Old Mill Townhomes

Many housing observers agree that Generation Y—people from 18 to 34 years of age—largely prefers downtown living, often in rental apartments with easy access to walkable neighborhoods and public transportation.

The real question is whether they’ll outgrow those tastes once they earn higher salaries and have kids.

The Urban Land Institute plans to release the results of a survey highlighting Generation Y. The survey polled 1,202 U.S. adults from Jan. 16 to Feb. 3 of this year.

ULI heralds Generation Y with nearly 80 million members as a potential “game changer” in the U.S. real estate market. Of survey respondents in that age range, 59% said they prefer their neighborhood to have a variety of housing types; 62% favor mixed-use developments with shops, restaurants and offices; and 52% like pedestrian-friendly neighborhoods.

In addition, 55% of Generation Y respondents said close proximity of their home to public transportation is important. The survey found that Generation Y is more likely than older generations to live in apartments and in downtowns, with 54% favoring renting and 39% favoring city living.

While Generation Y is the most likely to move in the coming years, they’re also the most likely to go through significant life changes. Few have yet reached their maximum earning potential. And many haven’t had children, meaning they’re probably not yet focused on the quality of schools near their homes.

Patrick Phillips, ULI’s chief executive, said he suspects Generation Y is different than previous generations in that it won’t fully shift later in life to living in suburban, single-family homes.
 
Generation Y, and even Generation X of 35 to 47-year-olds, have substantial personal debt on average and haven’t reaped the massive home-value gains that older generations did in previous booms. Thus, many younger adults likely are renting rather than buying.

If you are interested in renting a town home in Lynchburg, VA, contact Old Mill Town Homes.

Excerpts - Wall Street Journal

In a lot of situations renting isn’t “throwing away money.” If you are buying a home for $300,000, with a thirty year loan, you’re paying almost $1,000 a month in interest. What about property taxes and homeowners insurance? That money just vanishes into thin air – $1,500 a month, at least. If you can rent for less than that, that’s what you should be doing. In fact, if it’s even close, you’re better off renting an apartment in Lynchburg, VA because then you don’t have to deal with the cost of maintenance and repairs.

“But I’m building equity!” If you’re spending more on interest, property taxes, homeowner’s insurance, maintenance, and repairs for your home each month than you’re spending on rent, you’re not building equity – you’re losing it. The only reason you’re not building equity in the apartment in this situation is that you’re not investing that money you’re saving over the costs of home ownership.

There are many situations where home ownership is the right answer, but there are also many situations where renting is better. The answer to the question is personal and situational. If you are interested in renting a townhouse in Lynchburg,  VA, contact Old Mill Town Homes.

Christian Science Monitor

May is bike month. We thought we would give our residents in our apartments in Lynchburg, VA some ideas on where they can ride.

Black Water Creek - Once you are on the main part of the trail, it is a fairly fun, relaxing ride with 2 great climbs, one on the upper Freer trail, the other can’t be missed. Great scenery.

Liberty Mountain - This trail system is a true diamond in the rough! With somewhere between 50 and 75 miles of trails, you could ride here for days without riding the same trail twice! There's a variety of difficulty levels, but most of the trails feature short, steep, rather techy climbs to the tops of a ridge and then a steep descent on the other side, complete with plenty of technical obstacles, berms, jumps, and massive wooden features. Be sure to bring an aggressive bike with some suspension, but if you can't you can ride here anyway, most of the features can be bypassed.

Peaks View Park - These are some great trails! Lots of short, steep up and downs, with enough technical demands to keep your attention . . . plenty of lovable, tight, twisty, rhythmic singletrack. Most of the trails are intermediate, but there are a couple of expert trails too. The trails are well-marked and well taken care of. From the parking lot, cross the wood bridge over the creek and go right. You'll cruise along the creek and past a basketball court some softball and soccer fields along the paved bike path. There are three trail heads. To get a feel for everything this great network has to offer, go on past the first two all the way to trail head III. Take the trail to the right (Mimosa) which will take you to the back corner of the network. From there, take Lower Piney to Cyclone. Turn left toward trail head II, then right to take on Roller Coaster. It is entirely appropriate to whoop it up on this trail! There are a lot more trails than these out there though.

More information on singletracks.com

Housing prices are starting to rebound and interest rates are still very low, so a lot of people are considering whether or not they should buy a home. But is homeownership the right choice for you and your finances? The answer of course, is "it depends." However, for many there is a clear answer based on where you live, how much money you have saved, and what your future plans are.

The "Rent vs. Own" debate rages on. Here are some important factors you should consider to help determine whether renting or owning a home is the right decision for you.

1. Basic Market Trends

The three most important criteria in setting the value of a home are "location, location, location." That is true, but you might want to add: "timing, timing, timing."

Anyone who watched the gut-wrenching rise and fall of the housing market during the past 10 years can knows that timing has a lot to do with if buying a home becomes a good investment or an anchor tied to your finances.

You want to avoid buying a house at the peak of a housing bubble, obviously!

But how to avoid it? To help you navigate these market variations, use the "price-to-rent" ratio. This is a formula that takes into account the price of renting versus the cost of buying in your area and gives you a sense of whether the market dynamics favor buying or renting.

Also remember that interest rates for mortgages fluctuate over time and it's always better to lock in a low interest rate if you can.

2. Your Financial Picture

One of the main considerations you have to make is this: does your current financial picture put you in a strong position for home ownership? If not, then buying a house will not be a good idea no matter what the market trends indicate.

Evaluate your finances and see if you're prepared for homeownership. Sit down and look at all your financial accounts as well as your income and expectation of future earnings and job security.

First, look at any debt you have and calculate how long it would take you to pay it off. If you have a lot of consumer debt and especially if you're struggling to make your monthly payments, then this may not be a good time for you to buy.

3. How Much Do You Have Saved Up?

Assuming that you're not worried about debt paydown or losing your job, then the most important factor to consider is how much savings you have. Many home purchases require 10 or 20 percent as a down payment on a mortgage.

The right down payment amount and home loan amount for you will depend on the factors mentioned above, but in general it's better to have a lot saved up before you apply for a mortgage.

4. What Are Your Future Plans?

One of the things you always hear people talk about is that it doesn't make sense to buy a house if you plan to move in the next five years -- and this is absolutely true. Why? Because buying a house requires lots of fees and "transaction costs" -- these costs are unavoidable and can total up to 5 percent of the cost of the house or more.

It still depends on the individual situation, of course, but the general rule is to avoid buying if you expect you'll need or want to move anytime soon.

For more information on renting an apartment in Lynchburg, VA, contact Old Mill Town Homes.

ABC News

Buying a home is considered a landmark in accomplishing the “American Dream,” but it’s not right for everyone.

Continuing to rent a town house in Lynchburg, VA may be right for those who fit in these four points.

Location
Buying a home that’s affordable may require living in suburbs or a lot of renovation. If living in the city of Lynchburg being able to walk to shops and not commuting far distances for work is a top priority, renting is often the better option for inner city living.

Cash flow
For those who need to keep cash available for upcoming costs like a potential business, continuing education or career change, renting doesn’t require such an investment.

Buying a home requires a large sum saved up, closing costs and maintenance issues that don’t stop. Additionally, renting more area is generally cheaper than buying more area in a home.

Simplicity
For those who prefer a simple life, rent a smaller place. Stuff grows to fit the space that is allotted. Less square footage will help from gathering too much stuff. Additionally, renting a place cheaper than the maximum amount simplifies financial aspects as well.

Mobility
Don’t buy a home that you are planning on living in for less than five years. Since the housing crash, that has become increasingly true. Renting offers the ability to move around. It doesn’t root the renter down to stay in one location.

For more information on renting in Lynchburg, contact Old Mill Town Homes.

Deseret News

According to a new study, the appeal of renting versus owning a home is changing across the country.

Following the housing crisis, 54% of survey respondents say renting a home has become more appealing and 57% say that buying a home has become less appealing.

Even though there are positive signs that the housing market has rebounded, the public clearly remains nervous. In fact, 77% believe the nation is still in the midst of the housing crisis or the worst is still to come.
 
The study examines how American attitudes have been transformed by the housing market collapse and changing lifestyles.

In the past, homeownership and renting were seen more as a zero-sum game.

It's a new way of looking at housing in general. You can still aspire to own a home but still see renting in your future.

In another finding, the study reveals that the public favors a balanced housing policy. 65% believe that housing policy should be equally split on ensuring people have access to rental housing and houses to own.

The survey underscores that it's no longer renters versus owners, the haves versus the have-nots, or the young versus the old. There is a new and real acceptance of a more balanced approach to housing policy that puts renting and owning on a more equal footing.

Other findings of the survey include:

• 45% of respondents have experienced a time when their housing situation was insecure or unstable;
• 45% of current owners can see themselves renting at some point in the future; and
• Roughly seven in 10 believe that government policies "ensuring that more people have decent, stable housing that they can afford" leads to a major positive impact on the safety and economic well-being of neighborhoods, children's ability to do well in school, and family financial security.

For more information on renting a townhouse in Lynchburg, VA, contact Old Mill Town Homes.

Apartment Finance Today

Many people consider owning your own home the American dream, but no dream is one-size-fits-all.

While owning a home can increase your net worth, there are potential downsides as well -- additional labor, hassle and cost, to name a few. In many cases, renting an apartment in Lynchburg, VA makes sense.

How can you know which is best? Here's what you need to consider:

The minuses of homeownership: Owning a home is a huge time commitment. When you rent, maintenance is someone else's problem and repairs are solved with a phone call. When you own a home, you take on the rolls of maintenance and gardener. When something breaks, you need to fix it.
 
Homeownership also limits flexibility. When you buy, you should plan to keep the house at least five years, because transaction costs -- agent commissions and other sales expenses -- are high. Sell too soon and you won't recoup those costs.
 
The pluses: One of the joys of homeownership is investing time to make it yours and make it worth more. What you can do to customize a home you own is limited only by your imagination, budget and local zoning restrictions.
 
The bottom line: If you want to stay mobile, if you don't enjoy home improvement projects, rent. If you're staying put and watch a lot of HGTV, buy.

Money
The minuses: If you rent, you'll pay the first month's rent, a security deposit, and maybe a pet deposit. Buying means a down payment, closing costs, and other major expenses, including continuous repairs and maintenance costs.

In 2010 the average annual homeowners’ insurance premium was $909. Property taxes vary widely depending on where you live, but run from hundreds a year to thousands.

The bottom line: If you don't have the money and/or credit score necessary to buy a home, the question is moot. But if you can afford to own a home in a desirable area with an expanding population, you'll probably be rewarded financially.
 
One way to run the numbers is to use buy vs. rent calculators. But, while those are certainly helpful, the answer you get from a calculator will depend on the information you provide -- some of which you can't possibly know.
 
For example, among other variables, most calculators will ask how much the house you're buying will appreciate annually, as well as how much equivalent rent will increase over time. These are questions you cannot answer.
 
Buying? Don't get in over your head, keep these thoughts in mind:

• To lower the risk of homeownership, buy only what you need, not the most expensive house you qualify for. The average house in 1950 was less than 1,000 square feet. Today it's more than twice that. Remember that whatever you buy, you're going to have to furnish, heat, cool, insure, clean and maintain it.
• If you have bad credit and only qualify for a high-interest mortgage, it will cost you tens of thousands of extra dollars over the life of your loan.
• The more you put down, the less you borrow and the less risk you take.
• Finally, if you decide it's time to buy, hope for appreciation, but don't count on it. However, if the community you're living in has both expanding employment opportunities and population, prices are likely to rise over time.  

For more information on renting in Lynchburg, VA contact Old Mill Town Homes.

MSN Money

Are you looking to change your lifestyle in order to lose weight and get more fit. If you live in an apartment in Lynchburg, VA you are in luck because Lynchburg wants to help.

Lynchburg is planning a new challenge to encourage residents to get fit.

Live Healthy Lynchburg will kick off the “Strive for 5” challenge today. Lynchburg residents will be encouraged to perform at least 30 minutes of physical activity five days a week.

Last year, the health initiative challenged residents to lose 12 tons of weight. Residents met that challenge last August. If you are a resident of Old Mill Townhomes, don't forget that if you want to improve your heart health with our cardio machines or build muscle with our Universal Gym, the 24/7 fitness center makes it easy to exercise when it is convenient for you.

The Robert Wood Johnson Foundation’s latest health rankings list Lynchburg as the 59th healthiest out of 133 Virginia communities. The rankings were disappointing. But Lynchburg wants to turn things around. There is a new level of awareness about health issues and hopefully the Strive for Five will help.

The new challenge runs through June 30.

Washington Post

Regardless of if you celebrate Easter or Passover, Hot Crossed Buns are a great and delicious way to celebrate spring in your apartment in Lynchburg, Va.

Here is an easy and delicious recipe. You will be so happy you decided to give this a try. Enjoy!

Hot Crossed Buns

• 3/4 cup warm water (110 degrees F)
• 3 tablespoons butter
• 1 tablespoon instant powdered milk
• 1/4 cup white sugar
• 1/8 teaspoon salt
• 1 egg
• 1 egg white
• 3 cups all-purpose flour
• 1 tablespoon active dry yeast
• 3/4 cup dried currants
• 1 teaspoon ground cinnamon
• 1 egg yolk
• 2 tablespoons water
• 1/2 cup confectioners' sugar
• 1/4 teaspoon vanilla extract
• 2 teaspoons milk

Directions

1. Put warm water, butter, skim milk powder, 1/4 cup sugar, salt, egg, egg white, flour, and yeast in bread maker and start on dough program.
2. When 5 minutes of kneading are left, add currants and cinnamon. Leave in machine till double.
3. Punch down on floured surface, cover, and let rest 10 minutes.
4. Shape into 12 balls and place in a greased 9 x 12 inch pan. Cover and let rise in a warm place till double, about 35-40 minutes.
5. Mix egg yolk and 2 tablespoons water. Brush on balls.
6. Bake at 375 degrees F (190 degrees C) for 20 minutes. Remove from pan immediately and cool on wire rack.
7. To make crosses: mix together confectioners' sugar, vanilla, and milk. Brush an X on each cooled bun.

All Recipes

Are you looking to re-decorate your townhouse in Lynchburg, VA for the spring? Or perhaps you just want to add a little pizzazz to your décor. If you are on a tight budget, we have a few ideas.

Repaint old furniture: Instead of throwing away old wood furniture, paint it. Even mismatched but stylish dining chairs look great when you paint them the same color.

Add plants: Indoor plants require care to stay beautiful. But, they make great décor on a budget. If you don’t have a green thumb, there are some plants that don’t take too much effort to keep looking nice. Talk to the sales person before you buy.

Use photos for art: If you have an eye for photography, snap your own photos, print and frame them yourself. Hang them a few inches apart to create the illusion of large, expensive artwork.

Use a mirror: An over-sized mirror reflects light into the room, which makes it look larger. Or use several smaller mirrors together.

Use drapes: This is a great way to dress up a space.

Add lighting: Add soft lighting with table and standing lamps.

Throw pillows: Liven up your furniture with a few throw pillows. Pillows are easy to rotate for all seasons.

You don’t need a lot of money in order to give your apartment a seasonal, a personalized look; just be creative.