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To Rent Or Buy Your First Home?

Once you are married, the first big decision you need to make is whether to rent or buy your first home. Moving in with your spouse is a big milestone and many couples find it hard to make this decision.

Buying is definitely the most desired option and it is everybody’s goal to buy their own dream house upon marriage. However, with prices of properties rising, renting is often cheaper and many newlyweds just can’t afford to buy their own home.

Renting: Pros & Cons

This decision on whether to rent or to buy also concerns your preferred lifestyle. For young couples who would rather be accommodated in a trendy area where they can enjoy exciting social lives, renting may sound much more appealing, as they can probably choose to live in a property they wouldn’t be able to buy. Another major advantage of renting your home is that you get to save money on maintenance since it is landlord’s responsibility to take care of the house. You can always move out without too much hassle if you become bored with the place.

Renting also has many downsides. You may have big restrictions when it comes to decorations and furnishing and your landlord might not always be fixing broken things in the house. This means that it might turn out that your new home in a nice location can’t exactly look like you imagined. And even if you manage to re-decorate it to your pleasing, you still have to worry whether the landlord will ask you to move out one day if he decides to sell the property.

Advantages of Buying

If you decide to buy, you will have a place that you can call your own. You will have more responsibility and the mortgage might be a bit of a challenge for both of you, but you can decorate the space exactly the way you like it, settle down and start a family. If you can afford the overall expense buying a home is a better idea, even if you need to make some compromises. Home ownership is an important step in the process of growing up and becoming independent.

Final Considerations

Before you make final decision, think about how you and your spouse see your lives five years from now. Weigh pros and cons and if you think that buying a house it too ambitious for you right now, consider renting for a while and wait for the right moment to buy.