These are the Pros and Cons of Buying VS Renting for Newlyweds

Getting married also means wanting to start your new life together in a new place. As a newlywed, finding a shelter a.k.a. your new home is your top priority. Ideally, couples should figure this out even before their wedding occurs to ensure sanity and lessen their headaches after they wed.

It’s always a question between the two: should you buy a property immediately or should you rent out first? The answer will be up to you, on what you have, and what your goals are for your first few years together. But definitely, both options have their pros and cons.

In this article, we compiled the advantages and disadvantages of both buying and renting of a property.

BUYING A PROPERTY

It is every family’s dream to have a place they can call home and they can call their own.

Pros

  1. Having your own home means you are in charge of everything. You are free to create your own rules for your own place.
  2. Buying a property requires a huge sum of money but if you take a look at it, in the long run, it would be cheaper than renting.
  3. Having your own property gives that feeling of security. After all the years of hard work, there is a home you can retire to and it is something you can say you own.
  4.  You can do anything you want with it since it is all yours. You can rent it out, convert it to a business, or sell it when the time comes.

Cons

  1. Buying a property is no joke. You should be mentally, emotionally, and financially ready for this. It will cost you a huge fortune at first, but it will be worth it in the end.
  2. Buying a house is one thing. Maintaining it is another. The expense never stops. It is you and your future family’s home so you have to make sure that it is always in its best condition.
  3. Being the owner means you have a bigger responsibility. This includes paying your taxes, the homeowner fees, and the likes.
  4. Buying a house is for a long time commitment. If you change your mind about the place, moving away for another home though possible is not that simple.

RENTING A PROPERTY

If it is every family’s dream to have a home, why do we even consider renting at all?

Pros

  1. Renting out a home is a more affordable option compared to buying a house. You’ll need less money for a deposit compared to how much you’ll need to pay as a downpayment for a house.
  2. Renting means there’s less maintenance cost for the tenant. Since someone else owns the property you are staying at, he/she has the main responsibility for any house maintenance needed.
  3. Some rental fees already include the amenity/utility bills, which means that for some tenant, there are no more extra expenses.
  4. There are no other taxes to pay since the property owner is in charge of paying all these.
  5. You have the freedom to move and live anywhere you want (as long as the contract is done). If you are the type of person who works remotely and loves moving to different places, this is a plus point for you.  

Cons

  1. After months or years of paying rent, the property you are staying at will never be yours. It is like you are paying for someone else’ asset.
  2. Since you are under other people’s property, you play by someone else’ rules. There will always be restrictions. Some owners do not allow pets in their property grounds, some won’t allow visitors at a certain time of day, and some won’t let you change the way the home looks.
  3. After the contract, the owner has the right to decide whether he/she would still take you in or not. There is no guarantee for your stay.

While society dictates that couples should have their own house by a certain age or even before getting married, we still all have different cases and situations to consider. Know your priorities and financial status. Live by your means.

These two options exist for a reason. Renting is perfect for those in budget and those who prefer a more flexible type of living setup. Buying is for those who want security and freedom.

Having lesser financial capacity now does not mean you won’t have a property you can call your own in the future. You can always plan ahead and take baby steps at a time.

Sources: Zillow, Realtor

Read our previous feature for more tips and advice.

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