Some love the cooler climate, others can’t get enough of the history the region has to offer. If you’re someone that’s decided New England is right for you, and you have a few places in mind as to where you’d like to live, the next thought is whether you should buy or rent when you get there. There's reasons for both; and a few of those to help you decide what’s best for you.
The Case For Renting
“Freedom” is the main word to think about when considering renting. If you know New England is right for you, but things aren’t clear past that, you might not want to rush into buying a home only to learn that somewhere else is better suited to what you want out of life.
That somewhere else might still be in New England, but regardless, it’s simply a lot of work to list your home all while trying to either rent or buy somewhere else.
Another perk to consider when renting that you’ll likely have less to worry about. If you are trying to learn an area, alongside the likely stress of a new job, the last thing you’ll want to worry about is something going wrong in the house.
Typically, most things aren’t going to be on you if you’re renting. Situations with plumbing or appliances are still going to be a headache but the pain will stop at having to make a few phones while being inconvenienced for a short amount of time. Typically, any repairs or maintenance are going to be a part of your rental agreement.
The Case For Buying
If you’ve lived here your entire life, or moved recently and are fairly certain you aren’t going anywhere, buying might make sense sooner than later. When looking at Boston houses for sale, for example, the real estate market has seen a wild boom and costs have become quite inflated.
This might lead you to think it’s better to rent until things calm down, but you might want to think twice about that. Historically, the housing market has always gone up and it’s one of the most traditional ways for you to build capital.
You might very well be buying in a bubble, but if you intend to keep your home for the duration of the mortgage, history says you’ll still come out on top financially.
What Else To Consider
There’s more to look at than the price. While that’s extremely important, also think about where you’ll be buying. If you are looking to purchase a home in a quaint rural area, it might be a harder sale if you are looking to unexpectedly leave.
If living somewhere like that sounds nice for now, consider renting until you are absolutely sure it’s somewhere you’ll want to be long term. If you look at the example earlier, being Boston, with how in demand that city is, it shouldn’t be too hard of an issue to unload your home in the case that you need to with short notice.
