Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
To Rent or buy again?
DH recently got a promotion so we are moving to a new city. We currently own a condo, which we plan to rent out. The new location rental prices for apartments are much more expensive than single-family monthly ownership. We are hesitant to own two homes in this volatile market, but I hate to spend $300 or so more a month in rent for a smaller space, when we could have a property with some land and pay less. The new location we know we'll be there for at least 3 years...anyone been in a similar situation?
Re: To Rent or buy again?
I was in a similar situation a few months ago, H and I are originally from PA and he got a job in Maryland and we had to move. We ended up buying because it was no cheaper to rent. We are really happy and feel that we made a great decision. We had a great realtor who helped steer us clear of bad areas since we weren't familiar with the city. I see a lot of people saying to rent first since you don't know the area, but three years is a relatively short time to be living somewhere.
Rent. If you're there for 3 years, you'll spend $10k more on rent than buying. What you're forgetting, however, are the costs of selling once you leave: 6% commission to the agents, plus whatever concessions you give during negotiations. Not to mention maintenance costs, yard care, homeowners insurance, taxes, etc, etc. $300/month is a small price to pay for being able to easily, cheaply, and quickly move when you need to.
I've been in your shoes 3 times...and we've bought every time and regret the hell out of it. PM me if you have more questions. We now have 3 homes in 3 cities and the list of worries and expenses is exhausting and exhaustive. We cannot WAIT to rent again so that when there's a problem, it's someone else's mess to handle.
While not directly on point for you, this post might be good reading.
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The Googlesites Paint Bio
Thinking of doing cosmetic updates to a dated home? These were our costs.
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