The initial days are all about the love and romance for newlywed couples. But once the honeymoon period settles, it’s time for you and your spouse to start building your life together. Building a house is more than just decorating your space. One of the toughest decisions that newlyweds face is choosing between buying or renting a house. Factors like the house’s location, financial status and life goals can affect the final decision.
We know that decision-making can be a stressful ordeal. So, we’ve compiled a list of some of the significant factors to help you invest your money in the right property.
1. Evaluate Your Finances
First and foremost, you need to ask each other whether you have the resources to buy a new house. While real estate is a great investment, financial instability can make you settle for a house you’re not satisfied with. If you have sufficient resources, buying a new house may be the better choice.
In case of financial constraints, renting a space is the economical choice. If you believe that paying rent is equivalent to throwing away your hard-earned money, consider applying for a housing loan to cover costs.
2. Discussing Preferences
While some newlyweds may spring for a cosy house they can call their own, others may prefer to save up money before buying a space. Every couple has a different dynamic. Discuss with your partner whether if they are okay with the idea of taking a home loan or if they prefer to be debt-free and stay in a rented apartment until the two of you have saved up the money to buy your dream house.
3. Know your Personalities
While this factor may seem subjective, your distinct personalities can help you decide. While some couples like entertaining guests, others prefer to only be in each other’s company. Some couples may be adventurous, whereas some are homebodies who prefer routine.
Owning a house comes with a lot of responsibilities like raking the yard and tending to damages. On the other hand, renters can simply call up their landlord to fix electrical or water connection problems. Answering these questions can help you decide whether buying or renting is the right choice for you two.
4. Long-Term Planning
Newlywed couples may have a clear vision of what they expect their future to look like. If either of you is still completing your education, travel a lot for your career or perhaps still indecisive about your career path, renting a house is viable as it does not hold you back from achieving your dreams.
Most couples have a distinct idea about the neighbourhood they wish to settle in. If you find your dream home, buying a house may be the right way to start your journey as a married couple. If you and your partner have found the right house but cannot handle the finances, look for housing finance deals to settle down on your terms.
At Tata Capital, we believe that a happy home reflects a happy marriage. Whether you wish to rent or take a home loan to purchase that cosy, little house, Tata Capital provides tailored plans that cater to all your needs. We offer attractive home loan interest rates to help you build the perfect marital home.