A lot of us have big dreams. Two of those dreams are marrying the love of our lives and owning our own home.
If you’re just happily married to your partner, you might come across a dilemma of either renting an apartment or buying a house. This can be a pretty big decision considering that in either option, you’re going to be spending a lot of money.
But, if you were to ask me, I would suggest renting an apartment if you’ve just been happily married. In this article, I will talk about the reasons why just renting an apartment is best for newlyweds instead of buying a new house.
1. Money is a Bit Tight
Probably, the first reason why renting an apartment is better than buying a house after just being married is that money is a bit tight.
Having a wedding requires a lot of money and you might have just exhausted a huge chunk of it. Renting an apartment is good for newlyweds because you only have to worry about paying the monthly rent. You don’t have to worry about anything else as renting an apartment is easy and hassle-free.
2. Location Flexibility
Another major advantage of renting an apartment is the location flexibility. Times can get rough in one city; prices of commodities might get higher than in other places.
If that is the case, you can easily move to another town or city where expenses are okay for your budget.
Furthermore, if the financial setup is that only you or your partner is working and your partner needs to move to another place because that is where he/she is assigned, then moving to another location is definitely much easier when you’re just renting an apartment.
3. No Other Fees to Pay
When you’re buying your own house, you need to pay for a lot of things such as property insurance, property tax, just to name a few.
While renting, on the other hand, you only need to pay for the monthly due as well as utility expenses and that’s it! Moreover, they are way more affordable than owning your own place.
4. Buying a House is Hard for Now
Owning your own abode requires a lot of money. From just buying the property and building your own house from scratch requires huge sums of cash. Add to that the other expenses you need to pay.
Now, don’t get me wrong- a lot of people dream of having their own homes. This is not to say that owning a place is bad; it’s just that it might be financially impossible, at least, after a few months or years after marriage.
Renting gives you the financial leeway since all you have to pay for are the monthly dues and expenses. Just getting an apartment, for now, will allow you to save up for your dream home.
5. Less Responsibilities
Getting married and having kids are already keeping people busy. That is why it is more appealing for newlyweds to just rent an apartment since it will give them lesser responsibilities.
Take for example home repairs. Usually, apartment owners will handle the necessary repairs, provided that you just pay the fees. On the other hand, when you own a house, you will be the one carrying out the repairs and it might cost you a lot more.
If you are tight of money the following month you can just use alternative financing like cash advance loan, or credit line to pay for the rent. While if it is your own property and you have no fixed salary the things are going to be too difficult for you.
All things being said, newlyweds should just focus on renting an apartment, at least, for now. Only buy your own home when you’re absolutely financially stable and with all things accounted for.
Renting has a lot of benefits to the newlyweds and I hope that this article has shed some light on its advantages.
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