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The Buy Or Rent Dilemma When Interstate Moving

February 22, 2021

Many decisions must be made when an interstate moves to a new state. Not only where you will move to but also the logistics and timing of the relocation. In addition to the demands of an interstate move, you must consider whether to purchase a new home immediately or rent first.

The decisions around your interstate move will depend on many factors, including housing market conditions and your circumstances, goals, and preferences. Here are some additional factors you might want to consider when moving to a new city:

interstate moving

Interstate Moving?

Generally speaking, buying might not be the right option if you can't commit to staying put somewhere for at least 3 to 5 years. If you are moving for employment reasons, would you still be happy living in this new area if that job doesn't work? If you have doubts about the place you're moving to, renting can buy you some time to ensure that this is where you want to be in the long run.

 

Is the Area Suitable for My Lifestyle?

To find your ideal home, consider more than just the kitchen layout, bathroom finishes, or garage space. When you're relocating to a new city, what might be even more important than those factors is that you understand the various benefits and downfalls of that particular area.

Safety levels and crime rates, schools, amenities, traffic, transport, and shopping are just a few details you might want to know about your new potential suburb.

If you've never stepped foot in the city and don't have a trusted source to help paint a better picture of the area, renting first might be more desirable. Renting will allow you to scope out the site and determine if it is right for you and your family.

 

Time and Energy to Do Your Research for Interstate Moving

Relocating can be an emotional and stressful experience. From saying goodbye to family and friends to hiring an interstate removalist company and maybe even selling your current home, you'll have to deal with many things. Ask yourself if you can handle the added pressure of purchasing a new home while all this is happening.

Since finding and buying a new home is a huge undertaking, you'll need the energy to take it on. This is when hiring a professional removal company like Total Care Movers is a wise choice. Taking on a relocation yourself will only add extra pressure and take up your valuable time, which is better spent researching the most appropriate new home for you and your family. If circumstances rush you into a purchase, renting could be your better option! But if you've got plenty of time and energy before your move, purchasing property might be a better option.

 

Personal Goals

What are you looking to achieve at this time in your life? Perhaps you're striving to pay off some debt, or your top priority is getting your kids settled into a good school. The decision to rent or buy during an interstate move will depend mainly on your goals and reason for relocating.

Are you looking to put down roots somewhere? Or are you thinking about buying because it seems like the right thing to do?

Do you have a large enough deposit for the property type you want? Or would it make more sense to keep saving for a deposit?

Is renting first and then buying later an option? Or is the idea of having to move twice incomprehensible to you?

Perhaps your main goal is long-term financial gain, and you're willing to take your chances buying property in an unfamiliar city. Whatever your individual preferences, they will undoubtedly play a significant role in determining whether you should rent or buy.

 

The Test is the Best!

Although this doesn't apply to every situation, overall, we think that "testing out" a suburb by renting for a few months before you buy is a wise decision regarding moving interstate. Of course, it will depend on individual circumstances and all the factors listed above; however, renting first could save you a lot of hassle in the long run.

You can think of renting like test-driving a new suburb! Would you purchase a car before seeing it in person or getting behind the wheel? Probably not! Although there are exceptions to every rule,

If you're trying to make this difficult decision, consider your situation and do what makes sense. It's easy to get caught up in the opinions of others, so stick to the facts. Try to balance your head with your heart on this one, and don't do anything you're uncomfortable with! When in doubt, remember that a rental agreement is a lot more forgiving than a purchase agreement. Interstate moving is a significant and severe movement. Please take a deep breath, then make the decision.