Post # 32
We bought a house after getting engaged. My husband rented, but I had been living at home so I had the downpayment.. I never wanted to rent after we got married because, to me, it would have been a waste since i/we could afford to buy.
Post # 33
I don’t think that being ready to buy a house has one lick to do with being ready to get married.
If Darling Husband and I had waited until then, we wouldn’t be married for a long time! We didn’t want to live together until we were at least engaged, so getting engaged/married and moving in to our RENTAL (ohh look at us burning our money) has actually helped us to recognize cost efficienices and save even more money.
My parents paid for our wedding and wouldn’t give me the money for a down-payment, so it’s not like we had to forgo the house for a wedding.
Oh and another thing… living in together in our rented apartment has given us a better idea of what we want in a house together. I think if we had rushed out to buy a house before we had lived together for a bit, we would have made a bad choice.
Post # 34
In this market, if Fiance didn’t already own a place, living with family would definitely be an option on the table. I semi-regret the few years I rented with friends. I liked being on my own, but that money was pretty much wasted.
Post # 35
We’ve been renting since we went to college (and together since we got married) and have every intention of renting for at least a decade to come as we move around. I don’t think there’s any connection between marriage and needing to own a house. We also have some views on houses as NOT an asset and that renting is not a waste of money when you compare the costs side by side, so maybe I’m biased 😉
Post # 36
Down payments on a TWO BEDROOM house, let alone a 3-bedroom that is actually big enough for kids, cost $100,000+ in the bay area where we are moving. We have no choice but to rent – for several years – before taking the leap and buying a home together after marriage.
Post # 37
well we are married but living in nyc…so there’s no way we could afford to buy! we’re also not “settled” down, in the geographic sense, in that we will probably be moving in about 4 or so years–i’m in a phd program, and so the job market when I’m finished could take us literally anywhere. we don’t want to buy until it’ll be a “forever” home, or one where we’d be living at least 5 years.
Post # 38
So when people tell you that you shouldn’t get married before you can afford to buy a house, what do they suggest? That it’s better for you to each pay rent at two separate places than to get married, live together, and pay one rent for one place? That makes no sense.
We’ve been living together and renting for almost 5 years now, and we’ll continue renting for at least a few more while we save towards a house.
Post # 39
I also don’t really consider it money “wasted”. I have a roof over my head, I don’t have to maintain any common areas, plow or shovel snow or mow, or fix a single thing in my apartment. All of these things would cost me major money and time in my own home. I am able to rent in a neighbourhood where I can walk to work (couldn’t afford to buy here), so Darling Husband and I only have to have 1 vehicle, saving more money.
Maybe I am overly sensitive and it is so situation specific, I just get really bent out of shape when people tell me I am wasting my money. Trust me, I would LOVE to be in our own house, building equity, but that’s not in the cards right now and I need a place to live…
Post # 40
@finnaroo: That’s also a very good point. When we first talked about getting a house here part of the equation was “are we sure we want to be here for at least the next 10 years”
Post # 41
@SarahSmilesDec28: I don’t think renting is throwing money away! In the US, most big-city markets have rentals that are far cheaper than the cost of owning. In the San Francisco Bay Area, for example, it takes almost 20 years for the cost of renting to exceed the cost of ownership, assuming you are investing the price difference and getting at least a 2% return each year. Houses can be true money pits, and buying before you’re ready is how we as a country got into this financial crisis to begin with!
Post # 42
Buying a house costs alot but there is also alot of maintenance, why more chores and upkeep than I ever considered. In an apartment there is still basic maintenance, but it a great first step toward figuring out married/cohabitating life, and who wants to take on which tasks. You may decide you hate yardwork, or steps, or neighbors, or noise, or streetlights, or need really big closets or hate cooking, and then make an informed decision when you do buy.
As a homeowner I do not throw away money on rent, but there are real estate taxes, water and sewer bills, utilities, snowplowong/lawn mowing costs that I am arguably throwing money away on instead. With the real estate market the way it is, who knows if I will break even in the end anyway.
Post # 43
noting wrong with renting, If you can afford to buy something then thats the way to go but if not then rent! will you be able to save enough money if you rent?? I was renting untill we got a really good deal on a condo, it actually ended up being cheaper then what I was paying in rent, so we bought the place!! But had this amazing thing not come up, we would be renting until we feelt responsible enough to take on a mortgage.
Post # 44
We rent together, and will continue renting until we find the house we want to buy. We have a downpayment right now, but haven’t found the house yet, so we’re just going to keep renting.
Renting isn’t a waste of money if it’s putting a roof over your head, by the way.
Post # 45
Once you are married and living together you will be able to save plenty for buying a house in the future as you are going to be going from two sets of rent and expenses to one shared one. If you can budget well then you should be able to save up quite a bit in no time. And like others have said whle you are renting you can get used to living together and figure out what you want in a house.
We were both renting and when we moved in together we got a new place to rent. Then it wasn’t like I was living in his place or the other way. It has gotten to be ours together and we have been renting it for almost 3 years now. Another couple years and we’ll be ready to settle down into our own house and have the money for it.
Post # 46
If you want to rent, then rent! I hate people saying that renting is a waste of money. You are paying for a place to live either way and renting can have benefits because you don’t have to worry about bills, maintenance or paying interest (which isn’t that great of a deal since it’s just a deduction on taxes).
If you don’t have money saved, renting is a much better idea anyway since homeownership costs more money.