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What do you think about the idea of only buying in neighborhoods that you have lived in for at least 1 year first?
As a prospective buyer with limited inventory in my area (as I'm sure many are seeing) one of the things that I've been forced to do is look outside my comfort zone when thinking about neighborhoods. While I personally have only lived in different 2 suburbs and one city neighborhood, I'm quickly learning I have limited life experience to know the real feeling of each of these neighborhoods and suburbs.
Suppose you move to a brand new city for a new job and you decide to buy a house right away because you have the money (I know someone who actually did this)? The alternative of renting first seems wiser. The downside is that most leases are a year long. While it's not thrilling to pay rent for 1 more year just to get learning experience about a particular area, it seems like it could bring a lot more confidence on the purchase.
If the city is far away from where I currently live and I couldn't really spend much time there before moving to scope out the scene and house hunt, then I'd like to rent at least for a few months while I conduct research and look at properties to buy. This is what I did when I moved to Honolulu . . . I signed a year long lease that allowed either party to terminate the lease without penalty with at least 30 days notice and rented for a few months before closing on a place.
Most apartment communities offer shorter term leases like 6 mos or even less.
If I was unfamiliar with the greater metro area, I would definitely want to rent for a while before buying. Most people want to have a home in an area convenient to the things they do/want in their day-to-day (work, shopping, gym, schools, church, etc).
Most apartment communities offer shorter term leases like 6 mos or even less.
If I was unfamiliar with the greater metro area, I would definitely want to rent for a while before buying. Most people want to have a home in an area convenient to the things they do/want in their day-to-day (work, shopping, gym, schools, church, etc).
I am not talking about being unfamiliar with the greater metro area, but I'm talking about being unfamiliar with a particular neighborhood of the metro area.
One of the biggest things that is difficult to sniff out is safety. One can look at crime maps and drive through a neighborhood but you really don't have a sense of what a neighborhood is like in that regard until you've lived there.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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That's not very practical, considering the cost of moving, and the time/stress on a family every time they move. You can learn enough about a city/neighborhood by internet research and spending some time there without moving there first. Before moving here to Sammamish, WA from the S.F Bay Area, I cam up for a week. I visited the areas we were considering, took video to show my wife, and with three kids, went to school board meetings at 3 districts. That was back in 1993, now there are many good internet sites such as this one but also others specific to demographic, crime, and weather that can be used for detailed information. When narrowed down, drive through the neighborhood various times of the day and days of the week to see what's going on there, if anything. Here I saw people walking dogs or just walking, kids playing on cul de sacs, very little traffic. At night it was really quit with a lot of stars visible, with "light pollution" only a couple of miles away at the small strip malls.
I am not talking about being unfamiliar with the greater metro area, but I'm talking about being unfamiliar with a particular neighborhood of the metro area.
One of the biggest things that is difficult to sniff out is safety. One can look at crime maps and drive through a neighborhood but you really don't have a sense of what a neighborhood is like in that regard until you've lived there.
Rental places may not be traditionally available in some neighborhoods where you might consider buying. Like suburban SF detached home neighborhoods, rentals may be far and few between, if any.
I agree with the posters above who saying that renting in the neighborhood you think you may like may not be practical in many cases. If it is someone who is presently living in an apartment, then it may not be so bad, but if someone already has a house plus a couple of kids plus a pet or two, then renting in the neighborhood you're considering buying in may not be practical at all. Besides, moving is one heck of a hassle regardless of family size, so why do it more than necessary?
Besides, if you rent some place and aren't happy but still need to live in the same general area, then you'll have to go through the renting/moving process yet again before finding a neighborhood you may like. THEN, you'll have the problem of finding a house you like that you can afford.
Too much trouble. Just do your due diligence in researching the neighborhood and make the move. Life's too short to keep jumping from one house to another looking for the perfect place to live. If you buy it "right", then you shouldn't have much trouble in selling it if the place turns out to be not what you expected.
W
Suppose you move to a brand new city for a new job and you decide to buy a house right away because you have the money (I know someone who actually did this)? The alternative of renting first seems wiser. The downside is that most leases are a year long. While it's not thrilling to pay rent for 1 more year just to get learning experience about a particular area, it seems like it could bring a lot more confidence on the purchase.
If you're moving for a job, pull up stakes and actually make the move, you may as well buy since you're gonna be staying. We moved (not for a job) 600 miles away. We bit the bullet and bought a house because we had 3 kids we wanted to get settled in school. IT is possible to over think things.
What do you think about the idea of only buying in neighborhoods that you have lived in for at least 1 year first?
As a prospective buyer with limited inventory in my area (as I'm sure many are seeing) one of the things that I've been forced to do is look outside my comfort zone when thinking about neighborhoods. While I personally have only lived in different 2 suburbs and one city neighborhood, I'm quickly learning I have limited life experience to know the real feeling of each of these neighborhoods and suburbs.
Suppose you move to a brand new city for a new job and you decide to buy a house right away because you have the money (I know someone who actually did this)? The alternative of renting first seems wiser. The downside is that most leases are a year long. While it's not thrilling to pay rent for 1 more year just to get learning experience about a particular area, it seems like it could bring a lot more confidence on the purchase.
I don't think it's necessary to live in a neighborhood for an entire year to get a feel for it (factor in the inconvenience and cost of moving all your furniture twice, if you have any; that's not cheap or easy). I'd say traveling there and staying in a hotel nearby for a weekend, then staking it out at all times of the day and night for a couple of days, including at night, and walking it on foot, should give you a good idea of what it's like. Talk to neighbors, if you see any outside. Ask the police about the crime rate there. Many rentals? Besides which, a neighborhood could change in a year; all it takes is the good moving out and bad moving in.
To be honest, spending Friday night in any hood will tell you almost all about it.
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