Moving is one of the biggest life changes you can make, and in today’s real estate market, the decision can be even more stressful. Number one is the choice between renting and buying your new home. Especially if you are relocating to a new area, this decision is complicated and needs a lot of thought and consideration.
There is no right or wrong when it comes to deciding whether you want to rent or buy, it can be only right or wrong for your unique circumstances and goals. While no one can tell you exactly what the right choice is for your move, here, we’ll go over a list of some of the most important factors to consider to help you decide for yourself.
How Committed are You to Your New Location?
The first thing to think about when you’re stuck between renting and buying is how long you plan on being in your new city or neighborhood. If you don’t plan on staying in the same place for at least three years, buying a new home may be too much of a financial commitment.
Renting a place in a new city is a bit like taking the neighborhood for a test drive. Especially if you are moving to a completely new city and don’t know where exactly in the city you will fit in best. Renting can be a great way to test out different neighborhoods before finding a place to settle down in for the long-term.
If you are committed to staying in the same location for more than a few years, and you already know enough about where you’re moving to know where to buy, then buying can be the right choice.
It’s also a matter of what’s available in the area you choose. Downtown areas are normally full of rentals, but you might be harder pressed to find one if you’re looking for renting in the suburbs.
How Much Time and Energy do You Have?
Moving is emotional at the best of times and stressful at the worst. For big moving, you’ll have a lot on your plate. You may have to sell your current house, hire and coordinate with a moving company, say goodbye to friends and neighbors, as well as packing up all of your belongings.
Both finding a new house to buy or one for rent is a stressful experience. However, buying a home comes with a lot more commitment if you make a poor decision. Rushing into a home purchase that hasn’t fully been thought through can lead to being stuck for years before being able to move again. When you’re renting, on the other hand, you can move to a new place much sooner.
If you’re already exhausted from having to move to a city, renting can be the right choice for a bit while you look for somewhere to buy. Or, if you have plenty of time to see houses and plan your move, buying right away may be a great way to put down new roots.
What are Your Personal Goals?
The biggest factor in whether you should rent or buy is what exactly you want to get out of your move and, in turn, your new home. Whether you have kids that you want to be in a good school, or you want to invest in, your long-term goals will have a huge impact on your choice between renting and buying.
Whether you end up deciding to rent or to buy, 2 Guys and a Van is the moving company that can make your moving experience easy to go to in the Chicago, IL area. With free estimates and without hidden fees, you’ll have the easiest moving experience possible.
Picture Credit: Freepik