Should You Buy or Rent?
Kids are gone and you’re an empty nester. You find the home you have is now much bigger than you need or want. It’s time to downsize and travel or just have less to clean and maintain.
Unless you plan to buy a new home in your current town, it’s likely that you’ll find yourself moving to an unfamiliar area.
If you are moving out of your neighborhood and to another town or state, how do you know you will like your new neighborhood?
Sure, you can speak with your realtor and check out the area on a beautiful day. You might think that you can do sufficient research online or get advice from people who live in the area.
How convenient is shopping? Is there enough entertainment nearby? Does the neighborhood feel safe? Do you like the neighborhood vibe? Are there sources of noise at odd hours? What’s the commute like to your work?
Until you’ve spent a good amount of time actually living in the area, there really is no way to know if the neighborhood will work for you.
Renting first is a good solution. After owning a home, renting may seem like a step backwards. However, renting first when you move to a new city, is anything but a step back. It’s the smartest decision you can make, both for your sanity and your bank account.
Wouldn’t you prefer to rent for a while and learn the area rather than buy right away only to learn after a few months, for whatever reason, you are very unhappy with your neighborhood? Now you’re stuck for at least a few years until the value of your home rises enough to offset the money you invested in your new home.
The only person who can really know if you’ll like living in a given neighborhood, is you. Buying a home is a major financial commitment. Rushing into a purchase before you’ve had time to get to know the area could be a mistake that you will regret for some time.
If you find yourself planning a major move, find a nice rental and take your time learning the ups and downs of your new hometown before you buy. Don’t be tempted to take shortcuts when it comes to a decision as important as where you will live. You’ll be glad you did.