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Old 04-14-2019, 09:08 AM
Status: "Scram gravy ain't wavy" (set 4 days ago)
 
Location: Greenville, SC
4,444 posts, read 3,560,606 times
Reputation: 8186

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I'm retired, and on a fixed income (social security + pension), and after a cost-benefit analysis decided it made more sense to rent rather than buy a condo. This article notes that rents have been going up sharply in the Greenville area over the past year:

https://www.greenvilleonline.com/sto...ar/3423005002/

I had no idea rent prices were going up like this. If this continues for the next few years, it will make it more and more difficult for me to afford to rent, and more and more difficult to buy a condo or townhome as the cost of purchase also goes up. This pushes me more in the buy rather than rent side. Has anyone else made this decision in the past year? Did you consult with financial/real estate professionals to help with the decision?
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Old 04-14-2019, 12:12 PM
NDL
 
Location: Gaston County
3,058 posts, read 3,526,786 times
Reputation: 1966
Sadly, this phenomenon has been going on in cities across the Southeast.

I did notice a couple of reasonably priced condominum communities, yet the exorbitant HOA fees (sometimes in excess of 220+ dollars per month), negate the low cost of the condo.

The three options that I have uncovered thus far, might come in the form of an upscale "trailer" community; a "tiny house" community, or a move to a more affordable area in Spartanburg County.

Is an address outside of Greenville something that you'd be willing to consider? Or what about an alternative housing arrangement such as a "tiny house"? There are a few such communities in both Greer, and in Travelers Rest.

It's a shame that apartment complexes don't work with their current tenants, in managing annual rent increases such as to retain the residents who live there. You might also consider renting from a private individual, as they tend to "hold their rents down," to retain good, paying, tenants.
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Old 04-14-2019, 01:30 PM
NDL
 
Location: Gaston County
3,058 posts, read 3,526,786 times
Reputation: 1966
Since Jan 2011, the average rent in Greenville has almost doubled:

https://www.rentjungle.com/average-r...c-rent-trends/
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Old 04-14-2019, 01:52 PM
Status: "Scram gravy ain't wavy" (set 4 days ago)
 
Location: Greenville, SC
4,444 posts, read 3,560,606 times
Reputation: 8186
Quote:
Originally Posted by NDL View Post
I did notice a couple of reasonably priced condominum communities, yet the exorbitant HOA fees (sometimes in excess of 220+ dollars per month), negate the low cost of the condo.
Yeah, I've seen some of those myself.

Quote:
The three options that I have uncovered thus far, might come in the form of an upscale "trailer" community; a "tiny house" community, or a move to a more affordable area in Spartanburg County.

Is an address outside of Greenville something that you'd be willing to consider? Or what about an alternative housing arrangement such as a "tiny house"? There are a few such communities in both Greer, and in Travelers Rest.
I looked at the web pages for two tiny house communities in Greer and TR - I'd be doing an FHA loan and by the time you add in the $450 lot lease fee to the monthly mortgage costs, it's not so attractive. If I had a lot of equity from a previous house and could buy it outright, it would be a lot more attractive as an option. Plus, I don't want the added expenses and hassles of a single owner home which is why I'm considering condos and townhomes (and plan on examining the HOA budget and past expenses carefully when doing so to avoid getting nailed with a special assessment a year after moving in.

My church is on the east side of Greenville, and I don't want to move to Spartanburg County because Orthodox churches are few and far between in the South. That's a hard and fast requirement for me. I have Mauldin in my search area, wonder if I might have to expand to Greer and other areas to find something I can afford that isn't too far from church.

Quote:
It's a shame that apartment complexes don't work with their current tenants, in managing annual rent increases such as to retain the residents who live there. You might also consider renting from a private individual, as they tend to "hold their rents down," to retain good, paying, tenants.
I've had some bad experience with whacko private landlords in the past, unfortunately.
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Old 04-14-2019, 02:40 PM
 
Location: Greenville, SC
1,847 posts, read 1,782,664 times
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Condos tend to have higher fees than townhomes. There are some nice townhomes in Mauldin; sold one there a few years ago. I'm sure there are others, as well. Rents are crazy right now!
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Old 04-14-2019, 03:01 PM
 
Location: The South
3,861 posts, read 5,260,525 times
Reputation: 2715
Quote:
Originally Posted by Vasily View Post
Yeah, I've seen some of those myself.



I looked at the web pages for two tiny house communities in Greer and TR - I'd be doing an FHA loan and by the time you add in the $450 lot lease fee to the monthly mortgage costs, it's not so attractive. If I had a lot of equity from a previous house and could buy it outright, it would be a lot more attractive as an option. Plus, I don't want the added expenses and hassles of a single owner home which is why I'm considering condos and townhomes (and plan on examining the HOA budget and past expenses carefully when doing so to avoid getting nailed with a special assessment a year after moving in.

My church is on the east side of Greenville, and I don't want to move to Spartanburg County because Orthodox churches are few and far between in the South. That's a hard and fast requirement for me. I have Mauldin in my search area, wonder if I might have to expand to Greer and other areas to find something I can afford that isn't too far from church.



I've had some bad experience with whacko private landlords in the past, unfortunately.
Just curious—Orthodox what? Church. Greek? Eastern? Russian? I know there is a Greek on Church Street in Spartanburg, near Cleveland Park.
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Old 04-14-2019, 04:07 PM
Status: "Scram gravy ain't wavy" (set 4 days ago)
 
Location: Greenville, SC
4,444 posts, read 3,560,606 times
Reputation: 8186
Quote:
Originally Posted by LynchburgLover View Post
Just curious—Orthodox what? Church. Greek? Eastern? Russian? I know there is a Greek on Church Street in Spartanburg, near Cleveland Park.
Thanks -- I'm a convert (20+ years ago) who goes to the Orthodox Church in America parish in Greenville (Russian). Greek churches tend to be less convert-friendly and focused on the needs of ethnic Greeks; OCA and Antiochian parishes tend to be more convert-friendly. Convert-heavy parishes, on the other hand, tend to have their own unique problems. I might have to check out the parish in Spartanburg after Lent -- I'm not averse to moving the Spartanburg.
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Old 04-14-2019, 04:09 PM
Status: "Scram gravy ain't wavy" (set 4 days ago)
 
Location: Greenville, SC
4,444 posts, read 3,560,606 times
Reputation: 8186
Quote:
Originally Posted by BigRedBeth View Post
Condos tend to have higher fees than townhomes. There are some nice townhomes in Mauldin; sold one there a few years ago. I'm sure there are others, as well. Rents are crazy right now!
Thanks -- Didn't realize that about condo vs townhome fees. I've got Mauldin on my radar - the rent craziness makes me feel I need to make a decision one way or the other now, before I'm priced out of the purchase market and can't afford a decent apartment, either.
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Old 04-14-2019, 05:00 PM
NDL
 
Location: Gaston County
3,058 posts, read 3,526,786 times
Reputation: 1966
Quote:
Originally Posted by Vasily View Post
I looked at the web pages for two tiny house communities in Greer and TR - I'd be doing an FHA loan and by the time you add in the $450 lot lease fee to the monthly mortgage costs, it's not so attractive. If I had a lot of equity from a previous house and could buy it outright, it would be a lot more attractive as an option. Plus, I don't want the added expenses and hassles of a single owner home which is why I'm considering condos and townhomes (and plan on examining the HOA budget and past expenses carefully when doing so to avoid getting nailed with a special assessment a year after moving in.

My church is on the east side of Greenville, and I don't want to move to Spartanburg County because Orthodox churches are few and far between in the South. That's a hard and fast requirement for me. I have Mauldin in my search area, wonder if I might have to expand to Greer and other areas to find something I can afford that isn't too far from church.
Okay...I understand the church requirement, but kindly tell us what your other requirements are.

Is a traditional, detached, home, something you'd entertain as well? If so, Spartanburg might have some options.

On top of that, I actually visited a nearby builder of log cabins, and I was overwhelmed with the quality of the construction, airy feeling, and efficient use of space:

https://greenriverlogcabins.com/product/topline-better/

Granted, I am over my head in what I am about to propose, but I am throwing ideas out there: would you entertain buying a piece of land, and putting a trailer on the land? If so, you might be able to get a parcel with water/sewer, and go from there. Traveler's Rest has several parcels of land, which shouldn't be too far from church. The builder also has modular units for sale, if you're interested in a permanent location.

The cabin is a turn key solution, and perhaps a realtor could help you further with land, if you're so inclined.
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Old 04-14-2019, 05:44 PM
 
Location: The South
3,861 posts, read 5,260,525 times
Reputation: 2715
Quote:
Originally Posted by Vasily View Post
Thanks -- I'm a convert (20+ years ago) who goes to the Orthodox Church in America parish in Greenville (Russian). Greek churches tend to be less convert-friendly and focused on the needs of ethnic Greeks; OCA and Antiochian parishes tend to be more convert-friendly. Convert-heavy parishes, on the other hand, tend to have their own unique problems. I might have to check out the parish in Spartanburg after Lent -- I'm not averse to moving the Spartanburg.
I’m a cheerleader for east side Spartanburg. We’re loving it. I don’t know much about Orthodox Churches but I can tell you, Spartanburg has a LOT of churches. Lol I’d be surprised if you couldn’t find a fit.

Best of luck.
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