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Rent vs. Buy

Rent vs. Buy when you move   27 members have voted

  1. 1. When you relocate to a new area, do you rent or own first?

    • Rent an apartment
      22
    • Purchase a home
      5

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11 posts in this topic

Hi there,

I was wondering if anyone knows the percentage of people who move to an area and purchases a home or rents an apartment until they become more familair with a city?

Thanks

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I'm still renting 1 1/2 years after moving - but my excuse is we still have a house in Atlanta.

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I've been renting for years and intent to continue doing so. I don't believe for what I pay I can get what I want. Further there are many additional costs of ownership that many people don't consider. And I'd argue in todays day and age mobility and the ability to move quickly is a key to success and employment.

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I'd rent before buying (though probably a house, not an apartment) unless I were moving somewhere I already had a good degree of familiarity with IE the Bay Area.

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I rather rent. Buying a home sound nice but the additional cost for taking care of the house after you purchase it isn't cheap. Taxes for a home becomes an issue as well as making sure documents are in order at the Housing Department. I know from experience that owning a home can be stressful when problems occur. Never again will I own property.

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We relocated in 2005 after college and rented an apartment. After a year there we bought a condo. This summer we're selling, putting whatever profit we have into savings, and relocating again. We'll rent an apartment because A) we're going to graduate school and B) we'll be in a more expensive area.

I appreciate the virtues of both renting and owning. On one hand you can customize your residence as you wish and treat your home as an investment, usually getting a pretty good return. On the other, you kiss your money goodbye every month but everything is taken care of.

Owning is also a big plus if you have a large dog. It can be hard to find a dog-friendly place to live that's also in a desirable area. Woof! ;)

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Everyone's needs are different but I would rent first to get to know the city before committing to buying property.

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I've yet to live in a neighborhood where buying was equivalent to or cheaper than renting (especially when you figure in maintenance and taxes). That said, in some areas it is difficult to find places to rent, especially smaller towns, and suburban and rural areas. I still would hold out until I got to know the area.

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Once you know you are staying, you should definitely buy. Renting long-term is throwing money away. Owning your home or condo offers so many advantages - your payments remain the same and never increase with inflation while rent escalates. You can deduct your interest, which is initially fairly tidy. Best yet, your home will increase in value in time enough that your equity will build far faster than you lower your principal by making payments.

Now is a great time to buy as long as you know you won't sell for two years or more. Prices are down, interest rates are very good, and there are more homes in the market offering a great selection. Just stay well away from ARMs and make sure you are buying less than you can afford because repairs and unexpected issues always come up.

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i would say rent.

thats what my partner did when he first moved to nashville before he met me. he rented in a recommended area until he became familiar with the city and the good and bad parts, then bought a house a couple of years later. i would always recommend this. once you buy in an unfamiliar city, your stuck.

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I say it depends on what you are comfortable with and how well you know the area. Personally, when I moved to Raleigh, I rented, though mostly because I was moving away from home for the first time and wasn't ready to take the step of buying straight out of the gate. I bought a home a couple years down the road and haven't regretted it one bit. If I was going to another city, I'm the type of person that researches things to death(I'd have visited the area a few times, researched its crime data, dug around on forums such as UP for neighborhood information, etc.), so I would buy when I moved there.

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