Home Buying in Raleigh>Question Details

Lynettesande…, Renter in Washington, DC

I am moving to Raleigh next year with my 9 y/o son. Should I rent an apartment first then buy my house. We live in MD and I don't want to keep moving

Asked by Lynettesanders42, Washington, DC Wed Mar 5, 2014

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Good morning Lynette

This is a difficult problem that I understand all too well. My wife and I went through this when moving for a relocation for her job. We're back in Raleigh now but when we did our move we rented for the first year. It let us find the areas we liked, get a feel for the city and see what the trends were. What we did is simply store most of our belongings and moved in the essentials while we got our bearings. That way when we moved the second time it wasn't so bad.

There are a lot of new rental developments as well as properties (single family homes) that are going for rent these days.

Hope this helps and if I can be of any assistance please let me know by clicking on the URL below this posting.
0 votes Thank Flag Link Thu Mar 6, 2014
While I understand you're not wanting to move twice in a year (who would?) I'd suggest to you that it may really be in your best interest to rent first. This gives you time to explore the area more thoroughly, to decide where you really want to live or even if you want to live in Raleigh itself or perhaps outside of Raleigh in Cary, Morrisville, Apex, Durham etc All of them are different and there's simply no one place that's going to work well for everyone. If you had friends, family or some knowledge of the area this may not be a necessary first step, and of course it's likely to cost a little more and require two moves, but given that you're talking about buying a home which for most people is the single largest purchase they ever make, it may be worth the added expense and inconvenience.
1 vote Thank Flag Link Wed Mar 5, 2014
Hi Lynette,

I moved here 3 years ago from Miami and rented. We bought last year. The most difficult problem I had was making sure my kids stayed in the same schools as Wake County is notorious for changing school districts.

I would ask that you do a rent vs buy evaluation with a Realtor here in the Raleigh area and come down to visit. There are vastly different areas of the Triangle and, whether you rent or buy, you will want someplace you will be happy.

I can help you do an evaluation to determine if it is better to rent or buy, then find you something that would fit your needs.

Please give me a call if you have any questions. 919-964-0732.
0 votes Thank Flag Link Sun Mar 9, 2014
Lynette…

I understand your hesitancy to buy. It might be more comfortable for you rent first...to get to know the area…and that's absolutely a valid point of view. However, the real estate market is changing. Home values are increasing and according to predictions I'm hearing, that trend will continue. Interest rates, interestingly, are still very reasonable. Given those facts, the longer you wait to buy, the more you will likely pay for your home…possibly at a higher interest rate.

I have a good friend who relocated to Raleigh last summer and, against my advice, she thought it would be good to rent first so she could get her bearings. I went with her to check out apartments and she settled on her favorite. She's paying more than $1200 a month for a very nice 1200 sq. ft. two bedroom and absolutely hates it….counting the days until her lease ends in July. One woman's experience.

If I can be of any further assistance, please don't hesitate to give me a shout.

KAREN JOHNSON
RE/MAX United
text or call: 919-605-6981
Karen@KarenJohnsonRealty.com
0 votes Thank Flag Link Sun Mar 9, 2014
Lynette... Not trying to pull the typical Realtor move on you but honestly speaking, if you can find a home you like for what you can afford, you will most likely find it less expensive to have a mortgage than pay rent... plus you'll also have the tax advantages. The last several homes I have sold to renters, they were amazed to be paying $200 to $300 a month LESS than they had been paying in rent..plus the mortgage included their taxes and homeowners insurance. Not only that but they went from 1 & 2 bedroom apartments up to 3 bedrooms, 2.5 baths and in two cases, garages. Having lived in the DC area for 3 years ( my two oldest were born at Sibley Hospital in DC) you should find it less expensive and much less stress free traffic wise here.

If there is anything I can personally do to assist you, please don't hesitate to contact me using the contact link under my picture. Also, if you want to learn more about the area, I have a ton of links on my website that will help you...plus a terrific home search engine. Click on the link below to access my site.

Wishing you the best with your upcoming move!!

Ernie
Northside Realty
0 votes Thank Flag Link Wed Mar 5, 2014
Thank You Ernie, I appreciate your input. I will definitely take a few trips down to the triangle to get a feel for the area. I will also have to see where I will be working. So I have alot of time to make the decision. I really don't want to rent. I want to settle.
Flag Mon Mar 10, 2014
Lynette..in f/u to my answer, my thought process is that nobody knows where interest rates will be next year at this time. They've been so low for so long and I think everyone hopes they will remain low, but again, that is the unknown. A raise by one point could take away a lot of home you could afford now. My wife and I moved 6 times when I was employed by IBM. We only started out renting once and that was because we moved from a rental. There was never an issue with any of the homes we chose to purchase on f/u moves because we were so comfortable with what we purchased. Again, a good Realtor and there are many here, can help you select areas to concentrate in based upon your price range and amenities you feel are most important to your happiness. We moved here in 1993 and have no regrets!!
Flag Thu Mar 6, 2014
How much extra can you afford to spend next year? I have read several reports on how much home prices increased last quarter over a year ago, and I am personally baffled by how low interest rates are, they should be about double where they are currently. Maybe money isn’t an issue for you, but if it is, what is your pain threshold? $5,000, $25,000, $100,000?

The bond market is really choppy these days. If you are going to borrow most of the purchase price it is something you should watch closely. There are many online payment calculators, find one and run a couple of examples, some with current interest rates, and then again with a 1% bump in the rate, multiply the difference by the number of payments, do this sitting down.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Mar 5, 2014
Hi! There are a number of ways to look at this. Not one answer will work for Everyone. Things to think about Have you already decided where in Raleigh you want to live? Have you already checked your credit and determined how much house you can afford? Are you moving due to work? What's important to your location schools, recreation etc. I would be happy I talk more about these things if you want to email danderson@advantagecb.com or call/text 919-452-9378. Hope to hear from you soon! Dawn Anderson
0 votes Thank Flag Link Wed Mar 5, 2014
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