Housing Considerations of a Newly-Wed
It’s great to be newly married! Finally you can prepare for the future with your dream spouse! As fantastic as that is, it will require a lot of effort from both of you. However, before the effort part commences, you have a few questions to answer. What are those questions? I’m glad you asked!
What is Your Financial Position?
It is unfortunate that we can’t just live through our lives freely without needing to work and earn money, but that is not the case. Before you move ahead in making any choices for your future, you need to know what you can afford to do. Not only do you need to figure out how much you have right now, but you also need to figure out your combined monthly wage so that you can safely budget for whatever place you choose to live in. If your monthly wage is quite high then it should be easy to set aside a portion of it each month in order to pay off a mortgage. However, if your allowance is rather low, you may have to rethink your plans!
Can You Afford to Mortgage a House Right Away?
Everyone dreams of getting married and buying their own place to live out their life as a married couple. This dream is often not instant for most as the cost of purchasing a house of your own is quite expensive in modern days. If you have found that your monthly allowance will fit in to a mortgage on the size of house you want, then that’s great! It is strongly recommended that you take your time in choosing the place you wish to buy, however. It is likely that you have little experience in this area and it would be a shame for you to choose a place that was in poor condition or location. Take your time until you find the exact place you want. Another recommendation is that you make sure your mortgage rate is at least 20% lower than your monthly allowance. This is to ensure that you are still able to save up a little as you go just in case anything goes wrong. It is always best to be prepared.
If You Can’t Afford a House, Will You Rent or Crash with Your Rellies?
The urge to live somewhere on your own is quite strong for most people; don’t be too quick to decide though. Renting an apartment or house can be quite a drain on your resources if you aren’t careful. If you’re confident that you can afford it and you’re sure that it is what you want, then go ahead! If not, consider staying with some close relatives. This is the most cost efficient thing for a newly wedded couple to do and it is often a big help to have some relatives around during the initial stages of marriage. The choice is yours, so long as you remember that you have your whole life ahead of you; there is no need to rush into anything!