I know that renting for a year or two is the smart move. We are relocating this summer a couple of states away and are fairly unfamiliar with the area with the exception of research on school districts. We've narrowed down our areas to a few suburbs with good schools.
Here are our lists of reasons for and against renting first.
For:
1) New job....more of a risk....so want to give it a year or two before tying us down to a house.
2) It's a position with commissions/profit sharing/bonuses, etc....so we won't have a firm grasp on income for at least a year or two. (That being said, the base salary is six figures and we could easily base our home purchase strictly on the base salary - which we would likely do anyway).
3) Really learn the area and determine which neighborhood we really want to settle....and not be rushed into a purchase quickly based on what's on the market just right now.
4) Something liberating about not having home maintenance for a period of time.
Against:
1) Our kids are in elementary school and rentals are hard to find and EXPENSIVE. We would likely be tied to sticking with a particular elementary school simply because it was the only house we could find....not necessarily our choice of school. Althought they are all "decent".....there are some better than others. It kind of defeats the purpose of learning the area....if we're locked into an elementary radius regardless.
2) Rent is expensive. Likely in the $1,800 - $2,500 per month range for a 3 bedroom house. Apartments and condos are rarely available and wouldn't suit our situation anyway. Family of 4 with a dog.
3) Moving twice but not willing to switch elementary schools AGAIN. So we're stuck in the elementary school area where we find a rental.
So, what say you MMM'ers? What would you do in our situation?
