Ahh.. the engagement news has spread to all your friends and family and now the hustle and bustle of wedding planning begins. But what about a house? Where will the two of you live once you are married? For newlyweds these days, renting is one of the best ideas out there!
Why Renting May be a Good Idea for Newlyweds
It is said that the American Dream now starts off by renting a home instead of owning one. With the economy as it is, this makes perfect sense. For newlyweds, renting is a smart option.
The Dream Home
The greatest part about choosing to rent the first place you live as a newlywed is the chance to really decide where you want to live long-term someday. Instead of rushing into a starter home, renting a home allows you to dream without a hefty mortgage to pay. You and your spouse can get settled in, get grounded and start saving. You can figure out if a double-sink is a must-have for you, or if you want a large kitchen.
Investigate The Other Person
Before you said “I Do,”you thought a lot about your to-be spouse. You didn’t just find any average person off the street and drag them to the altar. The two of you invested in one another, got to know each other and found out if you were made for each other. The same is true when you are looking for a home. Wise people take time to investigate their options before they rush into a decision.
Renting a home is a great way for you to fully investigate the options you have for your dream home. Renting can give you a good idea of what you like and don’t like. And it can help you find out what it looks like to be one your own, without all the extra fees.
The Mortgage Investigation
Part of the investigation process is finding out what you can afford and what fees you will have to pay. While owning a home is an investment, it is one that you can be locked into for what seems to be forever. The standard mortgage is 30 years. Thirty years is a long time.
On top of a mortgage you will also have to find someone to finance you. Mortgage rates vary daily, and finding a good rate can be hit or miss. And most newlyweds (not all) are new into the careers, and so finding a few years to save money and build up your cash flow is a good idea before you buys.
While paying for a mortgage when you own a home, you will also have to pay for any repairs. Anything in the house that breaks is yours to fix. With rental properties the property manager is responsible for attending to repairs.
Home Sweet Home
Along with being able to save money, one great highlight is that when you find a great rental property it is really easy to make it feel like home. Just because you do not own the house doesn’t mean you can’t make it your own. Adding your own look and feel to your new place can even create a little excitement in your marriage!
Buying matching furniture sets or even combining each of your furniture into a new living room can be a fun way to enjoy your first moments together in your new rental property! Hang photos, buy curtains and make the look and feel match your style
Let’s admit it, for most people the first year of marriage is full of unexpected twists and turns, both good and bad. Shared bills and combined finances are one of the greatest tension builders for newlyweds. Why not set up your marriage for success and try renting your first home. It just may surprise you to find out how much you really like it!