The buy or rent dilemma when moving interstate

When moving interstate to a new state there are so many decisions to make. Not only where you will move to, but the logistics and timing of the actual relocation.  In addition to the demands of an interstate move, you must also consider whether to purchase a new home straight away or rent first.

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

Staying put?

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

Is the area suitable for my lifestyle?

To find your ideal home, you have to consider a lot 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, shopping are just a few of the details you might want to know about your new potential suburb.  

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

Time & energy to do your research.

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

Since finding and buying a new home is a huge undertaking, you’ll need to have 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 you feel like circumstances might be rushing you into a purchase, renting could be the better option for you! But if you’ve got plenty of time and energy in advance of your move, purchasing property might be the better option.  

Personal goals  

What is it you are looking to achieve at this time in your life? Perhaps you’re really striving to pay off some debt, or maybe your top priority is getting your kids settled into a good school. The decision to rent or buy during an interstate move will depend largely on your personal 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 big enough deposit for the type of property you really 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 absolutely 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 surely play a large role in determining whether you should rent or buy.  

Test is 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 when it comes to moving interstate.  Of course, it will depend on individual circumstances and all the factors listed above; but as a general rule, 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 for you. 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.