RENTING VS. BUYING IN YOUR NEW CITY

There's no simple answer when it comes to whether you should rent or buy a home when relocating to your new city. Additionally, this adds another dimension into your moving plan and can make the decision even harder!

The decision will depend on many factors, whether you are relocating or not, including individual goals and circumstances, housing market conditions and your personal preferences. Here are some things that you may want to consider as your planning your move to your new city.

Your Level of Commitment

In general, if you can't commit to staying somewhere for at least 3 to 5 years buying mihgt not be the right option for you. Think about your reasons for relocating. If you're moving for a job and unfortunately that job doesn't work out, would you still be happy living in your new city? If you have any doubts about the place that you're moving to, renting might be a good option rather than buying a place that would be more long term.

When trying to find your ideal home, there is a lot more to consider than just the kitchen finishes or storage space. When you're planning on relocating to a new city it's important to do some research on the neighborhoods and see what each can offer; their proximity to places you may frequent, safety levels and crime rate, schools, walkability and the overall personality of the neighborhood. These are just a few details that you would like to know before settling on a specific neighborhood.

If you're moving to a city that you've never visited before and you don't have a trusted source who can help guide you in the right direction, renting might be a better option for you. Renting will give you the chance and flexibility to explore your new city and determine which area will fit your lifestyle the best.

Personal Goals

Consider where you are at in your life and what your personal goals are for the future. What is most important to you at this juncture in your life? The decision to rent or buy will depend heavily on your personal goals. Whether those goals be getting your child into a good school or trying to pay off debt and save money for the time being.

Are you looking to permanently move to your new city? Or are you thinking that this relocation will be temporary? Are you thinking of buying just because it seems like the right thing to do?

Do you currently have enough money saved to afford a down payment on the house that you would want? Or would it make more sense to continue saving so you have a larger down payment?

Is renting first and then buying later a feasible option? Or is the idea of having to move twice in a relatively short period of time something you would rather not handle?

Maybe your main goal is long-term financial gain and you are willing to take your chances on buying a home in a new city. Whatever your personal preferences may be, they will certainly play a role in your decision on whether to rent or buy.

Time and Energy

Moving is one of the most stressful things that will happen in a persons life. From having to say goodbye to all your family and friends, dealing with the sale of your current home, packing up all of your belongings, etc. - it can become overwhelming very quickly. Think to yourself if you will be able to throw in the buying of a new house while everything else is going on.

Finding a new home is a huge undertaking and you'll need to have the time a patience to put into it. If you feel like things are moving to fast and you're being pushed into the purchase of a home, renting temporarily and giving yourself some time to breathe may be the right option for you. On the other hand, if you've got plenty of time and energy to put into all of this, purchasing a new property might be the right choice.

Our Opinion

Even though we can't apply this to every situation, we believe that renting for a few months until you get settled in your new city can be a good option for most people. This obviously depends on the individual circumstances and factors we've listed above; but in general, renting first could save you a lot of headache in the long run.

If you decide renting might be the best option, think of it as like a test drive of your new city. It doesn't have to be something permanent but will at least help you get on your feet and explore a bit before jumping into the purchase of a home.

Making this decision can be very difficult. Analyze your situation and think about what makes the most sense for you at this point in your life. It's easy to be influenced by others but try to stick with what you feel is right. Try to balance your emotions with logic in this situation and go with the option that makes you feel the most comfortable. If you're in doubt, remember that a lease agreement is a lot more temporary than the purchase of a home.

Either way you decide to go on your upcoming move, we would like to help! We offer Virtual In-Home Estimates with binding prices and will be able to accommodate a move of any size for you! Give us a call and let's see how we can help!