What Apartment options to consider when hunting apartment as a couple

It is often complex to find out whether you should buy or rent an apartment. There are many factors worth considering in this regard. Another perspective to this is that what would be the best for you when you are moving as a couple after marriage. That sounds complicated too! Here are some ideas for you to consider when you are making a move as newly wedded couple.

First of all, anyone who is looking to buy fantastic apartments in portland or a home should think about financial implications for short term. A question that one should ask to himself is that whether he’ll be cash flow positive once all expenses related to home ownership are covered.

These expenses can include mortgage, insurance, taxes, repairs and maintenance, supplemental insurance, decorating, home improvements, association fees and utilities. However, it is a general rule that you shouldn’t spend above 30% of what you earn on the unit you are going to buy.

When it comes to couples, they can easily be trapped by the mindset that having two incomes would allow them to spend 30% of their combined income when buying a unit to stay. But that is where couples need to do some preparation for the future together.

You should try to assume that you are only living on one income and the other does not exist at all. When you do not spend over 30% of one of the incomes (typically the one which is higher) for fulfilling the housing costs, money can be put away from second income to build your emergency fund.
Now, if your cash flow sees any kind of unexpected drop from health problems or job loss, you will be well prepared for weathering the storm till the situation improves for you.

Once done with financial implications for the short term, it’s now time for you to move on to the ones for long term. It is often thought that one needs to have expenses worth 3-6 months to be put aside in some savings account all the time.

Nowadays, it is recommended to have the cushion of 6-9 months if it is possible for you. Between moving costs, wedding expenses, and down payment, it’s can easily be seen that how the nest-egg of newlywed gets wiped out.

In case if you are getting financially shaky by putting down the payment on your apartment then it is wiser for you to think about delaying the purchase till the time financial reserves are built by you. At such a time it is always better for you to rent an apartment and keep yourself secure opening all the ways for saving money.

The lifestyle choices also have a major role to play when it comes to determining whether you should buy or rent an apartment. When you are single, you only have to think of yourself and what lifestyle you have to adopt. But when you have a spouse with you, the choices have to be different and what other thinks of what your lifestyle should be is also of great importance and should drive your decision as well.