Tuesday, March 7, 2023

Why Newlyweds Should Consider Renting Instead of Buying House

Property Updates

Nothing is more exhilarating than getting married and living with your partner. But being newly married isn’t a cakewalk.

With marriage come a lot of responsibilities, where you start your married life together being an exceptionally vital one. As the two of you begin your life together there are many factors to consider before you make a decision about whether you want to buy a house or want to rent one. There are certain reasons why newlyweds should rent instead of buying home.

  1. Renting saves money – As a newly married couple it is extremely important to realize the value of saving money. Money saved in the beginning is a blessing in the times of need. You can save to buy a better house in the future or use it if you plan to expand your family.
  2. No maintenance to worry about – If something goes wrong in the house; you’re not the owner so you don’t have to worry about fixing it! Maintenance costs are usually borne by landlords during the term of lease.
  3. You might deal with career changes – Your job may require you to relocate to a new place in which case you will have to leave your home behind and rent a new one. That’s just a waste of resources.
  4. Buying a home is stressful – Choosing a house that is located in the neighborhood of your liking and can live up to your needs is a stressful task. It takes a lot of time and research that requires a lot of thought. You’re just married and have a lot of time for that so why rush into it and end up buying a place you realize you don’t even like.
  5. You don’t have to worry about hidden costs – If you rent a house you never have to pay property tax, home owner association fee, maintenance fee and so much more. Even getting a renter’s insurance is a much cheaper option than getting a homeowner’s insurance.
  6. Liberty to choose – When you rent a place you have a plethora of options to decide where you want to live, a big house or a small one, in urban areas or in suburbs. Depending upon your needs as a couple you get to make a better choice. If you make the wrong choice, you can always shift!
  7. Lesser risks involved – With renting you don’t have to worry about mortgages and loans especially if you and your spouse’s finances or job security are the least bit shaky.
  8. You might buy a wrong house – When you’re starting your life as a couple, what you may or may not need from the house is difficult to predict. You can always shift from a rented house to suit your needs of a bigger veranda, or a garden, or terrace. If you buy a house, you’re stuck with it!

You’re young and you’re married. Renting will help you go where life takes you and buy a home when the time is right!

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