[photopress:adv.jpg,thumb,alignright]As with most of my blog articles, I am writing to a specific young woman who is suffering from advice and information overload. In a lot of ways, deciding where, when and whether or not to buy vs. rent, is as personal a decision as choosing a mate. Sure, everyone wants to tell you how they feel about that new boyfriend, just as they want to tell you where and how to live. But at the end of the day, you are the one who needs to live with your choices.
Friends, co-workers, parents, siblings everyone becomes a real estate expert over cocktails. With Thanksgiving and “The holidays” around the corner, it’s time to come to terms with how YOU feel about the prospect of purchasing that condo or continuing to rent, before everyone and their mother starts putting in their $.02 about what you should do.
You have dipped your toe into the real estate market. You have seen what your choices are. You hear all of your friends talking about their purchases and how much money they have “made” since they purchased. Well, first let me tell you that these are just stories. They haven’t sold their condos. They are talking gross not net, and they are assuming that they could sell their place today for what they think a buyer would pay. None of it is real, and clearly none of it has anything to do with you.
Your friend referred you to me, and so I get to be one of the many who gets to put my $.02 into the equation. So here are my thoughts for you, and you alone. I watch my clients closely. I feel their emotion more than I listen to their words. Your brief experience into the real estate market, leads to the conclusion that you might be happier someplace else. That someplace else is more expensive, than buying where you live right now, and buying there is more than you want to spend. So consider renting there instead. Often that third, middle of the road option, is the right one. Rent there. Move. Try that neighborhood on for size.
By the time your lease is up there, you will know better whether or not you are going to change jobs, and where that job will be. By the time your lease is up there, you will know better if your current relationship is going to a place where you, together, will be deciding where and what to buy. In your circumstance, a year from now will bring many changes. Perhaps more certainties…or more uncertainties. But this I know for sure. If you try that neighborhood now, the monthly cost to rent there, will be less than buying either here or there. If you try that neighborhood now, you may find that the differences between your current neighborhood and that neighborhood are not worth the added cost…or that they are in fact well worth the cost differential.
Anyway you look at it, by moving there now, into a rental, you will have more information later than you have now. Real information based on your personal happiness factor…and not just everyone’s “opinion”.