More so than anywhere else in the U.S., NYC is a
renter-friendly city. Across the country, about 1 in 3 households is rented—in
New York City it’s close to 70%,
with three-fourths of the housing stock being rentals.
That said, it’s no surprise many prospective home
buyers coming from Manhattan or Brooklyn are comfortable with the idea of
renting, and consider taking a similar “try before you buy” approach to life in
the suburbs. There are certainly pros to renting in a town your family is
heavily favoring, from getting a no-commitment lay of the land, the schools and
the overall community—but, likewise, there are some serious drawbacks to taking
this approach.
PRO: You’ll
get to try before you buy
Explore the downtown. Stroll the farmer’s market.
Enroll your kids in the local schools, meet the parents and get to know the
district. Sign up for sports teams, Girl Scouts, gymnastics and ballet. Spend
your weekends exploring, the way “real” locals do—except without a mortgage.
This is the major pro to renting—you’ll be able to dive into a community in a
way taking the “weekend warrior” approach won’t afford you.
PRO: You’ll
be able to make a move without a hefty down payment
Many families opt to keep renting to ensure they
have sufficient time to save for the right house. Renting, of course, doesn’t
require the same level of upfront cash—usually 1-2 months rent, plus a security
deposit—as buying, and enables families to keep saving at a similar rate as
they would in the city, but while jumpstarting their new suburban lives.
CON:
Desirable rentals can be few and far between
Unlike the city with, literally, millions of
rentals spanning the size, price and location spectrum, the majority of
suburban homes in this area are primary residences. As a result, the perfect
rental might not be so easy to find and secure as it is within city limits.
CON: You’ll
still need to—and furnish a house
A major expense that comes with moving to the
suburbs is, of course, moving, as well as furnishing a much larger space. Whether
you’re buying or renting, those costs are more or less fixed. However, if your
plan is to purchase in that town—or test drive another—in the next year or two,
the furnishing piece can be a pricey proposition, as what “works” in one house
may not in the next. That can mean furnishing two homes in a very short period
of time, not to mention the added headache, hassle and expense of the actual move.
CON: One
town, multiple schools
While your desired town may feed into one high
school or, even, middle school, chances are there are multiple elementary
schools. If you’ve got young children, an in-town move could still mean a new
school, new sports teams, new after school activities and new childcare. Many
parents opt to make a move to the suburbs in preschool or kindergarten, but the
move from school to school—even within
the same town—can be just as challenging as hopping from the city to the
suburbs between or during school years.
PRO—then CON: You love your rental home
Great news—you love your rental home, and are
thrilled with the immediate and extended community, the neighbors, the
schools…the list goes on and on. Pro!
But then there’s the lurking con: it’s time to
move. Chances are, you don’t plan on renting forever—but if you’ve fallen in
love with your rental home, that can be a real hurdle in your long-term house
hunt. You may not find something that’s exactly the same as the place you’ve
temporarily called home, or may not even find something in the neighborhood you’ve
come to love so much. And that can derail your future search.
Ultimately, there are plenty of pros and cons to
renting before you buy in the ‘burbs. Only you know what’s right for your
family and your finances—but be sure to weigh the pros and cons before making a
decision. It could mean an extra year or two in the city, or moving forward on
a “starter” house—or it could mean forging ahead with your purchase plan or with a rental!
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