Renting vs. Buying When Moving to Dallas

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Moving to Dallas? Are you torn between renting an apartment or buying a home or condo? This is a common dilemma when moving to Dallas or anywhere else for that matter. But it’s not an insurmountable decision.

There’s no right or wrong answer, but it does take a lot of contemplation of your lifestyle as well as your budget. There are many factors to consider, such as local housing market conditions, as well as your individual circumstances, preferences and goals. Here are the top things to think about when considering a move to Dallas.

Commitment Level

Ask yourself: can I commit to staying in one place for three to five years? If the answer is no, you’re better off renting rather than committing to a mortgage and the intricacies of home ownership. If you do see yourself staying put for longer than that, buying is a better option because you can then build equity in your own home rather than pay a landlord’s mortgage for a decade or more.

Perhaps you’re moving to Dallas for a new job. You may think you’re relocating for good, but what if the job doesn’t work out and you don’t end up staying? If you’re having any doubts, it’s better to rent first to make sure your relocation will be permanent or at least long term.

Consider that the upfront cost of buying a home is one of the biggest barriers for would-be buyers. On top of a down payment, you need to save for closing costs which are typically between three and five percent of the total loan amount, says Nerd Wallet.

Familiarity With Neighborhoods

When relocating to a new city like Dallas, there’s more to your decision than the layout of a new place or how much storage you will have. You also have to think about the many different neighborhoods and what they each have to offer you and your family.

Some of the factors that will influence your decision on neighborhood include safety, crime rates, schools, traffic patterns, amenities, walkability, and more. If you have never been to Dallas before and are moving here blindly, do lots of research online. Talk to people who live there, perhaps colleagues you will be joining soon who have lived there for many years.

In this scenario, renting an apartment for a while will give you a better chance to scope out each neighborhood to see which one is right for you before making a bigger commitment.

Time and Energy

Relocating is an emotional and stressful experience. From packing up all your stuff to saying goodbye to friends, there are many emotions and tasks you have to deal with. Do you have the time and energy for a home search and sale at the same time?

The added pressure of buying a new home while trying to plan a move can be overwhelming. But if you have the time and love the added challenge, go ahead and look into buying!

Contact Around the Clock Moving and Storage

In the end, you have to do what makes sense for you. One thing that can help is having the reliability of an experienced Dallas mover on your side. To get a free quote, give our team a call at 469-804-0720 and learn about all the moving services we offer throughout Dallas.