The wedding is over, the honeymoon was fantastic, and now it’s really time to start your lives as a married couple and create your first home together. With so many options available for your little family, which one is the best place to start your new married life?
There are several perks of living in a condo to consider. Condos can be apartments in high rises, townhomes, or even single-family homes. With a condo, you’re able to own your home, but there is a condo’s homeowners’ association, commonly known as an HOA, to which you’ll pay a monthly fee. You won’t have to worry about mowing your lawn, maintaining outside structures, or other issues and costs that non-condo homeowners encounter. If you don’t have much of a green thumb or DIY capabilities and would rather own than rent, a condo might be the answer for you.
If you weren’t living together before you got married or you’re not yet ready for homeownership, leasing an apartment might be the best way to go for your first home. The shorter time commitment will allow you to get used to cohabitating. It can also give you a better idea of what you want out of your home together. Combining your finances means that you can go into something more substantial and upscale. Still, if your ultimate goal is owning your own place one day, you’ll want to decide what amenities are necessities and what you can do without. That way, you won’t pay for things that you’re not going to use on a regular basis.
If you’re ready to buy your first home together, go for it! However, if you want to have your own house but aren’t quite in the right position to buy yet, consider entering into a rent-to-own lease agreement. Signing such a lease gives you the option of purchasing the home at the end of a specific period. It also gives you a chance to develop homeowning skills, like making repairs and doing landscaping, so that you can see if that’s something you can manage. If you can’t buy at the end of the term, it works just like a regular rental without further obligation. This is also a good choice if your credit isn’t as good as you’d like it to be.
No matter where you choose to live, your first place together as a married couple is bound to be unforgettable. Consider all your options, make your choices, and welcome home!
Here’s another article you might like: When Is the Time Right to Buy a Home?