to SC.

Greenville has several small colleges (like Furman University and Bob Jones), and it's about a 40 minute drive to Clemson University (South Carolina’s second largest just after USC). It sees little tourism, but residents from around the upstate come for its wide range of shopping and restaurants. Most of these options are located along Haywood and Woodruff Roads. Downtown Greenville has seen quite the revitalization in the past decade, and its Falls Park is now a vibrant 32 acre park along the Reedy River in the city’s West End district. Downtown you’ll also find the Peace Center which is Greenville’s main performing arts venue.

The public schools rank well in the state, and Greenville is one of South Carolina’s most affordable cities to live. Another big selling point for the city is the cooler mountain like weather. Greenville typically has a couple of snow days each year, and in SC this means kids get out of school!

Greenville doesn’t see as many people relocating from out of state compared to Columbia or Charleston. Many Greenville residents are originally from the upstate (or at least from South Carolina). This might be partly because so many Clemson graduates live in Greenville.

For more information on apartments in Greenville, SC contact Abbery Market Point.


Greenville, SC: 2018 Top 100 Best Places to Live

Greenville, SC: 2018 Top 100 Best Places to Live

Joseph Coupal - Tuesday, May 01, 2018

Abberly Market Point, Greenville, SCThe Livability 5th annual ranking of the best places to live in America includes familiar names and deserving newcomers. What makes a great place to live and how do we decide that? For starters, we don’t decide.

You do.

We poll the nation each year to find out what matters most in communities throughout the U.S. Is health care most important, or affordable housing? Which matters more, commute times or climate? We then source the best public and private data available to find the small to mid-sized cities, towns and villages that meet your standards of a Best Place to Live.

This year, nearly 2,300 cities were ranked on more than 40 data points measuring economics, housing, amenities, infrastructure, demographics, social and civic capital, education and health care.

Want to know more about how this list came together this year? Check out our methodology page and our ranking criteria.

2018 Top 100 Best Places to Live

# 39. Greenville, SC

Population: 61,734

For more information on apartments in Greenville, SC contact Abberly Market Point.