26 | Homebuying Series: The Discipline of Renting
I once heard someone say, "There are two forms of pain: discipline and regret. You get to pick one!"
To be clear, if we're searching for a home to purchase, "privilege" is a more accurate descriptor than "pain". With that said, I think the discipline/regret concept still applies to renting before buying in a new city.
Both times we have moved, we've rented for 9 to 12 months before landing in our first home in a "new" city. Ironically, my wife and I actually grew up in the two cities where we have moved!
I've heard other friends take a similar approach and say things like...
"I never knew that neighborhood existed and I grew up in this city."
"We've been able to see where our closest community actually lives and decide to find a home closer to them."
"We realized that there are a few wonderful neighborhoods that put a lot less strain on our finances than where we were initially looking."
As painful as it is to delay feeling settled in a home, this "pain" pales in comparison to settling in the wrong home.
As painful as it is to "move twice", this "pain" pales in comparison to moving once and second-guessing your decision until you move again.
As painful as it is to live in a "less-than-ideal neighborhood" for a year or two, this "pain" pales in comparison to locking in a mortgage in the wrong neighborhood.
As painful as it is to meet people while living in a temporary location, this "pain" pales in comparison to having your home limit who you will meet.
As painful as it is to "throw money down the drain" with a rent payment, this "pain" pales in comparison to building equity in a home that doesn't match the life you want to lead.
Because of the taboo nature of money and our feelings towards money, I suspect there are plenty of people who feel the regret side of all of these examples, but struggle to name it and certainly struggle to share it.
Renting doesn’t mean you can’t afford a home and I don't think it means your unsettled either.
In a sneaky way, renting buys time, options, and flexibility that ensure we're making decisions about our money instead of money (and our home purchase!) making our decisions for us.