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Old 03-20-2011, 12:59 AM
 
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I have new job offer in Santa Clara and moving to the area. I am trying to decide whether to rent or buy a 2-3 bedroom townhome. I am from San Diego so cost of living is about the same for rent and purchase real estate. Any ideas? I hate moving so the thought of renting then having to move again should I buy real estate would be a hassle.
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Old 03-20-2011, 02:16 PM
 
Location: Portland, Oregon
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The cost and hassle of moving is nothing compared to the problems you will have if you buy the wrong home. In my opinion you should rent for the first year.
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Old 03-20-2011, 02:50 PM
 
Location: California
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How well do you know our area? Santa Clara is a great area and lots of good neighborhoods but you need to know what you want. Some people live in San Francisco and do a reverse commute as they love the life style there and can afford the rent. High end local living would be Santa Row, a college town feel would be of course Palo Alto with a nearly 200% cost of living. Sunnyvale, Mountain View, Santa Clara, and west San Jose all have a good residential vibe. Renting is a good idea until you decide where you want to be and if you are happy in the job. However, longer term, owning has its advantage as it is hedge against inflation and you can do what you want. We own a condo and the HOA fees are now over $360/mo so we can't wait to get rid of that expense as the homeowners have little say about where the money goes and don't care to support the good ol' boys club. Downtown San Jose has some new high rise developments but I really can't speak to them. If you decide to buy be sure to use a good appraiser and property inspector as there are many foundation problems in this area. Sorry, I don't know of a good realtor to recommend so do lots of interviews if that is the way you want to go. Have a real estate lawyer review your contracts as they will have unbias legal information and local knowledge - well worth the price.
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Old 03-25-2011, 05:10 PM
 
Location: Sunnyvale, CA
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Quote:
Originally Posted by mixxalot View Post
I have new job offer in Santa Clara and moving to the area. I am trying to decide whether to rent or buy a 2-3 bedroom townhome. I am from San Diego so cost of living is about the same for rent and purchase real estate. Any ideas? I hate moving so the thought of renting then having to move again should I buy real estate would be a hassle.
Santa Clara is very nice. Why not buy? Seems like a good a time as any.
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Old 03-25-2011, 06:06 PM
 
Location: The High Seas
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I'd say rent. Hope that clarifies things.
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Old 03-25-2011, 08:55 PM
 
Location: Portland, Oregon
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You need to consider ROI of buying vs renting. Renting, at least for a while, will be your best investment. After you know the community very well, are rock solid in your position, intend to live in the Valley for the rest of your life, and have the financial resources... then look for a house to purchase.
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Old 03-27-2011, 10:51 AM
 
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Default Rent vs buy Santa Clara

Thanks folks for the excellent unbiased advice! I will look at both options and run some numbers. Fortunately, I do have some time to make the decision and will look at both rentals and purchase options. I have a relocation counselor provided to me from the new job to show me around the areas. I told him my situation and to keep both in mind so he will show me rental properties as well as options to purchase. I am staying in Milpitas and not sure how good this area is versus Santa Clara.
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Old 03-27-2011, 03:41 PM
 
865 posts, read 1,827,669 times
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Quote:
Originally Posted by Nell Plotts View Post
The cost and hassle of moving is nothing compared to the problems you will have if you buy the wrong home. In my opinion you should rent for the first year.
I agree.

You could consider renting a furnished corporate apartment if the hassle of packing and unpacking is too bothersome.
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Old 03-28-2011, 09:07 AM
 
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Cool I will do that thanks
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Old 04-01-2011, 04:36 PM
 
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Mixxalot - we moved here from Houston last year and decided to rent for our first year to figure out exactly where we wanted to live. Our rental is in the Westgate area of San Jose, and after nearly a year of looking at different areas we decided on the Rosegarden area of San Jose to buy. I wanted to continue renting but my husband figures it will be a good investment for us considering the guy we bought the house from sold it for $100,000 less than he bought it for in 2004. I was concerned about the market going lower, and if we transfer again the housing market going up again enough to recoup our real estate fees. If it doesn't (and we end up moving out of the bay area) our fallback plan is to rent it out long term since the rental market is INSANE here. It's tough to rent a decent house under $3000 per month. We broke the lease on our rental and our agent was able to rent it out for $300 more per month than we are now paying, and we only showed it twice. The guy who is renting it is renting it 2 months earlier than he needs to because he is having a tough time finding a nice place. Good luck with your decision!
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