Profile picture for L Brooks07

Should I rent or buy?

I plan to relocate from Southern Mississippi to the Atlanta area. I am currently renting at $500 a month but I would like to buy a home. It's my first home and I'm not requiring anything big. I am working on repairing my credit. Is it wise to rent or buy? 
  • May 03 2014 - US
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Answers (3)

That sounds like a big move.  I am from Atlanta but now live in Ft Lauderdale.  Atlanta is huge and there are so many choices of neighborhoods.  I agree with Kari, rent for a few months first and learn the area.  If you still work (not retired) the banks look at how long you have been with your job, the longer the better.  Also, if you have credit issues, it is probably better to repair as much as you can before trying to purchase.  Loans are still not easy to get, especially with credit issues.
John
  • May 04 2014
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I would advise to you to first rent for a few months, then buy as soon as you are able.
Best of luck,
Kari.
  • May 04 2014
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Profile picture for Tammy Hartman
Since you are relocating to a new area, it may be wise for you to rent your first year there. This would allow you time to get to know the areas in the city and help you to determine where exactly in Atlanta you would like to live. You also stated that you are working on repairing your credit, so this first year of renting would also allow you to focus on your credit and put you in a better position to buy when your year is up. Only sign a lease for 1 year, and start your house buying search at 10 months. Begin with a lender of your choice and get a pre-approval letter! Then find a buyers agent and happy house hunting!
Good luck!!
  • May 04 2014
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