Are you uprooting your life and moving to a new city? Whether a new job has prompted the move or something else has compelled you to change your location, one of the first decisions you need to make is where to live. Even though you may be a long time homeowner, there are benefits to renting before you buy when moving to a new city. Here are five reasons to consider waiting before you buy when you move to your new town.
Commuting to work every day can take a big amount of your time. Although you can gauge proximity to your new job, until you live in your new location, you will not understand the issues involved with getting from point A to point B. Renting allows you to get to know the traffic issues involved with commuting in your new city and what alternative options are available. You also have the opportunity to compare notes on traffic and commuting with co-workers and other new acquaintances that live in other areas of the city.
Getting to know the neighborhoods.
Choosing the right neighborhood to fit your lifestyle and family values is important. Renting gives you the opportunity to live in a neighborhood and get a feel for it before making the investment of purchasing a permanent residence. Kathleen Lordbock, a real estate broker with Keller Williams Realty Professionals, agrees. “When moving to a new city, you may want to experience the neighborhoods and what each has to offer. Each neighborhood is like a small town with unique characteristics and events. The smaller the town, the less diversity in the neighborhoods. Renting gives you the opportunity to spend time walking the areas and visiting via garage sales, open houses and events.”
Learn the local housing market.
The housing market in any large city can vary drastically in price and value depending on the location. Manuela Irwin of MyMovingReviews.com has noted that many transplants make the mistake of buying a home right away in a new city, just to find out later that they could have purchased a better home for less money in an area of the city that is less competitive. Renting gives you the time to talk to local homeowners and investigate the different markets before locking yourself into a new home purchase.
Finding the right school district.
If you have a young family or are planning to start one in the future, school districts will be an important consideration in your new home purchase. However, choosing a district solely on its rating may not be the best choice for your family. By renting, you can get to know the families in your current neighborhood and discuss with those ‘in the know’ what schools have the best programs and options for your family.
Make sure you ready to put down roots.
If you are considering buying a new home in a new city, you obviously have plans to stay long-term. But what if things don’t work out like you planned or if a new, better opportunity presents itself? By renting until you get established in the city, you get the chance to ‘test drive’ your new job and the area before committing to a large investment in a new home. After six months or a year of renting, you will have a better prospective of whether this new city is the place you want to establish permanent roots.
Making a move to a new city can be an exciting and scary prospect. Give yourself and your family time to acclimate to your new surroundings by renting first, then find the right neighborhood and home to call your own once you get a better sense of the city.
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