Moving to a New City? The Case for Renting Over Buying

I’d like to share the stories of Jane and Maureen. Both are 20-something single women moving to the Denver metro area for a new job.

Jane:
Jane is stressed to the bone trying to find a new home in Denver. After a quick weekend trip to Denver, she visited a few houses near her new office and quickly made an offer to buy a home in Parker, Co. What Jane didn’t know is that while Parker is known for its large homes at an affordable price, the suburb is filled with young families, not single 20-something women. After a year of living in suburbia, Jane wished she wasn’t saddled with her Parker home and that she could be a part of the swank neighborhoods around Wash Park, Bonnie Brae, Cherry Creek or LoDo. With the housing market in a rut, Jane is stuck in suburbia, at least for the time being.

Maureen:
Like Jane, Maureen quickly needed place to live in the Denver metro area. Rather than buy a home, she decided to put her furniture in storage and rent a short-term corporate rental in Parker, Co., near her office. After four months of living in Parker, Maureen decided the suburban life wasn’t for her. She wanted to be near her new friends in LoDo. She spent a few months searching and found the perfect condo in the heart of downtown Denver. She is happier than ever with her choice and plans to stay put for many years.

The stories of Jane and Maureen are very commonplace. People move to a new city and think they quickly need to rush and buy a home. But the truth is there is no rush. There is nothing wrong with renting and figuring out a city first before buying.

Some tips to finding a home in a new city:

1. Take Your Time. If you’re moving to a new area, take time to get to know the city before buying. Don’t rush to buy something you might later regret.

2. Trial an Area Before Buying. Spend a month living in an area you have your eye on. If Wash Park (a great neighborhood in Denver) sounds like the neighborhood for you, find a corporate rental in or around the area and spend a month living there. See if you like it before committing with a 30-year fixed mortgage!

3. Check Out Corporate Housing. Corporate rentals are furnished properties offered for one month or more at a time. Corporate rentals feel like home and enable you to explore a neighborhood before buying into one for good. An investment in corporate housing for a few months upfront will help you know you’re making the right choice for the long run!

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