It’s exciting. Moving to a different place, starting a new life. You’re entering a fresh phase of your life. You get to start anew. Your surroundings are new, and the people you see every day are new. You will get to make new friends and adjust to a different neighborhood.

Although difficult to find in the beginning, the opportunities when you shift cities are endless. Of course, you want to make sure everything is best and works out smoothly.

Taking this new step, you’re ready to give it your all to make things perfect. You’ve moved to build your life the way you always wanted it to be whether it is getting your dream job or starting your own venture. Maybe it's leading the perfect life with your family or meeting amazing new people to connect with.

The first thing that probably enters your mind when moving to a new city is your residence. You start picturing your new home: Is it big? Is it modest? Are the interiors grand or muted? Do you plan to spend a lot of money or save it for later?

Out of all this, one question sticks to your mind: Should I buy or rent?

Well, rightly so. The question is extremely relevant. There are visible advantages to renting. It is cheaper (at least in the short term) and will help you save a lot of investment.

Buying will give you the ownership and you will have your dream property to yourself. No pressure from a landlord and a complete sense of belonging. But yes, it is expensive and financially draining.

So, what should you do? We’ll bring out some points to assist you in making your decision.

Renting: Pros and Cons

Experts have a number of supporting arguments to recommend renting when moving to a new city.

PROS

Renting is less stressful. Buying a new home involves a lot of time and effort. You can focus on the moving and relocation part when shifting to a new city.

Renting gives you flexibility. You get the opportunity to explore the new city and gauge the area before making a permanent decision.

Buying includes renovation, repairs, and interior. Renting will skip this and make you move quicker.

Renting is less expensive and you will not be stuck with a mortgage on your head.

But even renting is not free of its caveats.

CONS

Moving when you find a permanent home will be a hassle. You’ll have to go through the entire process again.

Renting comes with uncertainty. The landlord might trouble you or you just might not like your new place.

If you have kids in school, you might have to change schools when shifting properties.

You won’t be able to feel at home or feel like you belong to the place because you do not own the place. It will not help you adjust to the new city.

The restrictions may bother you. Your life will be described by your landlord and their requirements.

Finding a pet-friendly apartment for rent is quite a task if you have a fur friend with you and even then, there may be some extra costs that go along with it.

Renting is perfect if you’re unsure about your neighborhood and want to understand what it’s like to move to a different city. While buying a place is more of an irreversible decision, renting gives you the flexibility to shift to a different neighborhood.

You can take time to consider the factors that concern you as you spend your time there. A decision can be made after that.

Buying: Pros and Cons

If you’re financially sound and confident in the city you’re moving to, buying a place is nothing short of a dream come true.

PROS

You’ll get stability and security infused into your life with a place to call your own.

You will have complete freedom over how you live and how you keep your home. You will get to personalize and make your home fit your needs and desires.

Settling in and building new relations in the neighborhood will be easier with your own home. This is your first step in establishing 'roots' in your new city.

Money on rent is sunk cost, you’re not getting it back. We like to say that renting is 100% interest. When you own a property, you are building equity in yourself. You also get a tax break when purchasing a home too.

But there are some important things to consider when you are thinking of buying a home vs renting one when relocating to a new city.

CONS

A wrong and hasty decision might lead to resentment and extreme buyer's remorse. If you buy a property quickly to have a place to move to before doing your research, you may end up with a place that was a impulse decision just to 'have a place.'

Moving to a new city is expensive in itself. Adding the cost of buying a new home and also furnishing it will make a huge dent in your bank account.

Buying is a permanent decision. You can’t just change and shift to a new neighborhood like you could in a rental. It will take putting your house on the market to sell, costs associated with realtors, etc. and isn't as easy as just moving from a rental place.

The time and effort in screening, considering various options, financing, buying, and furnishing is incredibly taxing and adds to the pressure of moving to a new city.

While buying a new home is the first step to building toward your dream and ideal life, you do not want it to be a decision you end up regretting. Don't get us wrong, it comes with its benefits but it can also prove to be troublesome if you do not consider everything that goes along with buying a home and simultaneously relocating.

The Verdict: Rent or Buy?

So what should you do? It depends.

The decision is completely subjective and there is no definitive answer. You should thoroughly understand the circumstances and your individual scenario and base your decision around that.

Here’s when you should rent:

You’re moving to an unfamiliar city or area.

You do not want the responsibility of owning a home.

You plan to move again within 3-5 years.

You do not have school children or pets.

You do not know where your job will be yet.

You need some time to get your finances in place.

Here’s when you should buy:

You have sufficient finances and a familiarity with the new city.

You are up to the challenge of handling all repairs, improvements, and maintenance on your own.

You are a big family that cannot handle restrictions in living.

You have school children with you who need permanence.

Take your time to think about all the points we covered and make your decision to buy or rent accordingly. You’ll thank yourself when making an informed and educated move!