Getting married could easily set you back tens of thousands of dollars, especially if you pay for a large or extravagant wedding. To save money after you get married, you could be tempted to move in with your parents. But, that would cramp your style and put a dent in your romantic life. Fortunately, you have options.
Renting your way into a great starter home
A good first step to getting your own house right after you marry is to rent a house. Renting a house is a good way to ease into homeownership. It's also a way to live in your own home without taking on the costs of repairs or homeowner's association fees.
If you take this route, each time something needs to be fixed at the property, ask the landlord or homeowner to tell you how much repairs on the house cost. This will give you an idea of how much it really cost to own a home.
Fall in love with the house? Ask the landlord if you can enter a rent-to-own agreement. Try to get the rent that you have already paid on the house taken off the total cost of the house.
Check out these other great starter homes
Renting a house is a great starter home for newly married couples because it gives couples a time to learn without forcing newlyweds to take on debt. Other great starter home options for newlyweds include:
Depending on where you live, there could be more than four to five different ways to buy a house as a newlywed. If you work for a financial services company, check with your people manager or human resources specialist to see if you can get a mortgage through them at a reduced rate. Also, check with your lender to see if you can get a reduced rate mortgage if you have current or prior military service.
Be honest about your finances. Avoid taking on more mortgage than you can afford. After all, you want to enjoy your first home. As newlyweds, you also want to enjoy deepening your relationship. The last thing that you want is to take on too much debt, exposing your new marriage to undue stress.