Should You Rent Or Buy When Moving To A New Area?

One of the toughest decisions when moving to a new city is whether to rent or buy your new home. With so many uncertainties competing with your personal aspirations, it can be difficult to determine how best to situate yourself in your new life. So we’ve composed a list of benefits and drawbacks to help you decide.

RENTING
ProsCons
Time - Taking the time to learn about your new city and find the right property for you means you are much more likely to be happy in your new home.Feeling Unsettled - When you know your living situation is likely temporary, it’s harder to settle in. It also means you’ll likely have to move again once you do decide to purchase a property.
Flexibility - If things don’t work out in your new city, you are not tied down by a mortgage and having to sell a house. Or, if you decide to stay, you can complete any necessary renovations or upgrades of your purchase before you even move in.Complications - Things like finding rentals to accommodate pets or the potential for your school-aged children to have to change schools for a second time can make renting tougher.
Effort - Moving is hard enough as it is. The process of negotiating the purchase of a home at the same time can be daunting. And if you end up not loving the home you choose, you don’t have to deal with selling a house while looking for a new one.Financial - Paying rent means paying someone else’s mortgage instead of building your own equity. Not to mention the costs incurred by a second move later if you do decide to buy.
Buying
Guarantees - You know that you will have a home that accommodates your lifestyle and family. Plus, you know that you are not subject to the whims of a landlord who might decide to sell a property you are renting which could put you back at square one.Buyer’s Remorse - If you don’t know the city very well before you buy, you run the risk of choosing a neighborhood that you later regret. Or if your new job doesn’t work out and you find another, you could end up tied down to a home with a long commute.
Comfort - You can set up your space the way you like it without worrying about the terms of your rental agreement. Being able to choose the paint colors, for example, makes a home your own.Poor Timing - After the costs incurred by a major move, your budget may require choosing a property that isn’t ideal. And organizing a home purchase at the same time as a long-distance move makes it harder.

Our experts at Capitol Moving are on hand to help answer any of your moving questions and offer our experienced advice. Give us a call at (860) 415-4400 today!

Categories: 
Related Posts
  • Moving As An Opportunity To Declutter
  • Eight Fun And Creative Moving Hacks You Would Never Think Of
  • Tips For Moving House Plants Long Distance
/