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Relocating to North Alabama? Why should you rent before you buy?

Beth McKay • May 08, 2020

When moving to a new city, you’re starting a new chapter in your life. Everything around you is new and exciting and the opportunities are endless. It can be overwhelming to relocate to a new area that you are unfamiliar with. It’s only natural that you’ll want to make the best out of your chance to start anew and build the life you’ve always wanted for yourself. Achieving this, however, can be difficult if you are unfamiliar with the area and what each neighborhood has to offer. 


When it comes to choosing the perfect new home for you and your family, many factors come into play; type and size of dwelling, location, school district, traffic patterns, amenities, safety, neighborhood vibe, etc. It will be difficult to find the right place to call your own until you get to know the various neighborhoods in your new area and come across a property you truly like in the part of town you want to live in.

That’s why many experts suggest that renting a house at first when moving to a new city is the better choice. It will give you the chance to explore your new area and find the perfect new home for you. Buying a home is a major financial commitment. Having your own home, though, and being in charge of your surroundings has many great benefits that make the investment more than worth it but you want to make sure you find the right home for you and your family. 


Renting is considered the smarter choice when moving to a new city for a number of good reasons, it gives you flexibility, simplicity, and time. 

You won’t need to worry about finding a new home while dealing with the sale of your old house, saying goodbye to family and friends, and organizing your move. This will allow you to focus your time and energy on the forthcoming relocation and will take off some of the stress of moving house.
You’ll have the time to unwind after your big move before you start setting up a new home and adjusting to a new community.
You’ll have the chance to explore your new area and learn the ups and downs of your new city before deciding on a place to live.
You’ll have the chance to test out a neighborhood before committing to it.
You’ll be able to carefully research your housing options and, if necessary, wait for a while until an appropriate property becomes available.
You’ll be able to complete any repairs and renovations you want to make to your new home before moving in.
You won’t be stuck with a mortgage and a home, so if anything happens, you’ll be free to leave on your own terms.

1. It takes time to learn the city and its neighborhoods
Often, someone will move to a new place and think they’ll spend their time in one part of town, only to find they actually like it better somewhere else. In this case, they haven’t acted as an informed buyer.

Being an informed buyer means knowing the market or inventory of houses and the intricacies of different neighborhoods. 

Buying real estate is not only a huge investment; it’s a commitment to the home and the area. You can’t be an informed buyer unless you’ve spent some time exploring the neighborhoods. Take a year to learn the different parts of town and the characteristics of the various neighborhoods. Each week, explore a new restaurant in a different part of town. Go for a walk or do your grocery shopping in another. Also, take time to learn about city politics and government, to check out the local board of education and school districts (if you have kids), and to explore the parks and playgrounds. Once the year is up, you’ll be in a much better position to make a huge investment.



2. A lot can happen in a year
Imagine buying a home not long after you hit town, only to discover in six months that you hate your new job and your former employer wants you back. Or, you’ve received an offer for an even better job in the metro area, but it requires commuting further, and you’ve bought a home in a part of town that’s as far from the new job as you can get. And there you are, stuck with a new mortgage and a home that won’t be easy to unload.

So much can happen when you uproot your life dramatically, and it’s difficult to accurately predict how things will eventually “settle.” Give yourself the time to get grounded in your new life by renting a home or apartment instead of buying, so that you’ve got the flexibility to make adjustments you hadn’t anticipated.

3. Moving to a new city causes enough stress; why add to it?
Moving is never easy. So much happens at once, especially when you’re relocating to a new town. You have to say goodbye to your friends and family, pack up the house, close out your work, and hire movers — and then do most of the same on the other side, including finding a new place to live.

Too much change at once is hard to deal with, and focusing your energies on finding a home to buy leads to additional stress and anxiety. It might just push you over the edge. On the other hand, renting an apartment can give you flexibility and simplicity. The stakes are so much lower, because you know that wherever you chose to live is only temporary. And after your lease is up, you can likely rent month-to-month.


When you decide to purchase a house, you’ll be able to make an informed choice as you will have explored the different neighborhoods in your new city and learned their characteristics (available amenities, entertainment locales, and recreational facilities; playgrounds, parks, and green areas; traffic peculiarities and transportation options; crime rate and safety; social, demographic, and ethnic characteristics of the communities; school districts; etc.). You’ll be able to find the perfect home in the perfect area to live in.



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Real Estate Investing for Beginners: Tips and Strategies to Get Started in Huntsville, AL

By Easton Farr • 16 Jun, 2023
Real estate investing can be a great way to build long-term wealth and generate passive income, but it can also be a daunting process for beginners. If you're considering real estate investing in Huntsville, AL, here are some tips and strategies to help you get started.

Maximizing Your Rental Income: Tips for Setting the Right Rent Price in Huntsville, AL

By Easton Farr • 28 May, 2023
One of the biggest challenges that landlords face is setting the right rent price for their rental properties. Setting the rent too high can lead to long vacancy periods, while setting the rent too low can result in missed revenue opportunities. In this post, we'll explore tips for setting the right rent price and maximizing your rental income in Huntsville, AL. Do Your Research Before setting the rent price for your rental property in Huntsville, AL, it's important to do your research. Research the local market and check the rents for similar properties in your area. You can also use online rental pricing tools or consult with a local real estate agent to get a better sense of the market rates. Consider the Property's Features and Amenities The features and amenities of your rental property can also affect the rent price. Properties with updated appliances, modern finishes, and desirable amenities like a pool or gym tend to command higher rents. Additionally, consider the location and proximity to schools, shopping, and public transportation, which can also impact the rent price. Factor in Operating Expenses When setting the rent price for your rental property in Huntsville, AL, it's important to factor in the operating expenses. These include utilities, maintenance and repairs, property taxes, insurance, and property management fees. Subtracting the operating expenses from the potential rental income can help you determine the maximum rent price that you can charge. Look at Your Competitors Look at what your competitors are charging for similar properties in Huntsville, AL. If your rent price is significantly higher than theirs, you may have trouble finding tenants. If it's significantly lower, you may be missing out on potential rental income. Keep in mind that pricing may vary based on the location, features, and amenities of your property. Consult with a Property Management Company Setting the right rent price and maximizing your rental income can be a complex process. Working with a property management company in Huntsville, can help you navigate the process and ensure that your rental property is priced competitively. A property management company can provide market analysis, advise on rent price adjustments, and handle rent collection, freeing up your time and making real estate investing a more passive investment. In conclusion, setting the right rent price for your rental property in Huntsville, AL requires careful research, consideration of the property's features and amenities, and an understanding of the operating expenses. Additionally, consulting with a property management company can help you maximize your rental income and ensure that your property is priced competitively. If you're looking for expert guidance and support in managing your rental property in Huntsville, AL, contact RCPM for assistance

How to Choose the Right Rental Property

By Easton Farr • 13 May, 2023
I want to buy a rental property... but what do I do now?
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