My partner and I are thinking seriously about our future, but we are both renting. Our families keep saying, 'Instead of paying rent, take out a loan and buy a house.' But I'm afraid of going into debt; life is already expensive. What do you think is the right thing to do? Should we focus on romance or on economic realities?
My daughter, when I got married at your age, there were also these credit issues, but the more you try to avoid debt, the more you lose. Rent constantly comes out of your pocket, but the house you buy with a loan appreciates over the years. So, while you say life is expensive, on the other hand, that rent is just going to waste.
let's speak openly now, families are right up to a point. But a friend of mine in a similar situation couldn't even take a proper vacation for two years just because he took out a loan; that debt really weighs you down. When you live together, expenses increase anyway, so I would say consider that too 🤭
It seems like you haven't shared much of your partner's thoughts here; we're constantly focusing on the "families say" part. Your and their priorities also matter. For example, are you thinking about getting a loan right after the marriage, or will you first save up a bit? Maybe they think it would be beneficial to spend some time renting?
From an economic perspective, the current interest rates and market conditions are important. If your rent expenses do not exceed 25-30% of your income, you don't have to rush into taking a loan. It might make sense to save a bit and buy at a more favorable time. But of course, make sure you can save.
Let me also say, my partner is a bit indecisive too. We're both afraid of taking out a loan and we're tired of saying we're 'looking after' our families. But right now, our savings are very low, and even if we continue renting, it feels like we need a longer-term plan.
To be honest, there is still a perception in society that "a married couple should have a home." Your spouse's side or a member of your family will continuously ask, "When are you buying a house?" Are you ready to deal with that? Staying in a rental for a long time can create stress; I have people around me who have experienced such things before.
