5 Reasons Why Newlyweds Should Rent Instead of Buying a Home

Many newlyweds dream of buying a beautiful home together, but there are several reasons why renting can be better than buying a home right away. If you just got married, here are five reasons why you should rent instead of rushing into the home-buying process.

Buying Isn’t Easy

Buying a home is one of the most complicated, time-consuming things you will ever do in life. Between meeting the requirements for a loan and shopping for a home, it can easily become a full-time job. It’s best to look at properties for rent until you figure out your combined finances and are adjusted to married life.

You Need Time to Save

After dropping thousands of dollars on your wedding, it may take some time to save up enough money for a down payment. If either of you has educational or credit card debt, it is wise to pay down that debt before taking out a mortgage loan. The more money you put towards your down payment, the smaller your mortgage. This means you’ll pay less interest over the course of your loan, so give yourself plenty of time to save up.

Renting Gives You More Freedom

If you don’t feel like your current location is where you want to spend the rest of your life, you shouldn’t feel pressured to buy a home there just because you are married. You and your new spouse can be just as happy renting a home and have the freedom to move to a new location whenever you feel like it.

You’ll Have More Time to Enjoy Newlywed Bliss

The first year of marriage is meant to be enjoyed as you learn more about your spouse and grow closer to one another. It would be a shame to disrupt your newlywed bliss with all the stress that comes with buying a home. This alone might be a good enough reason to wait a couple years before considering shopping the housing market.

You Can Carefully Consider Your Needs

Many couples rush into buying huge homes with extra rooms and amenities because they feel like that’s what they are supposed to do after marriage. If you plan on having kids or need an extra room for a home office, a large home can be right for you. Renting gives you time to figure out what you really need and want in a home rather than what society tells you you should buy.

While homeownership can be very rewarding, renting can be easier and more attainable for newly married couples who are just starting out. Take these reasons into consideration before starting the home-buying process.

Alan Viau

Alan is an Ottawa minister, yogi, business consultant, and scientist