Is it a good idea to rent somewhere before you buy?

[ruew]

Looking at buying our first home. We found an area we think we like but have never lived there. Would it be silly to rent there for say 12 months to see if you actually like the area before buying?

Disadvantages of renting before you buy are:-

• You will end up moving more than once and this could be quite stressful.

• You will be paying 6/12 months rent to a landlord when you could be paying down your mortgage.

Advantages of renting before you buy are:-

• You will get a really good feel for the area and this help you to decide if you definitely want to live there so won’t have make a costly mistake. You may even be able to pinpoint exactly the area you want to live in.

• Interest rates are likely to decline so you may get a better mortgage deal.

If I was moving to a completely new area of the country, I would definitely consider renting for six months before buying.

We've moved three times to new locations without having rented there and we've never felt we should have rented first. Tbh these days you can get all the information you need about a place online, take walks on Streetview, get stats on crime and ASB, anecdotes on local FB pages. I often found that I knew more about an area than people who had lived there for decades! We're also the kind of family who don't depend on others much so the community vibe wasn't very important to us - what mattered most was practical things like amenities, culture, schools and transport, and you can get information on that kind of thing easily online.

Depends on your current living situation. If you are spending money on rent at the moment, you might as well rent in the area you are looking at moving to. If you are paying down a mortgage or in your case possibly living with family I’d continue to do this.

A years rent (if your not currently paying this) will be what you would potentially lose in stamp duty and move fees if the new area doesn’t work out. So I’d take the risk and buy, and then remarket it if the move doesn’t work.

If you are currently renting, then it probably makes viewings and things easier the closer you are.

Absolutely yes.. even though you know you could be paying a mortgage cheaper.