Renting vs. buying

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Updated: 4/16/2007 2:29 pm
As newlyweds, it would be great to move right into your dream home. But for many couples, this isn't possible, or even a good idea. While long-term, it's always better to buy than rent, you'll need to consider your immediate situation. First of all, what's the housing market like? If prices are inflated, or interest rates are high, you might want to wait. Equally important, how are your finances? Are you still paying off debt from the wedding, or a student loan? How stable are your jobs? The last thing you need is the pressure of a house payment you can't afford. If you're one of the lucky couples who has enough set aside for a home, and are prepared for the maintenance required, go for it. Otherwise, you might consider renting. Try to stick with a modest place, so you can save up for a home in the future. Renting is a more carefree lifestyle, with no lawn to mow, and no roof to patch. But before you make a final decision, compare the cost of rent, with the price of houses. If it's almost as much to rent as to buy, then home ownership could be the better choice.
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