Still on cloud nine after getting married, huh? Well, who isn’t after finding the perfect one? While you enjoy your honeymoon period, certain crucial decisions shouldn’t be neglected. Most married couples wish to build their dream house together. Even though home loans have made it easier to own a house, with changing times, renting is becoming prominent among newlyweds as well. So, the dilemma is whether to rent or purchase a new home after getting married?
Well, various factors interplay depending upon your circumstances and preferences. Below mentioned are a few points that you should consider when deciding between renting and buying.
Rent vs. Buy – Key Points to Consider
When deciding between renting and buying, consider the following points.
- Finances: Finance plays a significant role when considering purchasing a house. While real estate is a good investment option, if you have just begun your career, then renting will be economical, and you can stay debt-free till you earn enough. If your spouse is also making, you can consider buying your dream house. Also, home loans with affordable home loan interest rates can be a great assist in fulfilling your dream. In this way, you won’t have to compromise on your house due to insufficient resources.
- Preferences: Yours and your partner’s preferences matter. It would be better if you both talked about each other’s desires and ideologies. While you may feel that the comfort of your own house is unmatched, your better half may feel otherwise. Talking out your wishes can help you arrive at an informed decision.
- Future Planning: No one knows what lies in the future, but we always plan. Due consideration should be given to your occupation. If your career involves a lot of travel, owning a house may keep holding you back. However, if your location is fixed, nothing can provide you more comfort than your own house.
- Personalities: Renting may free you up with specific responsibilities like maintaining your house that includes electricity and water maintenance and repairing etc. All these are usually taken care of by landlords. Also, if you are adventurous and love traveling, then renting is for you. However, if you like to at a single place, what could be better than your own house? You and your partner can relax your whole life without the hassle of changing your stay place.
- House Selection: Everyone has an image of their dream house in their mind. You wouldn’t like to compromise on your home design, and after all, you will be spending the rest of your life there. While home loans won’t let you compromise on your dreams, you and your partner should mutually decide how your dream home should look like. Many things need to be taken care of: flat, bungalow, row house, interior, etc.
Home Loan EMI Calculator
If you and your partner decide to buy your dream house after a thoughtful discussion of the above points, the next step would be to plan your finances. A home loan will take care of most of your financial needs. With a home loan EMI calculator, you can determine your EMI amount to plan your budget. You need to enter your loan amount, home loan interest rate, and tenure to get the exact amount of EMI.
Having a house brings a sense of stability among the newlyweds and helps them live their married life comfortably. Building and growing together is the key. Home loans are some of the most affordable financial tools; with home loan interest rates starting at just 6.70% per annum, owning a house is no longer a big deal for newlyweds.