Found the love of your life? Finally decided to settle down? Should you rent or buy a home? There are certain expectations and standards to follow right after getting married. Deciding on a home is one of them and it’s something exciting that a newlywed couple should do as a team. Don’t fall for the hearsay of relatives or the pressure of friends on deciding if buying a home is better than renting a home. To make the best decision try considering these factors:
Starting a family immediately
Space is crucial when you’re planning to have kids in the near future. You wouldn’t want to settle on a small home then decide to expand it as soon as you got kids. You’ll definitely lose money. If you think that you’ll be outgrowing your first home early then buy something that wouldn’t need expansion otherwise opt to rent first then buy after you’ve settled with a family plan.
Make sure that you’ll be in that location for at least five years. Buying a home is not an ideal short term investment. If you’re going to be transferring from one house to another it is better to rent because if you own a home for a very short period then decided to sell it immediately because you need to relocate chances are you’re going to spend more than you earn.
If you don’t have enough savings then you have to wait and save more. Don’t jump to any unnecessary decisions without proper preparations. Whether you buy or rent make sure that you’re financially up to the task.
Be sure that your job is secure before deciding, when you choose to buy a home and asks for a loan, lenders will look on your financial credibility and your consistency at work to have the assurance that you’ll be able to pay them. If you decided to rent, monthly payments are necessary, where will you get the money if you don’t have a monthly income? So make sure that your job is secure before making a final decision.
Consider the chances of being promoted in your work and be forced to move in a different city or province. If there is a high chance that this is going to happen to you then buying a home seems not the best idea.
There are many factors aside from these that a couple should consider. Renting perhaps is the better choice as a starter since it provides more options. But if you have found your dream home and you’re financially set then you can think about buying that home. You should also consider rent to own options which poses a lot of benefits. The important thing is you talk it through, think it through, and decide together.