When Moving to a New Area, Should I Rent Before Buying a House?

There's not a 1 size fits all answer in this case. For some, renting for a year can be better, for some, a short-term rental can be better, and for others, an immediate purchase can be best. If selling and buying around the same time, things can get tricky as well, though there are some solid options to increase your time in between that many are unaware of like seller rent backs and buyer early possession. Here are some of the factors to consider:

How long in total do you plan to be there?

How's the market, and what are the appreciation/depreciation projections?

Are you certain that you will remain in the area?

If not buying in $, what is the mortgage/maintenance cost of a home vs the same home to rent?

If buying with a mortgage, what are the interest rate projections?

Are you using a substantial program to reduce your home cost?

Are you considering renting out the home after purchasing?

Would you consider low-cost forms of rent or unconventional methods of living?

Are you financially prepared to buy?

Related:

• Rent or Buy?

• SE VA Area Guide

• Factors to Consider to Help Determine Where to Find Your New Home

• Tenant Guide

• Buyer guide

• Short-Term Rental Options