Newlyweds: Rent an Apartment or Buy a House?

Many newlyweds struggle over whether to rent an apartment or buy a house right after they get hitched. This often depends on the age of the newlyweds and their financial situation, but there are other things to consider as well. Before you sign a lease or apply for a mortgage, make sure that you've considered all of your options and discussed the decision at length with your new husband or wife.

Maintenance Costs

When you rent an apartment as newlyweds, you don't have to worry about unexpected housing costs. The apartment complex will provide repairs to your unit without charging you extra, and you don't have to worry about replacing broken fixtures that would otherwise deplete your income.

When you buy a house, on the other hand, you're responsible financially whenever anything goes wrong. Since newlyweds are often getting started in brand new careers, this is definitely something to think about.

Utilities

In addition to lower maintenance costs, utilities are often cheaper when you rent an apartment. For example, many complexes here in Texas allocate water and sewage bills, lowering them considerably. Plus, electricity will be much lower for first-level units in the middle of a large building because there is less direct sunlight.

Newlyweds should consider their income and the amount of money they can reserve for utilities. If things are looking a little tight, it might be a good idea to wait on buying a house until you're more financially secure.

Commitment

When newlyweds rent an apartment, they are only committing to a six-month or year-long lease, rather than a long-term housing situation. This can be beneficial since incomes increase with experience and promotions. If, one year down the road, you find you can afford a better place, all you have to do is give notice and find a new place to live.

Equity

When you newlyweds buy a house, they begin building equity immediately, which can improve their financial future. Many people liken renting to flushing money down the toilet because you don't earn a return on the investment. If you want to have more security for the future, buying a house might be the way to go.

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