The concept of renting vs. buying is becoming an increasingly common theme in our Relocation business. With major group moves to the area as well as corporate transfers, clients are often finding themselves weighing the advantages and disadvantages of renting or purchasing first when they arrive to the Carolinas. What appears to be a simple question is actually very complex, so be sure to explain your situation to your real estate professional who can help you understand all the benefits and consequences to either choice.
We are seeing a trend where renting is becoming the desired route for some corporate transferees moving to our region. After counseling transferees, it appears that the following reasons are driving their decision to rent a home/condo/townhouse rather than purchase one:
- Given the current conditions of the economy as well as the real estate market, numerous transferee’s are having a difficult time selling their current home and either cannot qualify to buy a second home or simply does not want the headache of two mortgages.
- Another reason for renting first is that they want to get a feel of their destination area before jumping in and buying a home after only a limited time of looking at homes and areas.
Whether the relocating person has decided upfront to rent or buy, it is extremely important to find a real estate agent who will understand and meet your wants and needs. The right agent will have a great knowledge of the real estate market where the client has an interest in and be well-matched in regards to their interests. The agent can assist transferees with their rental search and then stay in communication regarding purchase options when they are ready to buy. The right agent will be the clients real estate expert and can guide them through the rental process, the home buying process, and helping them navigate smoothly through all the complexities of moving to a new city.
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