Living August 12, 2021

6 Commonly Missed Cleaning Spots

It’s easy to get into a routine when cleaning your home season after season, year after year. While simply going over the same spots may make your home feel cleaner, at the same time, it allows the neglected areas to become dirtier. Here are six commonly missed spots around the home that, once given the attention they deserve, will help make your home feel completely clean.

6 Commonly Missed Cleaning Spots

1. Underneath & Behind Furniture

Dirt and dust love to hide in tough-to-reach, tucked-away spots like behind your nightstand, under your bed frame, and on the underside of your tables, chairs, and couches. Cleaning these areas may require some heavy lifting and rearranging but it’s worth your while. If enough dust and grime have accumulated over the years that your vacuum can’t remove the buildup, try using a washcloth to loosen the sediment.

2. Vents and Fans

Vents and fans not only collect dust, but they also distribute it around your home. Ceiling fans are one of the hardest spots in your home to reach, so you may need to use a ladder and an extended duster to clean them. Clean your vent grates with a dusting brush or a wire brush depending on the thickness of the buildup. If your home has central air, remember to replace your air filters periodically. A clean ventilation system is key to protecting your home’s air quality.

3. Bathroom Surfaces

We all know the feeling of picking up a rarely used shampoo bottle in the shower to discover a grimy ring underneath it. Wipe off your bottles and surfaces in the shower to keep it sparkling clean. Scrub away the debris from your shower head and soak it in a mixture of water and white vinegar to cleanse the device and to prevent a buildup of mineral deposits. To reach behind the toilet, you may need knee pads and an extended cleaning tool. Use a disinfectant-water mixture to prevent the spread of germs. Tackling chores like these will help make your bathroom feel brand new in no time.

4. Switches & Handles

Light switches, door handles, drawer pulls, and knobs are all hotbeds for germs and dirt and can easily be forgotten while cleaning your home. Take a two-step approach to cleaning these high-touch surfaces: first clean, then disinfect. Cleaning will get rid of contaminants, while disinfecting targets pathogens. The combination of the two will help make your home feel cleaner while reducing the spread of germs. Other high-touch surfaces such as keyboards, phones, tablets, and other devices require regular cleaning as well.

5. Appliances

It’s easy to think of your appliances strictly as devices that help your home stay clean and organized, but they are magnets for dirt and gunk, too. After cleaning out the refrigerator and scrubbing down the shelves, find the coils and clean them of debris with a vacuum or a brush. The floor underneath your refrigerator can be a seriously grimy spot, so a quick mop of that area is worth your while. Give your dishwasher a good cleanse to prevent mold buildup and bad odors. Remember to clean out the filter occasionally with soap and water. Cleaning your appliances routinely can help avoid repairs and can even extend their life expectancy.

6. Baseboards

Baseboards are the perfect settling point for dirt and dust. The space between your walls and floors is an easy trap for buildup, and upon closer inspection, you’ll find some combination of scuffs, dust, food remnants and scratch marks. To thoroughly clean your baseboards, you may need to move your furniture away from the walls but be careful not to scratch the floor or damage the baseboards. Wipe away the dust before cleaning the surface. Use either a mix of soap and water, water and vinegar, or the proper wood cleaner for wooden baseboards.

Design August 10, 2021

What’s a Rambler?

The distinct “rambler” architectural style is known by several names—rambler, ranch house, California ranch. Whatever you call it, the rambler has played an important role in the evolution of the American home. From its spacious interior to its welcoming layout, the rambler is tailor made for a comfortable home life.

History of the Rambler

Originally conceived in the 1920s, it wasn’t until the 1950s and 1960s that the rambler became a staple of domestic American life as the suburban boom reached new heights. The intention behind the architecture was simple: design the perfect post-war American home. The term “rambler” was a reference to the way the single-story design sprawled—or rambled—across the landscape, opting for horizontal expanse rather than vertical. One can imagine how fitting a portrayal this was of the American West—a home that allowed for expansive views of the surrounding landscape on a level plain. The rambler style was one of the first architectural styles to incorporate an attached garage into the home design. Over time, the rambler style began to take on elements of modern design and eventually evolved into split-level homes, creating rambler variants such as “raised ranch style,” “suburban ranch style,” and “storybook rambler.”  Even with these developments, the rambler has always stayed true to the theme behind its inception: a home designed to accommodate the needs of the modern American family. To this day, rambler homes are found in great numbers across the country.

Characteristics of a Rambler

Ramblers are known for the flow of their interiors that allow for easy movement throughout the home’s horizontal spaces. The spacious layout, often times anchored by a central area, creates a feeling a continuity between rooms, a concept that was influenced by modern architecture. The wide layouts also resulted in large footprints, even though the majority of the homes in this style were constructed as one-story structures.

In another nod to modernist homes, ramblers often prioritized outdoor spaces for entertaining and gathering. This connection to the outdoors is reinforced by large windows and easy access to back patios to create a harmony between nature and the home itself. Similar to its distant relative, the Craftsman style home, it’s common for rambler to have low-pitched roofs and overhanging eaves.

Design August 5, 2021

7 Vintage Design Elements That Are Still Popular Today

Adding the right touch of vintage décor to your home is a matter of balance. It brings that decades-old, well-traveled quality that gives the spaces in your home a special character. A common concern with vintage décor is that it will make a home feel outdated. Fortunately, certain design elements and trends have stood the test of time.

We tend to think of vintage décor in terms of well-known objects, like shag carpets and Eames chairs, but it is so much more than that. Some of the most iconic design concepts of eras past continue to influence how we design our homes today. From features to furniture, here are just a few that have maintained their popularity with homeowners and interior designers alike.

7 Vintage Design Elements That Are Still Popular Today

1. Built-Ins
The history of built-ins dates back to the Arts & Crafts movement of the late nineteenth century to the early twentieth century. In contrast to the Victorian period that preceded them, the Arts & Crafts designers looked to simplify home design by working features into the structure of the home itself. The clean aesthetic look of built ins, as well as their functionality and the storage they provide, have kept them relevant for decades.

2. Exposed Brick
Exposed brick has maintained its popularity through the years, sometimes used to compliment certain modern design trends, such as Industrial, a common design choice for open-concept, non-traditional living spaces such as lofts. Whether it’s stripping away a wall to reveal a chimney or using it as a backsplash for open shelving, exposed brick creates a vintage lived-in quality. Its natural pattern and textured surface work well as either a focal point or an accent piece in large and small spaces alike.

3. Crown Molding
With roots dating back to ancient Greece, crown molding is both decorative and functional. It provides a visual transition for the surfaces in a room by embellishing the space between the ceiling and wall. It can also be a decorative piece for architectural elements such as bookshelves, doorways, etc. Although crown molding is a small detail, it plays a significant role in tying a room together.

4. Marble Countertops
From ancient Rome to the European Renaissance, marble has been widely used throughout history in countless homes throughout the world. Heat resistant and easy to clean, marble countertops have become a staple of kitchens and bathrooms. Due to their large surface area and durability, they are often the centerpiece of kitchen renovation projects. Because marble is porous, it’s best to seal them at the time of installation to prevent damage.

5. Wicker Style Furniture
With origins tracing back thousands of years, wicker-woven furniture is still ubiquitous today. Made from the sturdy and flexible material rattan, wicker furniture is lightweight and weather resistant. It makes for the ideal outdoor patio chair or lounge seat, or the perfect rocker by the fireplace in the living room. A combination of functionality and beauty, wicker furniture’s popularity has showed no signs of slowing down.

6. Checkerboard Tile
Checkerboard tile is a classic element of vintage design, often used on kitchen floors and in bathroom tile work. Designers have always found a way to incorporate this eye-catching black and white pattern into the latest trends. In the home, it can be applied on a large or small scale. If a whole kitchen floor is a bit much for your taste, incorporate it in smaller areas, such as a bathroom backsplash or a backdrop for your shelves.

7. Mid-Century Modern Furniture
The evidence of the Mid-Century Modern (MCM) movement’s relevance is all around us, but in the home, it lives on in its signature furniture pieces. MCM designers took the concepts of modern design—clean lines, minimalism, multi-functionality—and created sleek, interesting furniture pieces that blend into a room and make a statement simultaneously. Common items such as teak desks, Eames chairs, Tulip chairs, credenzas, and raised-legged dressers skyrocketed in popularity during the fifties and sixties. MCM has proven to be timeless, and to this day, its influence can be seen in homes everywhere.

Real Estate News & Information August 3, 2021

Q2 2021 Western Washington Real Estate Market Update

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

REGIONAL ECONOMIC OVERVIEW

Employment levels in Western Washington picked up in the late spring and early summer months. The region has now recovered 168,800 of the 297,210 jobs that were lost due to the pandemic. Although the recovery is palpable, there are still 128,000 fewer jobs than there were at the pre-COVID peak in February 2020. The most recent data (May) shows the region’s unemployment rate at a respectable 5.2%. This is significantly lower than the April 2020 high of 16.8%, but still not close to the 2020 low of 3.7%. The jobless rate was lowest in King County (4.8%) and highest in Grays Harbor County (7.6%). Although unemployment levels continue to drop, we cannot attribute all the improvement to job creation: a shrinking labor force also lowers the jobless rate. In short, job recovery continues but we still have a way to go.

WESTERN WASHINGTON HOME SALES
❱ Regardless of low levels of supply, sales in the second quarter rose 45.6% year-over year, with a total of 25,640 homes sold. Although comparisons to the same quarter a year ago are not informative due to the pandemic, I was pleased to see sales increase 61.3% from the first quarter of this year.

❱ Listing activity was 42.8% higher than in the first quarter, which was a pleasant surprise. Listings rose the most in Kitsap, Clallam, Island, and Mason counties, but there were solid increases across the region.

❱ Sales were up across the board, with sizable increases in San Juan, King, Whatcom, and Snohomish counties. Only Mason County experienced sales growth below 10%.

❱ Pending sales (demand) outpaced active listings (supply) by a factor of 6. Even with the increase in the number of homes for sale, the market is far from being balanced.

WESTERN WASHINGTON HOME PRICES
A map showing the real estate market percentage changes in various counties in Western Washington.

❱ Home prices rose 31.4% compared to a year ago. The average sale price was $734,567—another all-time record.

❱ Year-over-year price growth was strongest in San Juan and Jefferson counties, but all markets saw prices rise more than 23% from a year ago.

❱ Home prices were a remarkable 15.7% higher than in the first quarter of this year, possibly due in part to the drop in 30-year fixed mortgage rates between the end of the first and second quarters. That said, the modest decline in mortgage rates is certainly not the primary driver of price growth; the culprit remains inadequate supply.

❱ Relative to the first quarter of the year, San Juan (+33%), Jefferson (+24.7%), and Island (+20.5%) counties saw the fastest rate of home-price appreciation.

DAYS ON MARKET
❱ It took an average of only 18 days for a listed home to go pending. This was 22 fewer days than a year ago, and 11 fewer days than in the first quarter of 2021.

❱ Snohomish, Kitsap, Thurston, and Pierce counties were the tightest markets in Western Washington, with homes taking an average of only 7 days to sell in Snohomish County and 9 days in the other three counties. The greatest drop in market time compared to a year ago was in San Juan County, where it took 84 fewer days to sell a home.

❱ All counties contained in this report saw the average time on market drop from the same period a year ago. The same can be said when comparing market time in the current quarter with the first quarter.

❱ It’s widely known that the area’s housing market is very tight and unfortunately, I don’t expect the number of listings to increase enough to satisfy demand in the near term. Furthermore, I’m seeing rapid growth in demand in the counties surrounding King County which is likely proof that buyers are willing to move further out given the work-from-home paradigm shift.

CONCLUSIONS

A speedometer graph indicating a seller’s market in Western Washington.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Demand is maintaining its momentum, and, even with supply levels modestly improving, the market remains extraordinarily tight.

Mortgage rates are still hovering around 3%, but the specter of them starting to rise at some point is clearly motivating buyers. I am very interested to see significant interest outside of the Seattle metro area, although King County is certainly still performing well. I will be monitoring whether this “move to the ‘burbs” is endemic, or a temporary phenomenon. My gut tells me that it is the former.

At some point, the remarkable run up in home values will slow. Affordability constraints are becoming more widespread, and even a modest uptick in mortgage rates will start to slow down price increases. It’s worth noting that list-price growth is starting to taper in some markets. This is a leading indicator that may point to a market that is starting to lose a little momentum.

The bottom line is that the market still heavily favors sellers and, as such, I am moving the needle even more in their favor.

ABOUT MATTHEW GARDNER

Matthew Gardner – Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Buyers July 29, 2021

Is Co-Buying Right For You?

For some buyers, purchasing a home independently may be out of reach. Co-buying is an alternative approach to homeownership where two or more individuals purchase the property together and take on a joint mortgage. Get to know the benefits and drawbacks of co-buying before deciding whether it’s right for you.

How Does Co-Buying Work? 

Just like a traditional home purchase, lenders use the buyers’ debt-to-income ratios and credit scores to determine their mortgage eligibility and formulate the terms of their loan. The lender will use the lowest median credit score to determine whether the co-buyers qualify. Before you purchase with a co-buyer, work with a real estate attorney to flesh out the details of the agreement including the distribution of shares, the responsibility of each party for the down payment and subsequent mortgage payments, and the home’s title. There are two main options for taking title to a home with a co-buyer.

Tenancy in Common (TIC)

  • When co-buyers hold a title as tenants in common, shares of the property can be divided equally or unequally. You and a co-buyer can decide to split ownership to reflect the amount invested. However, even if these amounts are unequal, no one individual may claim sole ownership of the property. If a co-buyer dies, their ownership passes along to their designated heir. With Tenancy in Common, a co-owner may sell their shares of the property at any time, without the need for approval from other co-owners.

Joint Tenancy

  • Joint Tenancy—or Joint Tenancy with Right of Survivorship (JTWROS)—requires that all co-buyers hold an equal interest in the property and that they all come into ownership through the same title at the same time. If one co-owner dies, ownership passes to the other co-owner—this is known as Right of Survivorship. Unlike Tenancy in Common, co-owners must receive approval before selling any property shares.

Pros and Cons of Co-Buying

Pros of Co-Buying

For those who don’t have the buying power to purchase a home on their own, co-buying presents an opportunity to combine assets and enter the market. Since lenders will be factoring in both of your incomes, you and your co-buyer will increase your chances of being approved for a mortgage and securing a low interest rate. Both of you will build equity over time as you pay back your joint mortgage. Even after the down payment and mortgage payments, there are a handful of costs that come with being a homeowner. Co-buying allows you to split these costs, saving money on bills, utilities, maintenance costs, and the like.

Cons of Co-Buying

Co-buying a home means you are relinquishing some control over the homeownership costs. At the end of the day, you can’t control your co-buyer’s finances. If a sudden life change leaves them financially unstable, the burden will fall on your shoulders, and you’ll have to make up the difference. Similarly, your credit score could take a hit if your co-buyer is unable to make their mortgage payments, even if you’ve consistently made yours. 

Before entering a co-buying agreement, it’s important that you and your co-buyer are on the same page about the terms of ownership and your expectations as joint homeowners. Working closely together will help maintain the health of your finances, and most importantly, your relationship.

For more information on purchasing a home, visit the buying section of my blog.

SOLD July 28, 2021

SOLD: Two Seattle Condos

6501 24th Ave NW #302
Seattle, WA 98117
Listed at $419,000

  • 2 beds
  • 1.00 baths
  • 800 SqFt
  • Year Built: 1977

Top floor corner unit with mountain views! Two-bedroom condo located just blocks to the heart of Ballard. Kitchen features granite countertops, dishwasher, microwave and stainless fridge. Large balcony to enjoy western sunsets. Great closet space plus designated storage unit. Assigned covered parking space. Small well managed HOA with no special assessments! Pet friendly. Close to grocery, bars and bus!

7314 Linden Ave N #7314
Seattle, WA 98103
Listed at $700,000

  • 3 beds
  • 2.00 baths
  • 1,107 SqFt
  • Year Built: 1996

View & Location! Green Lake has it all. Spacious 3 bedroom, 2 bath Townhome w/secured garage w/storage. Bask in the sun & enjoy the views of Green Lake, Cascades & fabulous Mt. Rainier from private upper deck. Or, relax in the shade in the fenced garden patio entry. Freshly painted interior. Maple Floors & Cabinets. Gas cooking, fireplace & heat. Dining plus eating bar. Primary bedroom w/walk-in closet and jetted soaking tub. Third bedroom w/bay windows makes perfect home office or gym. The best of urban living w/Green Lake amenities right out the front door. Just minutes to PCC, Green Lake, restaurants and easy access to downtown Seattle & UW. The perfect location for an active lifestyle.

Restaurant Reviews July 27, 2021

RESTAURANT REVIEW: Ristorante Picolinos in Ballard

COVID Status: Starting June 30, the State of Washington removed most COVID-19 restrictions. This means that most businesses and organizations may choose to operate as they did before the COVID-19 pandemic with no capacity limits or physical distancing requirements. For more information, go here.

Recommendation: If you’re looking for a great Italian restaurant in Ballard, I recommend giving Ristorante Picolinos a try.

Background: We’ve been going to Picolinos for many years. It’s a neighborhood staple.

Location: Located in Ballard at 6415 – 32nd Ave NW, Seattle. On the corner of NW 65th Street and 32nd Ave NW.

Food: They have a large menu including antipasti — fritto misto, carpaccio and mozzarella Caprese among them — followed by several pastas and relatively few “secondi,” but those entrees are augmented at lunch and dinner by specials. Portions are huge, be warned. I have several favorites and often choose one of the specials. Their ravioli is house made and hard to resist, with stuffed goat and ricotta cheese ravioli tossed in brown butter, fresh sage, and garnished with a dollop of rich tomato sauce as my favorite. The butter lettuce salad (a frequent special) is probably my favorite salad.

Service: The servers are friendly, helpful and attentive and treat you like family.

Atmosphere: Reminiscent of Italian country villa, the restaurant is warm and inviting. There are several seating areas in the restaurant, both inside and in the garden space outside in back. The exterior seating is tented and has heaters for the chilly months. There is also a small café on the corner, where you’ll find espresso, gelato, pastries and focaccia.

Ristorante Picolinos
6415 32nd Ave NW
Seattle, WA 98107

Photo courtesy of Ristorante Picolinos

Sellers July 22, 2021

Where to Stay While You Sell Your Home

The time between selling a home and moving into a new one can be a challenging period for homeowners that leaves them with a basic question: Where should I live? In the interim, there are various housing options to choose from but picking the right one depends on your personal situation and the amount of time it will take until you move into your new home.

Once you know it’s time to sell your home, there are various factors that will have an influence on what housing is available to you. Your budget will help determine your options. For example, if you are already in contract with your new home, you might be looking to save some money in preparation for move-in costs. Seasonality plays a role as well. Talk to your agent about real estate trends in your local market to understand which housing options tend to be available at certain times of year.

Where to Stay While You Sell Your Home 

In Your Home

There is the option to stay in your home while you sell it. If your home is still on the market, understand that a fully staged home will be fundamentally different from the one you’re used to. Once you’ve sold your home, there are additional options for staying as well. By working closely with your agent, you can negotiate a longer closing period or a rent-back agreement with the new owners. A rent-back agreement is an agreement between the two parties in which the seller rents their old home from the buyer for an agreed-upon period of time before the new buyers move in, allowing for a smooth transition to take place. Depending on the buyer’s urgency to move in and the competitiveness of the market, a rent-back agreement may not be feasible, but in the right situation it presents a mutually beneficial solution.

Apartment or Condo

Renting an apartment or condo while you wait to get into your new home can help make the transition easier. To avoid unpacking all your belongings only to have to pack them back up when it’s time to move again, try to find furnished listings in your area, or search for units that offer furnishing at an added cost. Although paying rent is an added expense, this set-up can help you stay organized throughout the moving process.

Friends & Family

If you have friends or family nearby that have space to accommodate you, they may be open to the idea of taking you in until you’re able to move into your new home. In this scenario, you’ll likely need to store your household items elsewhere, which will come with an added cost. Of all the options, this is typically the least expensive.

Short-Term Rentals

The short-term rental market offers a flexible approach to finding somewhere to stay. Filtering your results by location will allow you to select a place that won’t disrupt your daily routine. If you won’t be moving into your new home for an extended period of time, you can choose a rental with amenities accommodate your longer-term needs. Keep in mind, the cost of short-term rentals can easily add up, and in some cases may be more expensive than renting an apartment or condo.

Hotel

Another popular option for riding out the interim period between houses is staying at an extended-stay hotel. These hotels usually offer amenities that accommodate long-term living like a kitchen, living space, laundry services, a refrigerator, internet, and more.

For more information on selling your home, visit the Selling Page on my blog. To get an idea of what your home is worth, try our free home value calculator at the link below:

What Is My Home Worth?

Sellers July 20, 2021

The Best Ways to Determine Home Value

Of all the questions that arise during the selling process, “What’s my home worth?” is the first for most sellers. By using home valuation tools and understanding local market conditions, sellers can educate themselves on how much their home could potentially fetch on the market, but that’s just the tip of the iceberg.

Best Ways to Determine Home Value

Windermere’s home value estimator is a great starting point for sellers. Free to use, it will provide you with an instant home value and an expected price range, a heat map of buyer interest near you, and recent home sales in your area. Click the link below to get started.

What Is My Home Worth?

Comparative Market Analysis (CMA)

Though tools like home value estimators provide some data on what sellers can expect when pricing their home, nothing compares to the expertise a professional real estate agent offers. Various factors influence home prices including seasonality, market conditions, and location, and agents have the means to account for these factors to accurately price your home  by conducting a Comparative Market Analysis (CMA).

A CMA compares your home to others in your area that have either recently sold, are currently on the market, or had previously listed but have since expired. Depending on the conditions of the market, an agent will gather data for the past three to six months. When conducting a CMA, they’ll take into account recent market trends, competing properties, your home’s amenities, and its overall marketability. The analysis also considers aspects of the home such as lot size, condition, age, square footage, bedrooms and bathrooms, and the terms of financing. A thorough CMA will provide information on what homes in your area are selling for, how long they were on the market, and the difference between their listed and sold price.

So why is a CMA important? A CMA helps price the home more accurately, keeping the property competitive in the current market. For example, in a seller’s market where demand is driving up home values, an agent will work with their seller to account for the elevated prices before listing their home. Doing so allows you to avoid overpricing which usually results in a longer sale period. CMAs can also help buyers negotiate their asking price by having a data-backed analysis of the home’s value based on current market trends.

The key to a successful sale begins with pricing your home correctly, and finding the right agent to conduct a Comparative Market Analysis is critical to this process.

BuyersSellers July 15, 2021

Should You Rent or Buy When Moving Away?

There are certain advantages to moving down the street or across town. You’ll likely have a basic understanding of the local market conditions, you’re familiar with the area, and the limited distance between the home you’re selling and the one you’re moving into makes the moving process a bit easier. But moving to a new city or state that you’re not as familiar with can lead to questions about whether you should buy a home right away or rent until you know the area better.

Weighing the pros and cons between the two options while factoring in your lifestyle, your plans for the future of your household, and your budget will help guide you toward your decision.

Pros and Cons of Renting

Pros

The word that comes to mind to make the case for renting when moving to a new place is flexibility. By renting, there is less pressure to take the plunge on buying a new home right away. It gives you a chance to land, get to know the area, and explore what’s available on the market. For example, if you’re moving to a new city for work but have never been there before, renting might be a fitting solution to get your feet under you until you have a better idea of where you’d want to live long-term. All in all, renting can simplify the relocation process. With renting, it’s easier to predict your monthly expenses. And, in the event that something breaks or needs repair, it’s your landlord’s responsibility to fix it.

Cons

If you previously owned a home, moving into a rental likely means you’ll have to downsize. This may put you in a situation where you have to put some of your belongings in storage, adding an expense to the moving process. If you eventually decide to buy a home, you’ll have to move again from your rental. Moving twice, especially if it’s in a short timeframe, may not be worth the stress. It’s also worth noting that as a renter, your payments help build the homeowner’s equity, not your own. Therefore, the longer you rent, the longer you delay building your own wealth. Finally, renters are at the mercy of their landlords. If they decide it’s time for a rent increase, or that they want to sell the property, you’ll have to adjust accordingly.

Pros and Cons of Buying

Pros

Though buying a home right away is a larger financial commitment than renting, it allows you to quickly get settled in your new hometown. You won’t have to grapple with the challenges of downsizing to an apartment and you won’t have to worry about moving multiple times in the short term. Home ownership is also a gateway to building wealth over time.

Cons

If you’ve never visited your new hometown, it can be challenging to get a true feel for the area, which can lead to buyer’s remorse. Buying a home requires a significant financial commitment, especially if prices in the market you’re moving to are higher. Though the rewards of successfully buying a home are great, the process is full of intricacies and details that can add stress to the moving process, which you may not be up for right away. Furthermore, unlike renting, as a homeowner you are responsible for the maintenance of your property. Making repairs, tending to the yard, and keeping up the countless systems within the home requires time and money.

Ultimately, whether it’s best to rent or buy when moving to a new area depends on what’s right for you and your household. Are you looking to put down roots right away? Would you prefer to live in the area for a while before deciding where to live? Taking time to consider these factors and working closely with a real estate agent will help identify the right option for you.