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Moving to a New City: Should You Rent Before Buying a House? | MELANIE ❤️ TAMPA BAY

you’ve made the major decision to move
to a new city that you don’t know very much about you are excited about the
transition but you have to find the right place to live the question that
gets posed to me over and over with people in this situation is should I
rent before I buy there is no one answer to this question so today I’m going to
break down both sides in an attempt to help you figure out which is best for
you hey everybody this is Melanie Atkinson Realtor with Smith & Associates
in beautiful Tampa Bay Florida and today I’m excited to address one of the most
frequently asked questions that I get should I rent before I buy I know that
moving to a new city can be really stressful there’s a lot to figure out
and housing is at the top of that list you don’t know the neighborhoods or the
schools the reality of commute times or where you’re gonna want to spend your
free time it takes time to get to know an area so should you make the
commitment of buying a house right away or should you rent for a year and get to
know the area a little bit better before you buy I think logically it seems like
a no-brainer you should rent first to get to know the area then buy something
but depending on your circumstances that may not be the right answer for you so
let’s look at both sides of this dilemma what is your timeframe for moving how
much time do you have before you have to be settled into your new city if you’re
being relocated for a job your employer may need you to be in that city within
the next few months that isn’t a lot of time to get to know an area even if you
take some time to visit and go house-hunting you still may not feel
comfortable buying something if you are crunched for time then taking a breath
and renting may be your best option however if you’re planning your move
well in advance then you have more time to get to know your new city visit there
multiple times not necessarily to go house-hunting but to get to know the
area as a whole visit on weekends as well as weekdays so you can get an idea
of the commute times and traffic visit during different seasons so you can get
an idea the weather talk to locals and real
estate professionals to get an idea of neighborhoods and then drive through
them do your online research on house prices neighborhood safety and distance
of places that you know that you will frequent if you have the time to do all
of this in a neighborhood or area emerges that you really like and you
really feel comfortable in then you can be more confident about your choice to
buy a home so next question for you how do you feel about your job are you
starting a new job with a new company when you move are you feeling a little
antsy about your career choice and you may want to make a change if either of
these are true you’re probably going to want to rent until you figure those
things out make sure you like your new employer and your new position before
you make the commitment to buy a home on the other hand if you’re moving to a new
city with an employer in a career that you know that you love then you don’t
have to worry so much about buying a home because hopefully you won’t be
looking for a job in the near future next question do you have kids because I
work a lot in the suburbs of Tampa I see people struggle with this a lot they
have school-aged kids and they don’t want to rent in one area for a year and
then have to move their kids the next year to a new school and that’s
absolutely a legitimate concern but there are rental options in the areas
where there’s great school zones too so conceivably you could rent for a year
there and your kids maybe wouldn’t have to move schools if you decided to buy in
that same area it’s a win-win right maybe not speaking of the Tampa market
in general the areas where they have the best school zones good rentals can be
really hard to find and expensive there are a lot of families that want to be in
those areas so your only options may be an apartment or a small home and may be
the size of that rental just isn’t something that you and your family are
going to be comfortable in for a year two kids in a 1,200 square foot fourth
floor apartment may feel like really close quarters after a few months and if
you happen to have beloved family pets that may make it even harder to find a
good rental in these neighborhoods because a lot of landlords are going to
have pet size restrictions or breed restrictions if you want to be able to
paint your kids bedrooms and let the make friends with their neighbors then
you may be better off buying the key here as with everything is to do your
research and to enlist the help of a real estate professional that has
extensive local knowledge don’t rely solely on school rating websites visit
schools and talk to the administration and talk to other parents if you aren’t
worried about school zones or living in close quarters with their kids then
renting is a great option to get to know the area first
what do your finances look like sometimes buying is not an option
financially if you can’t qualify for a mortgage right now or want to save more
money for a down payment then renting is your choice that’s an
easy one however if you do have money for a down payment and you can qualify
for a loan then there are a few things you should consider interest rates at
the time that this episode is being released or historically very low now I
don’t think they’re gonna jump up too dramatically in the next year but if
interest rates are a concern of yours then buying now may be a great option
for you also if you happen to be moving to an area where housing prices are
increasing rapidly then buying now may be a better option than waiting a year
where houses can be 8 to 10 percent higher in price next question for you is
are you an experienced homeowner let’s face it if you have been a homeowner for
a long time you may not be very comfortable being a renter even if it’s
just temporary maybe you aren’t used to sharing walls with your neighbors or
hearing somebody above you walk around maybe you don’t want to have to ask
somebody to change your living space cosmetically if you like having the
freedom that comes with home ownership then buying in your new city may be a
better option for you however maybe you have been a homeowner for a long time
and you don’t want to have to deal with the maintenance of owning a home again
as a renter you probably won’t have to worry about home repairs or basic home
maintenance that’s the landlord’s problem right and finally do you have a
relocation package I have had a lot of clients move to the Tampa Bay area with
very generous relocation packages from their employers some of these packages
pay for moving expenses and closing costs that they do decide buy a home
those packages often have an expiration dates so if you’re being offered
thousands of dollars that can go towards the purchase of a
then you may not want them to expire while you’re renting that doesn’t mean
you shouldn’t rent if you don’t feel like you’re ready to buy something that
just means you need to be aware of the expiration dates
maybe you should rent for a shorter period of time instead of sign in a year
lease and if you know you do want to rent for a while then I would talk to
your employer while you’re negotiating your relocation package and see if that
expiration date can be extended whether you decide to rent or buy when you move
to a new city is a personal decision there are people that will argue
strongly on both sides of this issue for some people creating a permanent home
for themselves and their family is a really important part of integrating
into their new city so they choose to buy but for others renting for a while
is the best choice for them as they get to know the area I can tell you that
when I work with relocation clients they’re often very very stressed when
they get here to go house-hunting by the end of their trip they usually feel much
better about the situation because I’ve been able to answer their questions for
them and listening the help of a knowledgeable real estate professional
can really help you as you’re moving to a new city take your time do your
research whatever you decide will be the right choice for you I hope this helped
all of you that are struggling with whether to rent or buy in your new city
if you’re looking to buy or sell in the Tampa Bay area give me a call I’m happy
to help and if you’re looking for something else to watch on this channel
check out my video called safe neighborhoods that will give you some
tools to do some research on which neighborhoods are the safest thank you
all for watching and I’ll see you next time with love Melanie

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