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20 May, 2021

Renting Vs Buying When Moving To New City

Finding the most suitable housing option should be your topmost priority while moving to the new city with your family. Relocating a house is one of the biggest decisions in life, especially if you are doing it for the first time. So, make sure you opt for a living space that can define your personality, lifestyle and fits within your estimated budget.

However, most people find difficulties in deciding whether to rent or buy a house in new place. Since you are not familiar with the new neighbourhood and residential market, it becomes next to impossible to make the right decision.

In such a scenario, you need to take out some time and research the residential market, current value of houses or units, rental prices, laws, etc. If you are in the middle of the packing process, then hire trained Melbourne removalists and transit your belongings safely to the new city.

This way, you will get enough time to compare between the two and make an informed decision. It will help you pick up the right housing option for your family.

Here are some points that you need to keep in mind while comparing Renting and Buying options while relocating:

1. Commitment

Purchasing a house is a huge investment and needs a commitment. You need to be sure that you have found the dream home in the top location before making the final decision. If you are not sure that you can stay at a particular place for a long time (10-20 years), then buying might not be the right decision for you.

Make sure you consider the reasons for your home relocation. If you are shifting to find a new job, then staying in a rental property can be an ideal decision for you. You don’t need to commit yourself for the long-run. This will also give you enough time to clear your doubts and get familiar with the new city.

2. Explore Your Neighbourhood

You have to focus on various factors while finding a dream house. While moving to the new place, you need to explore local areas, suburbs and neighbourhood and see what they offer.

Check the safety and security measures, best schools, public transport, walkability, healthcare facilities and a lot more. If you are visiting the city for the first time, then renting will give you the opportunity to discover your neighbourhood and search for a new house in the near future.

3. Time & Efforts

Are you planning to buy a new house for a long time? If yes, then you must have done proper research. This is one of the best decisions of your life. However, many people relocate without doing any research and end up with chaos due to the moving stress. From leaving an old house behind to packing up all the household belongings, you may feel overwhelmed with the entire situation.

In such a scenario, ask yourself if you can manage the extended stress of buying a new house while moving to a new city or not. Always remember that finding and purchasing a new house is a huge decision make sure you take all the responsibility on your shoulders. If you are feeling stressed or running out of time, then renting could be an ideal decision for you.

Save you time, energy and money from finding for a new house while dealing with a stressful moving process and packing chores. If you have got time, energy ahead of a move, buying a new house can also be a good decision.

4. Personal Objectives

Are you relocating because of your new job in the city? Renting is one of the best options when you are moving to join a new job. This will help you find an affordable rental house in the hotspots of a new city where you can find nearby schools for your kids. It is important to know that decision of buying or renting when relocating will depend on our personal objectives and reasons for moving.

If you are under a financial crunch or under the stress of paying a big down payment, then look for  the rental property with a low rent per week.

Renting also gives you an opportunity to test out different places/suburbs and discover more about the local amenities, public transport, best schools and entertainment hubs so that you can buy the best house in the coming future. So, know your personal preferences and decide what you want before making the final decision.

Tip: Do not forget to hire the best moving company in Melbourne to reduce the stress of packing and transiting your precious possessions.

5. Freedom And Flexibility

Although renting is one of the best options if you want it for a few months before buying a new house, this has some drawbacks. You have to follow the guidelines, pay the security deposit and take care of the property throughout the lease. Also, you may have to put some of your items in storage and pay for it in case your rental property is fully-furnished.

You may have to put some of your belongings in storage – and pay for it – if your rented property is furnished or isn’t large enough to accommodate all your things. You may not keep pets due to the landlord’s restriction. In such a case, buying a new house is the best way to get out of all these limitations. So, plan ahead of time and make the most of your decision.

Conclusion

The decision of renting or buying a house when moving to a new city depends on your personal preferences and estimated budget. The points mentioned above will help you make a well-informed decision. If you are moving for the first time, then hire the best Melbourne Removalists. They will help you transit household belongings from one place to another with utmost safety.