Deciding on a color scheme, venue and menu for your wedding is the start of many important decisions you will make together as a couple. One major decision to keep on your radar is whether you would like to rent or buy your first home, and this decision might be a little trickier than picking out the frosting on your wedding cake (who doesn’t love chocolate?). Not sure how to go about making this decision? Keep these important things in mind as you analyze your renting and buying options.
Future plans. Time to think about the future. Are you planning on moving within the next five years? What about your plans for starting a family? How do you plan on growing your career over the years? Where could that take you? Thinking about the future will help you decide whether a long-term investment will make the most sense for your specific situation. For example, if you plan on taking over the family business and raising kids in your hometown, then buying a home will most likely be your best option. But if you plan on jumping from place to place to follow a growing career, then renting might be best for you.
Budget. Combining two incomes brings questions and planning. Now that you are taking two paychecks into account, it is important to look at what you can afford. Look at your expense sheet to see if you will have the funds for a down payment, closing costs and other payments associated with homeownership. Also, remember to look at the average monthly rent of places near you. Compare those with the cost of buying to see what is the best for your finances in the long run.
Lifestyle. The next thing that is important to consider is your lifestyle. If you and your spouse like your own space, enjoy having guests over or find enjoyment in completing projects around the home like yardwork and décor, then buying could be a great fit for you. On the other hand, if you rarely are at home and find yourself avoiding all DIY home projects, then it may be better to look into renting.
Regardless it is important to look into all of your options before making the decision to rent vs. buy. Make sure you take into account your personal preferences and you and your spouse’s specific situation. If you are still on the fence, feel free to reach out to one of our Housing Buzz specialists, we would love to help guide you through your different options!