Is it better to rent first or buy a house? (Charleston: best neighborhoods, apartment)

[Stac2007]

My wife and I have made the decision that once we find teaching positions we are going to be moving down to the Summerville area. The question is whether we should rent first or buy a house straight away. My wife’s family owns rental property here in the north and we have always believed that you get nothing out of renting except helping your landlords earn an income. My wife and I have been looking forward to purchasing our first home but don't want to make a haste decision. When we move down a good part of our saving will be used up paying two months rent for a nice 3 bedroom apartment (We have three children), security and moving expenses. Any advice would be appreciated.

[FritzIam4IU]

I would recommend renting for a year or so if you are relocating to a new area that you are not too familiar with. If you rent for a year, it gives you the opportunity to live and get a feel for the area. You will also be better equipped to judge which areas in the region you really want to live and avoid. This will also give you a chance to live in the area for awhile and make sure you will be happy in your new location without the commitment of owning a home.

[SCBeaches]

I am a teacher here in Charleston, and I agree with FritzIam....there are desirable and undesirable areas in Summerville, as well as in any town or city. Definitely rent for a year or two until you realize which area/neighborhood best suits your famiy's needs. I am so glad that I rented first! I had an adorable townhouse for 3 years (24 years ago) while I got to know the area and people well, which prevented me from making a huge mistake. A neighborhood I originally wanted to buy in turned out not to be a wise place to raise a child and I would probably never have been able to sell it.

[scjj]

While I agree that renting first and getting familiar with the area is a good idea, you also have to take into consideration the market of the area. Summerville is a hot market and home values are rising steadily. I have made $50k a year equity in the last four years here. So waiting a year to buy that home could end up costing you more, not only in having to pay more for the home, but one year in lost equity as well. Using your savings towards the down payment on a home which will net you a return is a wiser investment. Not to mention moving twice is a pain. If you buy in any of the new neighborhoods, the locations are pretty safe.

[Stac2007]

What are the best neighborhoods to live in? My wife and I want to purchase a new home where shopping is close but not too close. I don't want to live close to the main highways were we can encounter a lot of traffic.

[scjj]

It all depends on what your price $$$ range is. New neighborhoods are being built all over Summerville. You can be further out, right in the middle or closer to the highways and shopping. There's plenty of options around. A good Realtor should be able to guide you. If you want a recommendation let me know and I will give you who we used. She is one of the best and knows the Summerville area well.

[Stac2007]

Our price range is going to be around the $200k. From the listing I have seen you can purchase a rather nice four bedroom home.