Going to live with your partner with or without a wedding is a great step to demonstrate and strengthen any relationship. Choosing a best home as a couple, tests many relationships. Surely they have spoken long and hard about it, weighed the pros and cons and interrogated many friends. If you are looking for with your partner the first property to live and start living together , these tips can help you when you take that final step. But if they have already decided to take the step, they will surely face one of the most disturbing questions: Where are the two going to live? Is it better to buy or rent? Take note and stay tuned for these tips:
Advantages of renting
It is impossible to predict the future, they are young and their lives can change at any time. After having married or decided to live together, both are at a point where they think about the long journey that awaits them together, however, this does not mean that they are ready to take root. Some couples still do not want to have children and still like the idea of moving constantly. If they are in that state, the best option will be to rent an apartment at speedhome.com. You can find link in the end of this article.
Living in an apartment gives us the option to relocate if we need it. You also have to take into account job changes or transfers. That is why it is important to talk with the couple about where they plan to direct their lives together as a couple. Are you looking to move in the next three years? If so, seek to rent a home for a while. It is not time to mortgage in every sense of life. There will be time to anchor in a place for a long time!
In addition, taking into account the personality of millennial, who change their lives (and tastes, aspirations …) every so often, it may be better to rent and have an escape route in view of possible changes. Also, the economic aspect is very important and changing, an advantage of the rent is one that has to do with the renegotiation of the rental price. It will always be easier to renegotiate the rental price with the landlord, than to renegotiate the mortgage with the bank. Keep it in mind!
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When we choose to rent, we must assume that the house will never become ours (unless we opt for a rental with option to purchase). In addition, once the rental agreement and the extensions have ended, the owner of the apartment may choose not to rent the house again and force us to leave the house even if we do not want to at that time.
Also, take into account that when making any changes in the home related to decoration or painting we should always ask the owner for permission. Related to this, in some occasions the tenants invest money in improvements of the floor, a money that can be lost when the house is abandoned. Do not forget also that the rent goes up every year, it is an invariable among other things, however, there is always the option to negotiate with the owner.
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Advantages of buying
Buying a house, such as getting married or choosing a career, is a key decision that will mark your future and in terms of the advantages of buying a home, we must take into account that it is a good that is revalued over time and in a a certain moment can help us to face economic difficulties, to finance our retirement or to leave a good in inheritance of great value to our close friends. Likewise, having a home on property allows us to be able to decorate and reform it based on our personal tastes , something that can also help increase the value of the home. It also plays in favor of the purchase that, given a change in the circumstances of the buyer, you can rent that home to give it profitability.
Also, when considering buying an apartment they need to think about the financial implications in the short term. They need to assess whether their economic flow will be the same after covering the expenses associated with the purchase of a home. These expenses may include mortgages, taxes, insurance, maintenance, decoration, public services and other expenses. A basic rule that we all must follow is not to spend more than 30 percent of our income on housing. Then, ask yourself as a couple: Is it possible to achieve this by owning an apartment with your partner?
Disadvantages of buying
Owning is not cheap and not only for the mortgage and the cost of housing. It also implies a lot of external factors that may be related to the economic problems that may arise from the non-payment of the mortgage. In addition, we must take into account the large down payment that implies the purchase of a house and that is usually between 20% and 40% of the total value of the property.
Reduce your financial freedom a lot and if you still do not have it clear, the debt enslaves you and makes you work for it and not for you, but this is only one of the dangers of debt. If you mortgage, you can end up paying double for your house. Interest will make you pay for your home much more than the price on the mortgage and deeds.
Keep in mind that you need a stable source of income and lose professional opportunities. As much as your life changes, your mortgage will still be there and you will need to cover at least your payment with your salary. This means that you will need a stable and recurring source of income, which will limit your alternatives when undertaking or seeking a job change of any kind.
Always make sure you have a financial plan that includes your moving costs, renovations and the purchase of new furniture. The majority of home buyers incur these expenses as soon as the mortgage process is completed.
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Now that you have it clear, what do you prefer? Buying or renting will always depend on you. But they don’t need to hurry. On the contrary, enjoy your first year as a newly married couple and use that time to strengthen your financial situation. Once you have things clear, look for an apartment with a reasonable price. Thus, they will establish a family with an extraordinary financial life.
In addition, the time to find a home is an opportunity to talk with your partner about other important issues. The type of life they want to lead together, what it means to live together, what are your future plans …
If you want more advice about life that you are going to start in common, pay attention to Five tips to buy the first car as a couple.