Moving to the Country? Rent or Buy?

rent-or-buy-diceIt probably goes without saying that relocating and purchasing a home are two things WAY up the list of “High Stress Activities”. If you go shopping and buy the wrong size shoes, a bad suit, or food your kids won’t eat, that’s not such a big deal.

Buy a home in the wrong area for you though, that is a big deal.

Ideally, if you are relocating and not familiar with the Central Goldfields it is possibly best that you rent first before you buy a home.

The benefits of renting first:

  • You get familiar with an area before making the home purchase plunge.
  • If you don’t like where you end up renting, you can rent somewhere else. Or at least drive around different areas at different times, watch listen and observe the local area and news – basically get a long term, in-depth feel of different areas.
  • Less initial cash outlay. Moving is expensive.
  • It is much easier to work out timing issues between leaving your existing home and relocating to your new one. Closings are delayed all the time.
  • Reduced stress.

The disadvantages of renting first:

  • You have to move multiple times. Let’s face it, moving sucks. Ever meet anyone that likes to move?
  • If you have children, unless you rent in the same school area you ultimately purchase in, then the kids may have to switch schools. Again.
  • You have to move multiple times.
  • Short term leases aren’t easy to find. You may be locked into a six month lease. Or more.
  • You have to move multiple times.

So answering the question posed is difficult. Ideally, you probably want to rent first. But we don’t live in an ideal world.

More on Renting or Buying