Rent or Buy? Five Factors for Newlyweds to Consider

Now that the wedding is over and you’ve returned from the honeymoon, it’s time to start moving on in your new lives together. Newlyweds sometimes struggle over where exactly should they live. It seems only fitting that a newlywed couple should buy a house, but for many that may not be the smartest choice. Before you jump into any big purchases or look for apartments for rent, there are a few things to consider. Here are the five factors for newlyweds to think about, courtesy of Move For Free.

Maintenance Costs

One perk to apartment living is not paying for maintenance or unexpected repairs. When you sign a lease your landlord or apartment property is the one that is responsible for those costs. If anything goes wrong, all you have to do is give them a call and they will fix it for you without any added costs. If you own a home, all those unexpected repairs and maintenance costs lie solely on the homeowner…which is you.

Utilities

It goes without saying that your utilities will be much less in an apartment than a house. A smaller space means less energy needed to cool it, heat it and keep it lit. That’s especially true in Texas, where the majority of the year it’s hot – your AC bill will be much cheaper in an apartment than a house.

Family

Some couples like to start a family right after the nuptials are read. In that case, a house would probably be your best bet. With a backyard and more room, a house is a good space for little ones to run around and grow up in.

Commitment

Renting an apartment is much easier than buying a house. When you rent an apartment you can lease it for six months to a year, which is a much shorter commitment than buying a house – where you may decide down the road that you can’t really afford a house.

Design

When you own your home you have the ability to decorate and design it any way you wish. If you want to change something in an apartment, i.e. a light fixture or painting the walls, you usually aren’t allowed to do that. But, if you and your new spouse decided to rent first, you could take that time to save up for some really nice and quality furniture and decor.

Bottom line is it’s important to discuss your future living situation with your new bride or groom and find out what’s important to them. Is money tight? An apartment may be your best bet. Do you want babies ASAP? A house is probably the way to go. Whatever the decision, make sure it’s the right decision for the both of you.