Can you commit? Tips for Couples on When to Rent vs. Buy

There will come a time in a couple’s life when moving in together or getting married is the next step in the relationship. House or apartment hunting can be difficult if you’re single or in a relationship, and knowing what you and your partner expect from your new living arrangements is essential to being able to commit to your next new living space.

You have to make concessions when choosing whether it is better to rent a property or buy a house as a couple. You and your partner may have had a variety of life experiences between the two of you that can make choosing your future accommodations difficult to make up your mind.

There are pros and cons to renting versus owning property, whether you’re in a relationship or not. As a couple, it’s important to be realistic about your financial situation, as well as your plans for the near future, which could make the decision to rent or buy much easier.

If you and your partner have the financial ability to make a down payment on a home and have decent credit to apply for a mortgage and other loans, you are in a financially stable position to buy a home. If you have steady employment and will stay in the same place for years to come, and you have agreed that buying a home is also a good choice based on your lifestyle, then buying a home is not a bad idea.

Couples must remember that a house is an investment. Buying a home can be a good or bad investment, just as renting a home can be a valuable short- or long-term saver of time and money. In many cities, the real estate market is volatile, confusing, and unhealthy for buyers who want to recoup their investment in a few years when they sell their home.

Before choosing whether to rent or buy a property, check the cost differential between the two options. If renting for a few years (taking utilities, parking, and other sundry costs into account) is going to be cheaper than buying a house and taking on the added costs of that (debt, Home Owners Association dues, etc. ), then renting might be your best bet. Renting also allows you the flexibility to renegotiate a lease, take advantage of an affordable housing situation, move easily if you need to, and gives you more time to decide if you want to buy a home in the near future.

Buying a home isn’t always the best financial option, but if you and your partner are financially stable and committed to living in one place for a few years or more, then buying a home might be a good option. Homes give your family room to grow, often have patios, and can offer more privacy than an apartment complex or duplex living situation.

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