Whether you should rent or buy when moving to a new city. In addition to the considerations one would normally ask themselves, the added dimension of moving can make the decision even trickier!
Whether you’re relocating or not, the decision will depend on many factors, including housing market conditions, and your individual circumstances, and preferences. Here are some additional factors you might want to consider when you’re moving to a new city.
If you can’t commit to staying somewhere for at least 2 to 4 years, buying might not be the right option for you. Consider your “reason” for relocating. If you’re moving for a job, and in unfortunate event that that job didn’t work out, would you still be happy living in this new city? If you have any doubts about the place you’re moving to, renting can buy you some time to make sure that this is the place you want to be for the long-term.
To find your ideal home, you have to consider a lot more than just the living room layout, and counter top finishes, or how much storage there is. When you’re moving to a new city, what might be more important than those factors is that you understand the neighborhood.
Safety levels and crime rates, schools, amenities, parks, walkability, are just a few of the details you might want to check out about your new potential neighborhood!
If you’ve never been in this city before and you don’t have a trusting source who can help you with some of the locality, renting first might be a more desirable option for you. Renting will give you a chance to check out the different neighborhoods and determine which one is right for you.