Raising a family is not that easy. You have to consider a lot of things since you will not be dealing with yourself alone in this phase. One of the primary things that a newly married couple should consider would be having their new home for their family – be it owned or rented. And since owning a home entails a lot of hard work and savings, others opt to rent a house or an apartment. Since they are still starting to build a family on their own, they may consider renting first and save extra funds to own a house later.
Typically, you may hear that buying a house right away is more practical than wasting your money with renting. You may hear from friends and relatives that having a place may be the most significant investment for you as a newly married couple. But according to experts, you do not need to hurry in buying your own home.
Truthfully, owning your own house is not the biggest investment that you can make in your married life. Buying your own house requires a lot of consideration. Usually, engaged and newly-married couples should think first about their finances. Always keep in mind that real estate agents or brokers may tend to offer you houses that are feasible to you at first look, but in reality, it is more expensive than you think.
The basic advice from experts before deciding to buy or own a house would be to have an emergency fund of at least 3-6 months equal to your household expenses. This fund should be for emergency purposes only and not to be used for your wants and needs.
Another thing to consider is the location of your prospective house. One advantage of renting is that you get to sign a contract, which states an agreement on how long you will be staying in that house. It would be better if you have a month to month lease so you can move out easily whenever you decide to.
Whereas, if you decide to buy a house, you will be staying in that house permanently, so you need to decide if you want to live in that neighborhood. You cannot just buy a house and then leave and have it rented or sold whenever you don’t feel staying in that neighborhood anymore. And having a place rented or sold is not that easy. Even looking for a new place is more challenging.
Another advantage of renting a place is that you usually do not have the responsibility of maintaining the rented place. If you plan on making changes or repairs, the landlord or caretaker can do it for you. And the cost will be calculated and paid depending on your lease agreement. Renting is also cheaper compared to buying a house. You can also choose to mortgage on rent-to-own houses, but it is still costly compared to renting.
Renting is also advantageous if you don’t have a child yet, and your job entails you to travel from one place to another. Since you do not have the responsibility to maintain the area, you can easily leave the property, depending on the agreement that you signed.
On the other hand, renting also has its disadvantages. One drawback would be that the landlord can increase the rent anytime. However, you can avoid this by going over the contract that you will be signing before confirming the rent. It will be better if you strongly convey that your rent should be fixed at a certain period that you will be staying at the rented place.
Another disadvantage is that you cannot make changes that easily whenever you need to. If you bought and own the home, you have the freedom to make changes and repairs anytime you want. But when renting, you should be contented on what the rented place has to offer. Other landlords may be okay with some repairs, but you still need to ask permission first before embarking on the changes.
There are also rented places that have a policy of not accepting pets. So, if you are a pet lover, it would not be easy for you to find a place for rent that will allow you to have your pets inside your rented place. Though “no pets policy” is common, there are still homeowners who love pets and do not mind if you bring one of your own. You just need to be persistent in looking for the right home for you.
And lastly, you are bound by the rules and regulations that the house owner has set for you in your lease agreement. So, you should be able to read it thoroughly and make sure that the agreement is fair and that it works well between you, the tenant, and the homeowner. It is suggested that you need to make a contract with the house owner itself so you can easily arrange for changes and to avoid troubles usually cause by dealing with caretakers and other people aside from the homeowner.