We are currently in the process of settling into our new home in Fruita, Colorado. This move came quickly and we are enjoying our new home so far.
Ever since I announced that we are renting our current home, I have received many questions. Some for some reason have given me flack for deciding to rent, whereas others understand why we made this decision.
While we loved owning our last home and there were many positives, owning this time around would be a huge hassle.
I believe there are positives and negatives when trying to decide whether to rent or buy a house, and our reasons for renting this time around clearly outweigh buying.
Below are the many reasons for why I'm excited to rent a home. Hopefully the below will help you decide whether you should rent or buy a house as well if you are stuck in a similar situation.
We are new to the area – deciding whether to rent or buy was an easy one.
We are new to the Colorado area so deciding whether to rent or buy a house at this point in our lives was a clear decision.
Buying a house when you don't know the area much and aren't forced to move there doesn't make much sense to me. This could be a disaster because we could actually end up hating where we live but we would then feel stuck if we had bought instead.
That is not a situation I want to be in, especially since we do not have to. This is a big positive of being location independent since we can choose exactly where we want to live. I would rather take my time and make sure I am making the correct decision since I have the ability to do so.
We don't know where we want to be next year.
While we are enjoying our new town of Fruita so far, we are still very new to the area as I discussed above. We still want to explore the whole state of Colorado to see where we eventually want to live. We also are still toying with the idea of moving to the beach one day and that may happen as well.
If you can't tell, we are all over the place when it comes to where we actually want to settle down next.
This is why we decided to go the rental route with the rent or buy question. Buying right now when we don't know how long we even want to be here wouldn't make much sense.
Renting this time around makes sense because this way we can be more location independent. We don't want to feel stuck in one place so renting is the perfect solution for us. If we end up not liking Fruita or even Colorado as much as we thought, we have the ability to easily pick up and try another place.
We haven't found anything amazing yet.
Even though we aren't sure what we want to do next, we have searched online for homes and nothing has really spiked our interest. We know what we want our next house to have and we are somewhat open to the location, but haven't found it yet.
We don't plan on buying again until we find the exact home we want. We both want the next house we buy to be a house that we live in for a long time, so we are taking our time to find the perfect location and the perfect house.
We don't want to go through the hassle of selling another home.
Selling our current home has been somewhat stressful so far and I have talked about this in my recent post Should We Keep Our House Or Sell It?
This is definitely not something I want to go through again any time soon. Owning a home is great, but selling one is not. If it turns out that we do not like where we live, I would rather just pick up when our lease is done and move, instead of having to deal with the hassle of selling a home. This is another clear choice when answering the buy or rent question.
We don't have to deal with homeownership costs as a renter.
One great reason about renting is that if something happens out of your control, such as crazy weather or something needing to be replaced/repaired, all I have to do is call the landlord.
Of course, I am still going to treat this house just as my own and take care of everything. However, as everyone knows, homeownership can be a little costly and stressful because you never know if something will break.
As a renter, all I have to do is pay the rent each month. I don't have to have an extra padded emergency fund for home repairs, because that is not my responsibility.
What do you think you will do next, rent or buy a house? Do you regret the decision you made last?
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Wow, thank you for sharing this. Very informative.
Welcome John 🙂
Well, there are loads of pros and contras about renting, but I 100% agree with your decision. Reading your article, I think it is the very best thing one can do, when moving to a new place. Thank you for this post, I really like it!!
Thanks!
Honestly, it’s situational. Whatever your decision is, just make sure that it fits your needs. Everything will be fine, I assure you. Considering that there’s a possibility that you’ll transfer next year, renting is a good choice.
I know I will be fine 🙂
Yes, if you’re moving a lot then renting would definitely be an option. I like the idea of renting as it is less costly but owning a home makes me feel, well, very much at home.
Thanks!
I think when you’re moving to a new area renting is a good choice! If we buy or rent next all depends on two things: where we move and how many pets we have. Finding a place that accepts pets can be tough. Finding a place that accepts 7 dogs and cats is near impossible! We hope to move in the next few years so if we move to an area we’re unfamiliar with we will likely look into renting so we don’t end up buying and wanting to sell a year later.
Wow you have a lot of animals!
It sounds like you made the right decision. Sometimes I wish that we were renters so we did not spend our Saturdays on home renovations. But sometimes I really love to work on the house and consider it a hobby. I guess it depends on my current mental state!
We are excited for when we find our “forever home” so that we can do home renovations. We never did much at our old house that we owned until the very end.
This is a timely post for me. We are recent “empty nesters” and are kicking around the idea of selling our 4 bedroom home. Ultimately, we both want to move out of state for retirement, so the idea of selling then renting for a couple of years is appealing. Thanks for adding some more info to our discussion.
Welcome Melane!
That seems like a smart decision to me! It takes a while to learn a new city and it’s a big decision when you commit to purchasing another home. Have fun exploring! I hope your dogs are loving it!
Thanks Kristin!
I think you made the right decision for your situation. If you can honestly say that you’re not sure you’ll want to be where you are now in a year, renting makes a lot more sense than buying.
I know a family here, who moved a few hours away, put their house on the market, immediately bought a house in their new town, the husband did not like the new job they moved for, so 11 months later, they’ve moved back. They were carrying two houses for all 11 months, because the one here did not sell. And now they have to sell the one they bought it the other town. Yikes!
This same thing happened to my neighbor. They moved just around 20 miles away and they hated their new town and their children hated their new schools. They ended up moving back next door. They never put their house on the market so that they could test everything out, but they still had the new house they bought to sell.
You are so smart to rent! You get to experiment with your area and see how you like it, all while looking at other areas too. Many people would rush into a buying decision and live to regret it. I think you’re doing the smartest thing you could be doing.
Thanks Holly!
When looking to move to another state my mom is in, she said the same, rent for a year then decide if we want to stay and buy. I think you are smart on this one. Plus you are so right about up keep being the owner’s problem 😉
Thanks!
What a great post! I think you absolutely, without a doubt, made the right decision. When you’re unsure of where you want to be exactly, renting is a great option. Plus, you don’t have to deal with any of the costs of home ownership, as you mentioned.
We’ve always rented, but are finally in a position where we are starting to look at buying a home. It’s exciting, but definitely scary for us!
Good luck finding a home! 🙂
I agree with your decision to rent. We have been looking to buy for a long time now,but unless I would have about 50% for a down payment, I really don’t think we could swing it. I just can’t get over the high payments after you factor in taxes and insurances.
For now, renting is the best option for us.
Thanks Marge!
We’ve been renting since 2013 and have loved it. We love not having to maintain a single thing which allows us to devote much more time, energy and (frugal!) money to our three kiddos. We live near the beach now but want to head for mountains one day (maybe?)…like you, we like the flexibility that renting provides.
Great to hear!
Glad to hear the move went well and you are settling in. I’m a content renter and while my ultimate goal is to be a homeowner, I know I’m just not ready to deal with all the responsibility a homeowner has to take on. Plus I need to reduce my debt and improve my financial situation before I even play with the idea of buying a house. So, even though no situation is perfect, I’m pretty pleased with renting for now.
Awesome!
I think it sounds like you made a great decision to rent! Buying is a huge commitment and unless you’re certain you’ll be in the area long enough to make it worth it I believe renting makes the most sense. I’ll be renting my next place.
Thanks Stephanie!
Renting does give you a lot more flexibilty than owning and is less of a hassle too. I haven’t ever rented, but I can see myself renting in the future if my life gets more flexible. I think you guys have made a well thought out decision here.
Thanks Emily!
Our last move brought us to an unfamiliar city and we also decided to rent. I am glad we did, because after settling into a location that we thought was perfect for us we slowly realized that other areas held more appeal for different reasons and were glad we’d not put down roots in the rental home.
Renting makes sense in many situations.
After being a homeowner for the last 10+ years, I can’t wait for the day where I can rent again. I like owning a home and being a part of a community; however, I also miss the days of house problems belonging to someone else. I look forward to the days when I can call someone else every time there is a leak or a toilet needs to be replaced.
Yes, exactly!
If we were moving to a different state, I would totally want to rent first. We plan to eventually move close to where we live now so our next house will more than likely be one that we own.
It’s super exciting that you guys have the freedom to live wherever you want!
Thanks Jayleen!
I think you’re reasoning is perfect. Why buy when you’re not sure if you want to stick around? That’s a lot of extra work for nothing. If you’re only there for just a year or two, the cost/benefit analysis is going to be sixes either way.
Thanks Ben!
VERY Long Story short I do regret My last house purchase but not because I would have rather rented just the actual house we chose and because we had to sell and move
Though I can definitely understand the benefits of renting there is also the same in buying that is a really hard decision to make especially if its a long term decision
Yes, it is definitely a hard decision.
Renting is a great idea, especially if you don’t know the area yet, great idea and tip here, would have never thought too much into that one.
Thanks Nicole!
I have never bought or owned a home and never intend to! We’ve always rented and will continue to do so. Our main reason originally was my husband had a career that moved him around A LOT! But since being in the same place now for a few years, we still continue to rent because I saw all the hassles that my family members went through owning their homes. It’s just not for us.
I see us owning again in the future, but not anytime soon. Like you said, there’s a lot of hassle involved.
If you need to be flexible, renting is definitely the way to go.
For the long term, I’d rather own. I like the security and, knowing I can paint the walls in whatever outlandish colours take my fancy that week. 🙂
Yes, when we are ready to get something for the long-term again, then I will get back into homeownership 🙂
I loved Rental life!Seriously renting in some ways is so much smarter then purchasing a house (especially in your case!) I miss having someone come fix my washer and it not having to come out of my pocket 🙁
Thanks Nikki!
I would do just as you have with renting your current home for the same reasons. I haven’t had to decide to rent or sell a home. It’s a long story but when I divorced my dad bought me a house that I currently still have and am content.
Thanks Christy!
We rent mainly because the price of real estate in Toronto is insane. I’m not expecting anything fancy but after doing some basic calculations, interest + taxes + hydro is almost equal to what I pay in rent now. I never concern myself about what others think of me.
Yes, renting in expensive locations makes sense as well!
I believe its best to rent first when you move to a new area. Especially if you have limited knowledge of the city/town and you are not sure where you might be in a year. I think the recommendation is don’t buy unless you will be there at least 5 years. You could find that you like Moab or Grand Junction better than Fruita and in a year will want to make a minor move. I say rent first until you get a good feel of the neighborhoods and other near by locations before making a real estate commitment.
Yes, this is exactly why we are renting first.
I can see where you are coming from on renting but I also believe that is money you won’t get back without investing it in something of your own. Just seems like there is no return on what you are spending. One thing I would mention is don’t forget to get some Renter’s Insurance!
I agree with you, but only if someone was going to live in a place for a longer period of time. Buying a house when you are only going to live in it for one year would actually cause you to lose money in the long run because of closing costs.
They’re all great points. Renting definitely allows for more flexibility especially when you’re first moving to a new area.
We’re renting at the moment and I have mixed feelings about our situation. I regret that we didn’t buy a property two years ago as house prices have risen more than 15% in the area we live in, which would now have given us enough equity to purchase an investment property. Oh well, we live and learn.
All the best with your move!
Thanks! And yes, we live and learn 🙂
I think it makes perfect sense that you’re renting. Buying is just not the end-all, be-all right answer. We’ll probably be buying our next place since we’ll be moving to a homestead, but, if we don’t find one that works for us within our timeframe, we’ll rent an apartment in a nearby town. No sense in prematurely jumping into home ownership! Hope you’re settling in well–congrats on getting there :)!
Thanks!
My husband and I have begun our home search. We’ve never owned a home because we’ve moved around a lot. However, now that we are starting to settle, the amount of money that is going down the drain from renting, rather than building equity, is really starting to weigh on me! We decided not to buy until next spring that way we can afford exactly the kind of home and the neighborhood we want, and reading this post has made me feel better about that decision! Until then, I’ll try to make the most of the small positives of renting, like no homeownership costs! Thanks for sharing.
Welcome! 🙂
I find it insane that anyone would give you flack for doing what is best for you! When did this people drink the kool-aid? I have nothing against home ownership, but it has to be for the right reasons. Enjoy your rental, take your time finding a home that works for you, be it a forever home or not. I have had 4 forever homes.. 🙂
Thanks! 🙂
I think the main benefit of renting is the “no-strings-attached” mentality you can take. Want to move closer to family, change jobs with new location, travel for extended periods? These are all harder to do in a short time frame and cost effective manner when you own a home. Owning a home can feel really permanent to some people and hinder their ability to do the things mentioned above. I think renting is perfect for you guys right now.
Thanks! 🙂
We have owned our house for 20 years and have talked about renting our next house! The cost of repairs and updating our house have been expensive! When I retire, we will probably rent for awhile until we find our next house as well.
Great idea 🙂
Exciting adventure! Renting is definitely the way to go for the first year in a new place.
It’s been so long since I rented, but I wouldn’t mind sometimes, especially when my tenants are destroying my house!
Sam
Thanks Sam!
It doesn’t make sense to me why people would expect you to buy in a new city. I think most people need about a year to make sure that the place is a good fit. Smart move! Hope you’re having fun 🙂
Thanks Michelle!
Ya, if you think or know your going to move anytime soon you might as well rent. We are in the process of buying but have no plans of moving again.
Thanks!
One more positive aspect of renting is the low cost of good renter’s insurance.
Yes, it is definitely much lower.
I think you’re smart to rent! You need to get to know the area before you purchase and only buy if you’re going to be in the house for at least 5 years.
Yes, exactly.
We know we aren’t leaving our area anytime soon if ever, so we bought our first home in 2007. Then we bought our current home in 2012. We paid off our first home, now our rental house, in 2013. I don’t think we’ll pay off our current house for at least another 15 years since we aren’t making as much as we were and the 4% interest rate isn’t crushing us.
For us, buying makes sense. We aren’t going anywhere, property is comparably cheap here in Houston, TX ($114,000 1750 sq ft home and a $260,000 3750 sq ft home), and renting actually costs more than buying if you have solid credit here.
BUT, if we were moving around and testing out new locations, RENT, RENT, RENT. Buying and selling homes are both stressful processes that I wouldn’t wish on anyone every year or so!
Wow housing there is cheap!
I’m usually on the buy side of things rather than the rent side, but it does make sense for you to rent in this situation. Plus your rental house looks super nice!
Thanks Kayla!
I would love to get out of the current rental we’re in, but generally speaking, I like being a renter. Like you, I’m not sure how long we’re going to want to stay living where we do, but for now it’s home. Renting gives us that flexibility to move on if/when that time comes.
Yes, the flexibility it allows is great.
Thank you for this blog! I just started blogging and I would love to turn it into a full-time gig but there’s so much to learn about how to make it profitable. Your site has been a great resource so far!
We turned our upstairs into a separate unit and the rent we collect covers the mortgage completely. I definitely <3 owning a home!
Thanks Michelle!
for now I’m planning to rent because I don’t have enough money & I just need a nearer place for my work. Thank you for this! I’ll keep this in mind 🙂