You’re officially making the big move from one city to another. Maybe you’ve landed a new job or have decided you want to travel to a new city to explore and live a little. All your bags are packed, you’ve said goodbye to friends and family and you’re ready to hit the road to the new city you will soon call home. One of the biggest decisions you will come across is whether you should rent or buy. Here are a couple of reasons why renting is better than buying for the first couple of years living in a new city.
It takes time to learn a new city, new neighborhood, and possibly even a new culture. Within the first month, you may be completely in love with your new city. It’s easy to be blinded by the excitement of living in a new place because it’s all brand new to you. After living there a few months, things could change. You could end up hating the area that you are living in. If you were renting, it would be much easier to move to a different neighborhood than if you were tied into making monthly payments on a mortgage for a house.
A lot can change in a year. You could end up hating your new job and your new boss. What if your old boss wanted to hire you back? It would be easier to move back home for your old job if you were only renting a place for a year versus if you had purchased a home. If you had bought a house, you would most likely be coughing up your own money to pay off your mortgage and pay for closings costs because your home had not increased in value in such a short amount of time.
All in all, it’s best to give yourself a few years to really learn a new city, in every aspect, before making a long-term commitment, like purchasing a house. Give yourself time to explore the city and all that it has to offer. Maybe after your first year, you’ll find an even better neighborhood to live in that fit your needs perfectly.
Article by Tom Miller Escape Somewhere
