We all know about popping the big question. If you are planning your wedding, it means that you have moved past that stage. There are a multitude of details to consider when planning a wedding and setting up a new life. And there is nothing more important than the second big question:
Should we purchase or rent our first home? The truth is that many who are getting married are already homeowners and thus there are variations to this question. In this article, we will start with the most basic of questions – renting vs. owning — and then move to additional housing questions that newlyweds face.
Purchasing or renting? There is no doubt that most couples aspire to own a home in the long run. Home ownership is considered the American Dream because it brings so many advantages to the table. Here are just some of the economic and social advantages of owning:
*Economic Advantages. Owning has always been the number one way to build wealth in America. The Federal Reserve Board has estimated that home owners have over ten times the average net worth of renters. Why? For one, all of your rent payment goes into the pocket of your landlord, while part of your mortgage payment goes to pay off what you owe, which enables you to build equity every month. A home also will typically go up in value over time and provide a tax deduction and inflation protection, while rent does not provide ownership of any asset nor any tax deduction.
*Social Advantages. Owning provides security for your family, as you don’t have a landlord who can tell you to move and the stability means that you are part of a community which provides lasting relationships. Neighborhoods of owners tend to be safer and provide better lifestyles to raise a family. Plus, you have the freedom of choice with regards to improving your property and this can mean anything from a swing set in the backyard to painting a nursery for your first child.
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