3 Vital Questions to Make the Rent vs. Buy Choice for Newlyweds

With love and marriage comes the question of whether the couple should rent or buy a home.

Of course, this is a normal process once you are married considering that owning a home is still an integral part of the great American Dream.

And so, in order to make this rent vs. buy choice, you have ask yourself 3 vital questions:

#1: Where will we be in the next six years?

If your personal situation requires you to move to a new state, graduate from school or even change careers, then it’s wiser to rent until these changes take place. Of course, if you have the money, and would like to build equity in the meanwhile, then that shouldn’t be a problem. However, if you don’t, then you might have to sell your home once these changes take, and which can work out to be a loss when you do.

#2: How does our credit look?

Sharing each other’s credit information isvital to making an important decision such as this one. Home ownership offers very attractive tax benefits in being able to not only deduct points paid to obtain a mortgage but mortgage interest payments as well as property taxes too.

#3: Can we afford the overall purchase?

Some couple use the money gifted to them by their parents to make the down payment without realizing that there are other expenses as well such as home maintenance, property taxes and insurance as well. Of course, the positive to all of this is that your rent can increase but your monthly payment will not.