Life after Corporate Housing: Should You Buy or Rent?

Packing up and heading out to a new city offers opportunities for excitement, and sometimes a little trepidation. For many, questions swirl around – will we like the new area? Are the schools good? Will we make new lifelong friends? These questions are easier to answer when you take advantage of corporate housing. These fully furnished apartments provide you ample time to explore a new town or city and give you a feel for the areas where you would like to settle down. Additionally, you don’t have to haul all your furniture, unpack it, and then repack once you decide to stay. Yes, many things are much easier with this solution, except to answer this one question: Do you buy or rent when your corporate rental lease is up and it’s time to settle down?

4 Questions to Ask When Deciding to Buy or Rent

Your permanent living arrangements are a significant decision requiring answers to some thoughtful questions. If you’re on the fence about whether you should buy a house or rent an apartment, answer these questions to guide your answer:

  1. How long do you plan on living in your new city? You may not have a concrete answer to this question; yet circumstances may dictate the answer. For example, you may know that the job assignment is for 18 months. Once you know how long you may stay, consider how much of a down payment you’ll need for a new home. Generally, you’ll want to recoup your down payment when you sell.
  2. How old are you? Buying a home will tie you to an area; renting does not. So, if you’re more settled in your career and considering living in your new city for several years, then you may want to buy a home. However, if you are still young and early into your career, you may want to leave the option open to move quickly. You can do so by renting. You never know when a new position across the country may open, and you can jump on it.
  3. Can you afford the upkeep and maintenance of a home? Purchasing a home has benefits and many responsibilities. As the owner, if something breaks, you have to fix or replace it since you no longer have a landlord. Also, you’ll have regular yard work to do to keep your lawn looking good. These tasks will add up in time and money so it’s a good idea to consider if you want to handle them.
  4. Do the numbers add up? A lot of the time, a mortgage will cost you less than rent. However, the mortgage payment isn’t the only money you pay each month. If you don’t have a 20% down payment, you may have to pay private mortgage insurance (PMI). Don’t forget the interest on your loan, too. Depending on where the house is located, you may also have homeowner’s association fees.

Make the Easy Choice – Pick Corporate Housing Experts

Chosing to rent or purchase a home is a personal decision made easier when you consider a few questions and get to know the area. The team at Corporate Housing Experts knows your new city thoroughly and can help answer any question you may have. Our communities are in lovely neighborhoods, near the places you want to visit. They also have many amenities to ensure your stay with us is pleasant. We are dedicated to making your time with us comfortable. As some of our clients put it, “Corporate Housing Experts made my short-term relocation effortless!” We can do the same for you so call us today!

You can earn some extra cash when you join our Buddy Bucks Program. Learn more here.

Have additional questions? Check out our FAQs, and then give us a call.

Call 800-990-7368 to connect with our friendly and knowledgeable team or contact us online to ask about our corporate housing communities in Mississippi.