Newley Wed Tips – Renting vs Buying a Home?
There is more to being a newlywed than just trying to figure out where to store your wedding gifts. You need to figure out your living arrangements.
Given that many newlyweds have tight budgets due to factors like student loan payments, the question of renting versus buying often comes up.
If you and yours are facing this dilemma, then you may want to take a look at some of the pros and cons of renting a home versus buying one.
If you want to feel safe and comfortable, Miramar apartments are the best option.
Pro: More Control
Most renters can tell you distressing stories of having their rents hiked, often at the worst time imaginable.
When you own your home, you have a bit more control over how much you pay out in home-related living expenses.
For example, most mortgages are pretty stable. You know how much you’ll pay each month. This offers newlyweds a big advantage.
Early on in married life, budgets are often tight. Not having to worry about fluctuating rent prices can be a lifesaver for you and your spouse.
Pro: Building Equity
Long-term homeownership comes with equity. That is, the longer you pay on your home mortgage, the more money goes into your pocket if you sell your home.
When you rent, your monthly rent goes toward your landlord’s equity, not yours.
If it’s important for you and your spouse to build up equity, then you may want to take the homeownership plunge and look for new homes for sale in your area.
Con: All Expenses Fall on You
Here’s the thing about renting an apartment: If the sink breaks or the electricity goes out, it’s your landlord’s responsibility to fix it.
It’s the landlord and not you who coughs up the money to make these and other repairs happen. If you own a home, you may save some money on your monthly mortgage costs.
However, you may wind up paying out more in the long run due to expenses like these.
Con: Homeownership Equals a Time Commitment
When you rent an apartment, it’s usually the landlord or some service company that takes care of the lawn, the upkeep on the exterior, and other routine tasks.
That isn’t the case when you own the home, Investopedia points out. These tasks fall on you.
If you opt not to do them yourself, then the expense of having them done falls on you.
If your current circumstances don’t allow for this type of work, then you may be better off renting for a while until you have the time and resources to take care of routine home upkeep.
The life of a newlywed couple is filled with tasks related to upward career mobility, travel to new places, and other beginning-of-adult-life stuff.
Because their lives pull them in so many different directions, it’s important that they determine early on whether renting a place or buying a home works better for them.
If you and your spouse find yourself in this predicament, then you may want to consider the points offered up in this post before you make your final decision about homeownership.
Category: Housing
