Just married? Are you planning on buying or renting your first, official home as a married couple? This is a question that many newly married couples face and it might be something that you have been considering since your engagement. Most people see buying a home as the logical next step after getting married, but this isn’t necessarily the right step for everyone. Is renting or buying a home better for the two of you? The short answer: it depends.
Renting
Renting sometimes gets a bad reputation. When held up against buying, most people will automatically choose buying, believing renting to be something only for those who don’t have the finances to buy a home. The truth is, however, that renting has a lot of benefits. The startup costs, for example, are much lower. You can find, rent, and move into a home in a matter of days and you don’t have to put tens of thousands of dollars down on the property before getting your keys.
Renting also always you more mobility and freedom. Because you don’t actually own the property, you aren’t responsibly for selling it when you want to move on and you don’t have to worry about repairs—that’s your landlord’s job.
Buying
Buying is often the more economical option, especially if you and your partner intend on staying in one place for a long time. Owning a home can help you build wealth and you will probably pay less for your mortgage each month than you do to rent. Buying a home is an investment, and while you can simply sell your home if you want to move in a few years, it doesn’t give you as much mobility or flexibility as renting.
