Whether you plan to downsize, relocate, or crave a change of scenery, climbing the property ladder can be stressful and incur many questions. As you flick from one page to the next of property listings, one question that might keep popping into your mind is, “Is it safe to sell and rent before purchasing my next home?’—the answer we explore in this article.
While renting before purchasing another home provides many benefits, it isn’t without its challenges, and it’s only through accessing these that you can make an informed decision about whether it’s the right choice for you or not.
From the uncertainty of living in temporary accommodation and storing your belongings to the availability of rental properties and financial considerations, we explore the potential advantages, disadvantages, and considerations you should consider before making this critical decision. So, if this question has been weighing heavily on your mind, continue reading to explore it in more detail.
Move Into Your Next Property Faster
While one of the biggest concerns about renting before purchasing another home is effectively having to go through the moving process twice, having already gone through the experience once can put you in a better position for when you do it for real next time.
Suppose you’re moving into a property with the knowledge that you’ll only be there temporarily until you find your (hopefully!) forever home. In that case, it prevents you from getting too settled and filling it with clutter you’ll only have to sort through when you leave.
Plus, if you thought ahead and used a temporary personal storage unit like the ones from Safestore to house some of the furniture, clothes, etc., from your last house, you’ll have less to move when you find another home and the stuff in the unit will already be boxed up and ready to go!
Consider visiting their website to learn more about how to hire a storage unit, the benefits they provide, locations and more. Or contact them directly to see how their innovative storage solutions could help ease any doubts about your belongings when renting before buying today.
Allows You To Explore Prospective Neighbourhoods
One of the benefits of renting before you buy is that it enables you to explore different neighbourhoods without being tied down to one. After all, it can be easy to feel rushed into a property purchase when inventory is limited, and the prices are high, but it’s not as easy to back out of a property purchase once it’s complete!
Renting allows you to get an idea of what your dream home looks like and gives you more time to find it. Effectively it gives you a trial run before you commit, enabling you to determine where you’d like to buy and what you’d like to buy without the fear of getting buyer’s remorse (affecting over 80% of people after making a significant purchase!).
You Don’t Have To Worry About Home Repairs
While renting has drawbacks, one of the best things about renting is that you won’t have to worry about home repairs until you purchase another property. Whether your heating isn’t turning on or there’s a hole in your wall, your landlord will be responsible for any repairs or updates your rental property might need – saving you time and money.
However, the landlords’ responsibilities will be outlined in your rental agreement, so ensure you double-check it to avoid any nasty surprises further on down the line. Typically repairs/updates that come under the landlord’s responsibilities involve plumbing, pests, heating/cooling systems, and electric systems, and anything else must be covered by your own expenses.