5 Reasons to Rent After a Relocation
Getting a new job and moving to a new city is already stressful. Don’t add to the stress of finding the perfect house to the mix. Here are five great reasons to rent instead of buy after a relocation.
You can explore the neighborhoods
Location, location, location. You’re going to have a much better idea what neighborhood suits you best after you’re already living in the city. If you decide to rent, you’ll have some time to figure out where you fit in.
You won't get rushed into buying a house
Buying the first house you see can lead to years of regret. And you might be pressured into doing just that--or simply settling--when you’re faced with the quick timing of a relocation. If you decide to rent, you can hold off for that dream house.
You can wait to save for a down payment
If you’re moving to a more expensive city, or if you haven’t been in your current house that long, you might not have enough money for a good down payment. If you decide to rent a relatively cheap place, you can wait until you’ve saved enough money to avoid private mortgage insurance (PMI).
It’s easier to move if the job doesn’t work out
Taking a new job is scary. And it doesn’t always work out. Sometimes a job sounds great, but two weeks in and you realize your manager’s crazy, the work isn’t what you expected, and your coworkers aren’t very nice. So if you’re renting, you know you have the flexibility to move somewhere else quickly if your new job doesn’t end up being what you expected.
You have time to figure out your commute
The most direct route might be the one that involves sitting in bumper-to-bumper traffic for 45 minutes. Your new city might also have a great public transportation system that you haven’t figured out yet. Renting will give you a chance to figure out what neighborhood is going to be a happy medium between an easy commute and being near the other amenities you value.