If you’re moving to a new city, should you buy a home right away, or rent for awhile?
My friends, it’s an easy choice.
First, though, I’m talking about if you are moving into a city, not near a city. If you are moving into the suburbs, I think you should probably buy, especially if you have children. I mean, really, you don’t want uncertainty in your lives, if you’re moving to a new city, for a new job.
Buy.
But … if you’re moving into a city, say with you and your wife or husband or lover, or both, I suggest strongly:
Rent.
Dude, be serious. If you’ve never lived in a city, you are actually considering moving into town and buying a place, in a neighborhood you know nothing about?
And spend half a million dollars on it?
I don’t think you should.
It has nothing to do with the state of the market, or the high cost of housing.
It has to do with logic and sense.
Plus, what happens if you hate your job, and quit?
Try selling your new home, under those circumstances.
My advice? Wait six months. Then start thinking about buying.
Then, call me.
The Wall Street Journal has a story about moving into a new city, and whether to rent or buy, and the reporter says you should rent, because the market is too unstable.
That’s ridiculous.
Buy when you want to own a place to live, not based on what might happen tomorrow or the day after.
I mean, really.
More: Tips for Scouting Out a Market Before Making a Home Purchase – By June Fletcher, The Wall Street Journal
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