Moving houses is something that most people experience at some point in their lives. While you may be excited to go house searching and buying, some experts suggest that renting a house when moving to a new city may be a better choice.
"You should really consider renting for a year before you buy," advises Brendon Desimone of Zillow.
Why is a real estate agent suggesting on renting a house for a year before buying, you ask?
According to Desimone, renting for a year is a much wiser decision, as it entails less commitment, risks, and stress. Some people may think that they can easily adjust to their new environment only to realize later on that their new city is not for them.
Desimone further noted that renting a house for a year before deciding whether or not to buy will give you different options without the financial stakes of having a monthly mortgage to pay. During the one-year period, you can get to know the ins and outs of the neighborhood and find out if the city you'll be living in is right for you.
The one-year waiting time will also give you a period to think things through carefully and find out if your new job is something that you see yourself doing for years. Add this to the fact that there is less stress on your part when you decide to rent than commit to a 15-year or 30-year term. You also need to feel and experience the neighborhood on your own rather than relying on the advice of real estate agents or friends.
Get Rich Slowly also advised buyers on the same method of renting first before buying a new house in a different city. According to the publication, selling a house can sometimes be lower than the buying price, as the value of a home depreciates immediately because of the different fees and taxes that come with selling a home.
