To rent or buy? (Summerville: for sale, insurance, credit)

[wordzgirl]

My husband and I are looking to move to Summerville, hopefully in the next three months or so. We've both had job offers in the area and are putting our house up for sale today! Hopefully, it will sell quickly, and we plan on closing 60 days after an offer (that's my plan, of course. The good lord may have a differene one Once we receive an offer, we plan on driving down and spending a week in Summerville to check out the area and places to live.

My question is this: Would it be best to rent for a year before buying? We're not familiar with this area and don't want to jump into something we may not like. Plus, trying to get financing, home inspection, deal with a closing up here and down there - right now, I think I've got more than enough stress and that seems like it might put me right over the edge.

I'd love to hear from anyone who's been in our situation. Thanks in advance.

[DJShymansky]

Familiarizing yourself with the area is always a good idea. Renting is becoming more popular again given the difficulties a large number of people now have in obtaining financing and I've recommended it for many people who are new to the area and are on that bubble. That said, however, I'd recommend buying over renting if it's at all possible for you to obtain financing, simply for the tax savings and the equity build-up.

It won't take too long to familiarize yourself with the area once you're down here, especially if you know you want to be in Summerville.

[SCDweller]

I agree with DJShymansky, it won't take long for you to acclimate yourself to the Summerville area and decide if it is where you want to be. (We hope you find that it is! )
I would recommend renting only if you are not ready to buy for financing reasons or you are not sure you are going to be in SC longer than three years. The equity you build and tax savings make it well worth it to buy, especially if you find the right area, which a visit down will help you decide on fairly quickly. Summerville is a growing area, but definitely manageable to find what you need.

[wordzgirl]

After purchasing two homes, we'd really hate to go back to renting. The reason we thought of this was because both my husband and I will be starting brand new jobs and aren't sure of the possibility of getting financing. Our credit is flawless and we've bought two houses in the past. I'm also wondering about dealing with things like home inspections and closings, etc. Is it possible to find a house to buy within a week? We'd not be able to spend more time than that before moving, and I'd love to have everything fall into place (although I know sometimes things happen otherwise).

[DJShymansky]

It's certainly possible to find a house inside a week, I've done it quite a few times. You just need to be certain of what you're looking for, where you're looking for it, and who you're using for your financing so that you're actually looking in the right price range, home insurance range, etc.

As to closings, the inspections, appraisals, title work, etc., can all be expedited. I've closed clients in under 2 weeks before. Also, if the home's already vacant you can also rent it prior to closing. Just depends on how willing the seller is to allow it.

[SCDweller]

I agree...it is definitely possible to find a house in that amount of time. Most of my clients that are relocating have three days and we are able to narrow the area down the first day, and usually find the house in the next day or two. Closings are usually done quickly without a snag unless there is something majorly wrong with the house. I've helped many families do exactly what you are planning and they are thrilled to move straight from one home to the next.
As far as financing...your credit history and track record of owning two homes will bode very well for you. As long as you get the right loan officer who finds the right package for you, you should be fine. I would have you talk with them before you go out looking at houses so that you know you are on the right track.