When you’re moving to a new city, the decision between renting and buying can be a difficult one. While there are no right answers when it comes to making that decision, there are a few things to take into consideration when you’re deciding what to choose. Especially when you’re moving to a completely new city, there are a few extra considerations to think about. In this article, we’ll go over some of the key things to think about when you’re moving to a new city and need to think about renting vs buying.
Your Time Frame
Not all moves are long term, so it’s important to think about how long you’re committing to staying in the same place. As a general rule, buying won’t start to pay off until you’ve been in the home for at least three years. If you are planning on staying in your new city for at least three to five years, then buying might be the right choice. However, there are other factors to consider as well.
Where You Want to Live
Finding your dream home is about more than interiors. Sure, the size of the kitchen and the number of bedrooms is important, but so is the location. Especially when you’re moving to an entirely new city, it’s important to do a bit of research on what kind of neighborhoods there are.
Depending on your lifestyle, you may want a more urban location over a family-friendly neighborhood or the other way around. Living closer to the center of a city may be more expensive, so you may not be able to find an affordable property to buy. Likewise, it may be harder to find rental properties in the suburbs. Either way, where you want to live will factor into your decision between renting and buying.
Energy and Time Commitment
You’re already dealing with the stress of moving, so it’s important to think about whether or not you’re prepared to add to that stress, and if so, how much are you willing to add? Buying a house can be a huge commitment, both financially and emotionally. Especially if you’re dealing with the stress of selling your old home, you may not want the stress of buying a new one.
Or, maybe you find the security of homeownership worth the initial stress over the less stable renting market. Depending on local laws, you may not be able to get a rent-controlled apartment or house, meaning your rent could go if you want to renew your lease.
Think About the Big Picture
Where do you see yourself in three years? What about five? Where will you be in a decade? These are all things to think about when you’re considering buying a house. When making such a large commitment, you have to think about what kind of life you want to live, what’s important to you, and where you want to be in the future.
There’s a myth that homeownership is a goal that everyone should be working towards, but this isn’t necessarily true for everyone. Some people want to be able to relocate easily or have the freedom and flexibility that comes with renting. Others are looking to put down roots or start families, in which case buying might be the smart option.
There is no one size fits all answer to the question of renting vs buying, but hopefully, this article gave you some ideas on the factors at play. Regardless of if you choose to rent or to buy, you may want help with your move. For those in the Franklin Park, IL area, 2 Guys and a Van is here to help.
Picture Credit: Pexels