You’ve just said the vows, exchanged the rings, and walked down the aisle toward marital happiness. Now, as newlyweds, you need a place in which to start a new life.
Choosing whether to rent or buy can put strain on your newly minted marriage. But, it doesn’t have to. Strangely enough, finding a home is a lot like finding love. It all depends on what you want and where you are in life. Let us explain.
Renting – the Casual Date
Renting is often the best choice for people who have yet to settle down—such as those still establishing careers. Renters pay modest expenses upon moving in, such the first and last-month’s rents and security deposits, but the spaces are still relatively affordable.
Apartments and rental houses also require less commitment than owned homes. If you or your spouse suddenly gets a new job in another state, you can break a lease more easily than you can sell a house. Rentals often cause less stress, as well. If the roof leaks or a pipe bursts, you simply call the landlord to get it fixed.
Renting is for couples who just aren’t ready for that dream home.
Be aware, however, that if you choose to rent, you still need to protect your property and yourself. Renters insurance safeguards you from theft and from bodily injury or property damage claims for which you could be liable.
Buying – the Long-Term Commitment
The thought of buying a home may seem overwhelming for some. It often requires plenty of cash on-hand to cover a down payment and other costs, and once a couple purchases a house, they must take responsibility for maintaining it.
It’s a BIG commitment. But, home ownership can also be a great investment and the right fit for certain people.
If you have an established career without plans to move locations, you may find owning a home more economical than renting. Every mortgage payment builds equity in a house you could one day own. And, even if you do need to move, you can apply any equity you have built in your old home to a new one. Plus, the housing market outlook seems promising, and interest rates remain low.
This means when a real estate listing makes your heart beat faster, go ahead and mention it to your new husband or wife. It may be time to take the plunge.
But, if you do buy a home, make sure you insure it. Don’t lose your investment to storm damage. Homeowners insurance helps recoup losses from fire theft, vandalism, and other events, as well as from successful injury or property damage lawsuits.