Should You Rent or Buy When Moving Away?

There are certain advantages to moving down the street or across town. You’ll likely have a basic understanding of the local market conditions, you’re familiar with the area, and the limited distance between the home you’re selling and the one you’re moving into makes the moving process a bit easier. But moving to a new city or state that you’re not as familiar with can lead to questions about whether you should buy a home right away or rent until you know the area better.

Weighing the pros and cons between the two options while factoring in your lifestyle, your plans for the future of your household, and your budget will help guide you toward your decision.

 

Pros and Cons of Renting

Pros

The word that comes to mind to make the case for renting when moving to a new place is flexibility. By renting, there is less pressure to take the plunge on buying a new home right away. It gives you a chance to land, get to know the area, and explore what’s available on the market. For example, if you’re moving to a new city for work but have never been there before, renting might be a fitting solution to get your feet under you until you have a better idea of where you’d want to live long-term. All in all, renting can simplify the relocation process. With renting, it’s easier to predict your monthly expenses. And, in the event that something breaks or needs repair, it’s your landlord’s responsibility to fix it.

Cons

If you previously owned a home, moving into a rental likely means you’ll have to downsize. This may put you in a situation where you have to put some of your belongings in storage, adding an expense to the moving process. If you eventually decide to buy a home, you’ll have to move again from your rental. Moving twice, especially if it’s in a short timeframe, may not be worth the stress. It’s also worth noting that as a renter, your payments help build the homeowner’s equity, not your own. Therefore, the longer you rent, the longer you delay building your own wealth. Finally, renters are at the mercy of their landlords. If they decide it’s time for a rent increase, or that they want to sell the property, you’ll have to adjust accordingly.

 

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Pros and Cons of Buying

Pros

Though buying a home right away is a larger financial commitment than renting, it allows you to quickly get settled in your new hometown. You won’t have to grapple with the challenges of downsizing to an apartment and you won’t have to worry about moving multiple times in the short term. Home ownership is also a gateway to building wealth over time.

Cons

If you’ve never visited your new hometown, it can be challenging to get a true feel for the area, which can lead to buyer’s remorse. Buying a home requires a significant financial commitment, especially if prices in the market you’re moving to are higher. Though the rewards of successfully buying a home are great, the process is full of intricacies and details that can add stress to the moving process, which you may not be up for right away. Furthermore, unlike renting, as a homeowner you are responsible for the maintenance of your property. Making repairs, tending to the yard, and keeping up the countless systems within the home requires time and money.

Ultimately, whether it’s best to rent or buy when moving to a new area depends on what’s right for you and your household. Are you looking to put down roots right away? Would you prefer to live in the area for a while before deciding where to live? Taking time to consider these factors and working closely with a real estate agent will help identify the right option for you.

 

To get started on finding the right home for you, connect with an experienced Windermere Real Estate agent on our website today:

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Selling a Home with Pets

For pet owners, it’s hard to imagine their home without a furry friend. However, when it comes time to sell, showcasing the qualities of a home should take precedence over the pets that live in it. This creates additional steps in the process of preparing your home for sale, but it makes all the difference in the minds of buyers.

 

Staging Your Home

A well-staged home makes it appealing to the widest variety of buyers and has significant ROI potential when it hits the market. However, having a pet can complicate the staging process. Buyers may lose interest in the home if they see traces of pets, so it’s a good idea to hide any and all signs of their presence.

It’s especially important to hide evidence of your pet in marketing photos. Prepare for your home’s listing photos by cleaning and vacuuming, making sure all pet stains are gone and any pet-related damage is repaired. Stow any pet carriers, cages, toys, food bowls, and other supplies that may hinder the photographer’s ability to capture the essence of a room.

 

Showing Your Home

Before inviting potential buyers inside, it’s best to give your home a deep clean to improve your home’s air quality, and to rid your carpets, flooring, and surfaces of pet odors and any dirt they may have tracked in over time. If you’re using your own furniture, vacuum and clean everything to extract as much fur and pet dander as possible. Talk to your agent to see if it’s a better idea to stage your home with rented furniture. If your pets have caused any damage in the home, make repairs or replacements as needed. After tending to your home’s interior, don’t forget to clean up after your pets in your yard as well. Fill in any holes in the lawn, freshen up your flower beds, and tidy up any areas of the landscaping where your pets may have dug.

After you’ve prepared your home for showings, there’s the question of what to do with your pets once buyers actually start taking tours. Ask a family member, friend, pet sitter, or neighbor to watch your pets while the showings take place. If you’re not able to find someone to watch them, form a strategy to temporarily relocate your pets during showings. If they must stay in the home, garage, or backyard during tours, it’s best to give buyers advanced notice that there are pets on the property. Talk to your agent about posting signage communicating their presence so that there are no surprises as guests make their way through the house.

Taking all these precautions will help to present your home in the best light without detracting certain buyers, for whom the signs of a pet may cause them to lose interest. On the other hand, if any buyers inquire about how the home can accommodate their pet, you and your agent will be more than ready to answer any questions they may have.

 

Selling Your Home

For more information on the process of selling your home, visit the Selling Page on our blog. To get an idea of what your home is worth, try our free home value calculator below:

What’s My Home Worth?

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