Homeownership is more of a personal preference than a necessity. Its only genuine benefit is security, which is fully attainable only when the mortgage is paid completely.
To some extent, it is overrated because you can also enjoy housing security with renting. And yet, many people choose to buy a property first when moving across the country even when they are not concerned about losing the roof above their head.
Sure, renting is not without downsides. Even the best national moving companies will admit that you are likely to experience the rigors of relocation as a renter than a homeowner. Nevertheless, homeownership should not be your only goal, for renting is arguably the more practical option. Here are some reasons why:
You Do Not Have to Find a Place You Truly Love
Shopping for a house comes with the pressure of finding a property that can make you fall head over heels in love. That process can take a lot of time and energy.
If you are not prepared to make a compromise, it may take months before real estate listings can show you a house that meets your unique requirements. You may not like the stress that comes with it, but you know deep inside that you have to because buying is committing.
Even when you finally found the perfect house for your family, you also need to find a lender willing to loan you the money you need to pull the trigger on the purchase.
Renting is different because it will not tie you to a piece of real estate. You can afford to relocate again with little financial implications if your feelings change toward the property over time. Knowing you have the flexibility in mobility, you have more room for error when it comes to selecting an imperfect house.
You Can Feel Things Out First
Research is essential when finding a new place of residence, but there is no substitute for experience. Renting gives you the luxury to explore the community, understand the local culture, discover its positives, and accept its negatives. The same logic applies to your new neighborhood.
If it does not work out, you can easily pack your bags and move to the next after your lease is over. The same can be said if you have a contractual financial obligation like a mortgage.
You Can Make Your New House More Habitable
Say you want to be a homeowner, renting allows you to be ready the property you will buy for occupation. This rings true if you are planning to purchase a fixer-upper. Moving is stressful, and home improvement is just at a level below it. Renting temporarily spares your family the inconveniences of construction.
Choosing to rent a place to live than buying a property is not always ideal, but it is usually advantageous. Of course, you have to weigh the pros against the cons before making a decision. Whether you ultimately opt to rent or not, being extremely cautious about this matter will help you make a choice you will regret the least.