Rent vs Buy when Relocating

If you are relocating, chances are that one of the biggest questions coming to mind is whether you should buy or rent a home at your new location.

Of course only you can make that decision, there are some important factors that should be weighed.

“First, how permanent do you feel this relocation is?

Do you have to sell a home before you buy a new home?

Are home prices stable in the area that you are
relocating to?

Going up, going down?

There’s no doubt that buying a home today is more affordable than ever. Low mortgage rates, higher than normal inventory levels and low home values combine to make it a market for buyers. If you already own a home where you currently live, maybe renting it out until the market stabilizes or improves makes sense. If you can hold on to your current home, cover its mortgage, and qualify to buy a new home, you could be in an ideal situation.

One of the best strategies I’ve seen is to initially rent on a month-to-month basis in the area you are considering. This will take the pressure off and allow you to examine the affordability level of your new location. Is it less expensive to rent, or would a monthly mortgage payment be the same or less than paying rent? I will be glad to allow you to pick my brain about areas that will be best for your situation. Get to know the new area well before making a decision. Be sure and weigh all the pros and cons of renting vs. buying, after-all, buying real estate is a big investment.”

Thanks Lee Dworshak