Abberly Crest Apartment Homes

46850 Abberly Crest Lane, Lexington Park, MD 20653
Call: 833-336-7118 Email UsAbberlyCrest.PropertySite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 12P-4P

Lexington Park, MD Apartments Blog

Buying a Home vs. Renting: Key Factors to Consider

Joseph Coupal - Friday, June 30, 2017

Abberly Crest, Lexington Park, MDAs Millennials age (yes, they do!) and start families, many are compelled to own a home instead of rent, but this should not be an automatic response. There are a seemingly overwhelming number of variables at play in making an informed decision on renting versus buying.

Common factors that influence whether you should rent or buy include the length of time before your next move, the difference in cost per square foot between renting and owning comparable properties in your area, mortgage rates, access to credit, and the affordability of a down payment for a home purchase.

Of course, anticipated repairs and maintenance costs are a serious consideration. But there also are smaller factors that can wind up playing a large role in the decision to own a home. What are the neighbors like? Are there homeowners association fees? What has the crime rate been in the neighborhood?

First-time homebuyers often make the dangerous assumption that they will make money on their home when they eventually sell it. The reality is that after all of the costs of home ownership have been factored in, many homeowners do not make out like a bandit. Increasing property taxes are a big reason why.

Before committing, always know the annual taxes for your nest, and do not assume that they will remain static.

When it comes to renting, other questions come up, including how often and by how much the rent will increase and whether there is a pet policy. How many parking spots are included in the lease? Proponents of home ownership say renting is like throwing money away, whereas renters will say they have more flexibility and financial independence. Renting often can give individuals an opportunity to live in an area where either they would not be able to afford a home purchase or they wouldn’t want to take on the maintenance required of older neighborhoods.

A soaring housing market the past few years has functioned as a double-edged sword – a good investment for those whose homes have appreciated in value and a barrier for those who cannot buy homes with skyrocketing values. One of the main reasons housing prices have climbed so rapidly is the limited supply of homes available for purchase. Since the recovery from the 2008 housing crisis, there has been a historically tight supply of homes available for purchase, including existing homes or new construction. This has left the homes available for sale priced at a premium. It’s a seller’s market.

Yes, home ownership is exciting and fulfilling, but it should be considered very seriously. It should never be entered into lightly. It can become a nightmare that wrecks your credit or hurts your relationship with your partner.

For more information on apartments in Lexington Park, MD contact Abberly Crest.

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Finding the Ideal Place to Retire

Joseph Coupal - Friday, June 23, 2017

Abberly Crest, Lexington Park, MDOnce you retire, you're free to head to the beach or golf course. In some cases, you can even dramatically reduce your cost of living or improve your quality of life with a single move. But you want to make sure that a retirement spot will continue to meet your needs as you age. Here are 10 tips for finding your ideal retirement spot:

Seek lower costs. If you can sell your house in an expensive city and move to a place where housing costs significantly less, you can use that influx of cash to help fund your retirement years. If the cost of living is lower, it can certainly let your retirement nest egg last a little longer.

Look for great amenities. Think about how you want to spend your retirement years, and make sure your retirement spot has the resources to allow you to do that. Look for golf courses, pools, fitness centers, parks or other amenities you would like to use. If you want to be pursuing your education, you might be looking for a college or other learning venues. If there are travel options you want to pursue, you are going to need to be near an airport or a train station.

Health care options are essential. Make sure any community you are considering has adequate medical facilities and doctors that are taking on new patients. If you have any ongoing medical condition, or propensity for a specific illness runs in your family, it can be useful to retire near medical professionals who specialize in treating it.

Calculate the tax impact. Taxes vary considerably by state, and you can often reduce your costs considerably by moving to a low-tax place. Take a look at how the state taxes pensions, Social Security and earned income, and also consider the sales tax, property tax and any special tax perks available for senior citizens. It's also important to realize that taxes pay for services, and there may be less help available to senior citizens in low-tax areas.

Aim for proximity to family and friends. Many people want to retire near their children and grandchildren. Family and friends can enrich your life in retirement and provide significant (and often free) help when you need it most. "If somebody has lived in the same place their whole life and that's where their social network is and where the people they depend on are, then it's much harder to pick up and build a new network of support where you don't know anybody and you have to start from scratch. If you do move to a new community away from your support system, you will need to create a new circle of friends. An activity like golf or bridge will get [you] into another social network.

Job opportunities. Americans are increasingly planning to work during the traditional retirement years. If a retirement career is part of your plan, you may want to line up a job opportunity before you make a move. A place that will enable you to do what you want to do with your post-retirement work career is very important. Some people have very portable skills where they could practice anywhere, while some people are more place-dependent.

Transportation options. Many seniors reach a point when they can't or no longer want to drive. Some cities have public transportation systems that give discounts or are even free for senior citizens, or low-cost van or cab services that will help seniors get to doctor's appointments.

Better weather. Some people seek retirement spots with warm weather so they can avoid winter, but you might find that you miss the change of seasons or that warm weather comes with its own challenges.

Test it out first. One way to be more certain that a retirement spot will be a good fit is to test it out by renting. When you first move to a place, it might seem wonderful, but once you have tried living in it, you might find that it doesn't really suit your needs. There's nothing like actually living in a place to know all its little eccentricities and ins and outs.

For more information on apartments in Lexington Park, MD contact Abberly Crest.

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Tips for Renting Without Going Broke

Joseph Coupal - Thursday, June 15, 2017
Abberly Crest, Lexington Park, MDPersonal finance experts suggest you keep your rent under 30 percent of your income. But for many young professionals in cities these days, that's a big ask.

From having gone through the process of finding an apartment on a budget, here are my top tips:

1. Know your deal breakers

You're probably not going to have your own one-bedroom apartment. But being on a budget doesn't mean you have to compromise your quality of life. Take a minute and brainstorm what you would like and what you couldn't stand.

Here is a recommended list of things to consider:

  • Your commute time
  • Whether the apartment is smoking or non-smoking
  • How you feel about pets
  • Distance to the nearest subway or bus stop
  • If you want a quiet or lively place to live
  • If you need a stove, oven, dishwasher, elevator or on-site laundry
  • What you're looking for in a roommate
  • How you feel about overnight guests

Additionally, think about whether or not you can afford to use a real estate broker.

If you're on a tight budget, chances are you won't be able to. Brokers in major cities generally charge 10 to 15 percent of the annual rental fee. For a $1,200 apartment, that's between $1,440 and $2,160. If you can't afford a broker, use keywords such as "no broker" or "no fee" when looking at listings.

2. Download real estate apps

To stay up to date on the listings, download apps like Craigslist, StreetEasy, Trulia and Zillow. Checking them daily is a convenient way to cast a wide net, since you'll find unique listings on each. If the app offers certain benefits to people who create an account, such as the ability to save your searches or keep track of your favorite listings, take advantage of them. Your search will be a lot easier.

In addition, enable notifications. You'll be pinged every time a new listing that matches your criteria is added. When thousands of other people are searching for places, responding even minutes earlier than others can make a huge difference.

3. Save yourself time and stop looking for a studio

Finding an affordable studio apartment in a city like New York is extremely difficult, if not impossible.

On the off chance that you do find one, it almost always has some sort of major catch: It will be the size of a closet or it won't have its own bathroom. If you have roommates to share an apartment with, you really open up your options.

4. Join Facebook housing groups

There are dozens of Facebook groups out there where people post apartment listings. It makes searching for an apartment more personal, since you can check out the lister's social media profile and put a face to the name.

Look up your city name along with "apartments" "listings" or "housing" and you're sure to find a bunch of groups. Request to join them.

5. Post a roommate ad

The more you broadcast your search, the more responses you'll get. So post what you're looking for on your Facebook profile and tell your friends. If you don't want to share your exact price point, you can always give a range or use terms like "on a budget."

In these posts, include your budget, ideal neighborhoods, a bit about yourself and what you're looking for in a roommate.

To stay safe while doing this, don't respond to anyone who asks for money or personal information — those are red flags.

Ask for multiple social media account links from the person to verify that he or she is real. You could also arrange a video call before meeting up.

6. Draft a post you can use to reply to apartment listings

Responding to dozens of listings can be exhausting. To avoid apartment-hunting burn-out, draft a general email response that you can copy and paste, with minor tweaks, to each listing that interests you.

The response should include a bit about yourself, your ideal move in date, what you're looking for and any questions you have about that listing.

7. Stay safe

Never send money, your social security number or any other personal information to strangers, no matter what they say. Seriously, there's a huge market out there of people trying to scam you.

Don't sign any documents or turn over any cash until you do some of your own investigative research. Search the person's name and company with the word "fraud," "scam" and "lawsuit" to see if anything comes up.

THE MORE YOU BROADCAST YOUR SEARCH, THE MORE RESPONSES YOU'LL GET.

When going to view an apartment, always meet in a public place and tell a friend where you're headed. If you have any doubts, do more digging or just hold off. There will be more listings tomorrow.

8. Look into new areas

Finding an affordable apartment in the posh parts of any city is extremely difficult, even if you're planning to share the space. Many young professionals are moving to the less gentrified areas for this reason.

If you look at less trendy but still vibrant neighborhoods you'll find more listings at competitive prices. The commute might not even be that much worse, and the local food might be far better.

Find out where young professionals in your area are moving and do some research. Look into where the laundromats, parks and grocery stores are, what the crime rate is and where the nearest subways or bus stops are. Visit. You might just find a good fit.

9. Don't make impulse buys

Looking for an affordable apartment is very stressful. Remember to take your time and relax. After you see an apartment, walk around the neighborhood. Do you like it? Could you see yourself living there?

If the answer is "Yes," follow up as soon as you can, as apartments go quickly. If the answer is "Maybe," think about it more. Don't allow yourself to get swept up by the panic.

Here's to finding a good place on a budget.

For more information on apartments in Lexington Park, MD contact Abberly Crest.

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Apartment Hunting? Questions to Ask Yourself

Joseph Coupal - Thursday, June 08, 2017

Abberly Crest, Lexington Park, MDHunting for an apartment is stressful work. It doesn’t seem like it, sure, but finding the right apartment that suits your lifestyle and fits your budget is a lot harder than it looks. The economy has been on a downward spiral since a couple years ago. What these means for people looking to live on their own in an apartment is that landlords are getting more desperate for tenants, promising anything and everything just to get someone to sign a lease contract. So… are you ready to go apartment hunting?

Apartment hunting will stress you out, and it will test your patience unless you know you’re ready for the hard work that’s waiting for you up ahead. Some apartments offer just the right amount of living space, but they’re going to be way out of your budget. Others are priced just right, but the apartment itself leaves much to be desired.

How do you know if you’re ready to go apartment hunting? Ask yourself these critical questions:

What kind of apartment do you want? You need to have a clear picture of the kind of apartment you want before you set out to start looking. For example, how many bedrooms and bathrooms do you need? Are you going to be living alone, sharing with a boarder, a relative? Do you need a large closet space or it doesn’t really matter? Do you need an apartment with a parking space for your car? How far is it from work or the nearest school?

Do you get discouraged easily? You’re going to talk to a lot of landlords and you’ll be inspecting dozens of apartments, and only about half of them are really going to be worth considering. Some apartment hunters look at two or three apartments and then give up. Truth is, you’re never going to find that “dream apartment” if you give up that easily. Don’t be discouraged after just a couple of disappointments. Never lose hope. Your dream apartment might be waiting just around the corner, literally.

Are your goals realistic? Do you flip burgers by day and look for penthouse-type of apartments by night? You’ve got to be realistic. Sit down for a couple hours and figure out how much you could afford to shell out in a month for rent, plus utilities.

Are you organized? Looking for an apartment isn’t rocket science, but you need to be organized all the same especially with the information you get from talking with landlords. Things like…

  • Address of the apartment
  • Number of bathrooms and bedrooms
  • What you liked and didn’t like during the inspection
  • Contact info of the apartment owner
  • Promises you were given during the inspection
  • Other miscellaneous information

The most important question: are you ready to go apartment hunting? Go through the above four questions and you should be able to answer that last one. Good luck on your little project and here’s hoping you discover that dream apartment of yours soon.

For more information on apartments in Lexington Park, MD, contact Abberly Crest.

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Are You Really Ready to Buy a House?

Joseph Coupal - Friday, June 02, 2017

Abberly Crest, Lexington Park, MDLet's say you're a veteran renter and you're thinking you want to start building value in a home of your own and the thought of buying a house is becoming more and more tempting.

Should you do it?

It depends. Homeownership isn't a sure path to building wealth if you're using a mortgage like most homebuyers do. The truth is: You'll be paying a lot and not getting anything in return in the form of mortgage interest, mortgage insurance, property taxes, property insurance, homeowners association fees and home maintenance. All of that money simply vanishes – the only part that actually builds wealth for you is the tiny fraction of your mortgage payment that goes toward your balance.

There are actually many financial and life situations where renting is by far the better deal, just as there are many financial and life situations where buying is the better deal.

One great step to take is to use a "rent versus buy" calculator. It's a spectacular tool for helping you run the numbers and figure out if you're ready to buy a home on paper. But on paper is just part of the story. Are you really ready for homeownership? Do the realities of your life make you ready?

Ask yourself these questions before deciding to buy a house.

Q: Are you planning to live in the area long term?

During the first few years of a mortgage, homeowners build very little equity in their home. The portion of their mortgage payment that actually goes toward the principal of their mortgage is tiny, meaning that after a few years, you still only own a tiny fraction of your home.

Thus, if you're only planning on living in the area for a short while, at least 5 years, you're almost always better off renting. The value of home ownership doesn't reveal itself until you've lived there for a while.

Q: Am I able to save a significant amount each month for a down payment?

Homeownership comes with many more costs than does renting. As a renter, virtually your only bills for your living space include rent, utilities and renters insurance. If you're a homeowner, you're contending with your mortgage bill, mortgage insurance, property taxes, homeowners insurance, homeowners association fees and all of the maintenance costs that come with a home.

If, as a renter, your financial state is so tight that you're unable to save much each month for a down payment, then the costs of homeownership would likely stretch your budget substantially beyond what you can afford. The ability to save a significant amount each month for a down payment is a great litmus test as to whether your finances are ready to deal with the costs of homeownership.

Q: How will my commuting costs change?

Quite often, you'll find people who are renting properties that are fairly close to where they work, but then buy a home that's far from work.

If buying a home means you'll no longer be able to walk or bike to work, your commuting costs are about to skyrocket. Even if you can take mass transit from your new location, you're still going to be footing the bill. Your reliance on a car may now go up, if your move puts you farther from grocery stores and other necessary amenities.

Include the cost of transportation changes in your calculations or else you may find yourself in a very rough spot.

Q: Am I overreaching?

Even after thinking through these questions, people still often fall in love with a home that's simply beyond their budget. If they dive in, they may find themselves walking the tightrope for many years as they deal with the burden of an enormous mortgage and high additional expenses.

Yes, this can pay off if everything goes perfectly, but when is life perfect? If you're buying for the first time, you're far better off in a reasonably priced home that will still grow in value while giving you some financial breathing room as you learn the ins and outs of being a homeowner. You can certainly jump to the "dream home" later, but don't make it your first move after renting.

Q: Do I have the time?

If you constantly find yourself pressed for time as a renter, it's not going to get better when you move into a house that has maintenance and lawn care needs, which you'll be solely responsible for.

Does your current schedule afford you the time to deal with tackling home repairs, mowing the lawn and tending to the greenery? If not, you should be very careful when you consider moving into a home, particularly one that belongs to a homeowners association.

Homeownership can be a very expensive proposition and it's easy to make big missteps early on by jumping in before you're financially ready. Take the time to make the right choice when it comes to the biggest financial decision of your life.

For more information on renting an apartment in Lexington Park, MD, contact Abberly Crest.

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Abberly Crest Apartment Homes

46850 Abberly Crest Lane, Lexington Park, MD 20653

Call: 833-336-7118
(301) 863-0446 Email UsAbberlyCrest.PropertySite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 12P-4P

$1,268-$1,699