Is it ever a good idea to go from owning a place to renting again?
Here is the situation:
We are owning a condo 2bed/2bath that we bought back when prices were fairly reasonable.
Now I got a job offer in a different city where my salary is gonna be better. But if we bought another condo or even a home the salary improvement would be hardly noticeable and we’d almost be struggling again. So I’m thinking we should just rent in the new city again and put the profit of the condo sale in the savings and then just work to save up even more. And in a couple of years when we have a nice amount of savings I’d look back into buying a place. My employer even offers renting discounts. But my better half doesn’t think renting is a smart move and he really wants to own… And also we really liked the city we are living in right now but he thinks if we sell now, we’ll never be able to afford to live here again.
So what do you think? Please elaborate your answers. Thank you so much!
we were in the same situation. we lived in a dif town and we had a nice house. we sold it when my husband found a job here and moved to a different town. we decided to rent for a year to give ourselves time to buy something we really liked. good thing as he got another new job and we moved again. this time, we did a lot of looking around and we would never have been able to afford a house comparable to the one we had in the first place. anything even remotely comparable was always in bad parts of town on needed so much work that it was almost uninhabitable. i think you are doing teh right thing. real estate markets are very varied from town to town and you want to be sure you get the best deal for your dollar. real estate markets are also very overinflated. good luck.
we were in the same situation. we lived in a dif town and we had a nice house. we sold it when my husband found a job here and moved to a different town. we decided to rent for a year to give ourselves time to buy something we really liked. good thing as he got another new job and we moved again. this time, we did a lot of looking around and we would never have been able to afford a house comparable to the one we had in the first place. anything even remotely comparable was always in bad parts of town on needed so much work that it was almost uninhabitable. i think you are doing teh right thing. real estate markets are very varied from town to town and you want to be sure you get the best deal for your dollar. real estate markets are also very overinflated. good luck.
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been there
I dont feel it is so much a problem, as you already own a house and you are also emotionally attached to it. In a way, renting sounds ideal initially in case you have no idea how long you are going to be in the new place. Alternatively, you are also in a position to buy a new place through loan instalments for which you can afford to pay easily from renting the present house. It is prudent to think through the whole process carefully, like tax savings in housing loans, etc. before making a final decision. All things considered, I don’t feel you have such a huge problem after all, if you just rent a place initially and then think through gradually.
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i think you are thinking right. Go to the other city, meanwhile, give your condo on rent to some one known, for a small period. You’l earn money and meanwhile take a rented accomodation. It ahs its own advantages. The maintenanace is not your headache. Live life enjoying, like a holiday, and you know when you are coming back, you have your own roof to protect you.
Pack your bags, and get going;-)
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do it
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if you are going somewhere for good it is better to sell your house and buy another to where you are destined. but if you are assigned temporarily i suggest you just let your house for rent and the rental fee you get is the one you can used to rent to your new place, and still you have your property intact.
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Rent OUT the condo you live in now… and rent a place in the city you are moving to. This way you have the best of both worlds. You can go back to the city you love in the future. Also, you will be building equity in the place you still own and it will also appreciate.
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