The Advantages of RentingIt’s a month before the wedding, you both live with either parents or roommates and you don’t have enough time to begin house hunting, but you still want to begin your lives in a place of your own. What can you do? Rent an apartment!

Renting can be a short or long term solution for living arrangements for newlyweds. Renting lets you choose a city or neighborhood to "try on" with the flexibility a job transfer, change of financial status or even wanting to try a new location allows an easy move from your current location without many strings attached.

Before you begin, think about some important factors such as price, size, and location. A rental close to work or public transportation is often more costly but can save a lot of time and transportation costs, especially if you both work and only have one car. Choose a neighborhood where you would consider buying a condominium, town home, or single family home and begin your search. Realtors are a great resource and there is no cost to you as a renter for their services.

The Advantages of Buying a HomeOwning a home helps build a solid financial foundation for your marriage. Your once-a-month rent payment is no longer cash flowing into someone else’s pocket. With each mortgage payment you are "buying" something tangible, building up equity. The longer you own your home, the greater your equity. Homeownership makes a difference. When you live in a neighborhood or building that is primarily owner-occupied, your neighbors, like you, are willing to invest more of their time, money and efforts to improve their property.

Consequently, the value of your property increases. A home is an investment that helps you hedge against inflation. Although not all homes appreciate at the same rate and some years are better than others, real estate has historically kept pace with and has usually appreciated faster than inflation. Interest, property taxes and certain energy efficiency improvements can be deducted from your income tax.