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Friday, November 14, 2014

How to convince a spouse to buy instead of renting

Marital living arrangement
Financial communication is key to solving marital differences
By Thomas Carter

It’s not totally uncommon for one spouse to have different thoughts or preferences than  the other when it comes to living arrangements.  Sometimes one fancies a house while the other wants an apartment, one may prefer city living and the other longs for the country, or one may think renting is the way to go while the other wants to buy a home. 

While the location and type of home are more black and white issues, the buying vs. renting thing is different.  You can usually buy or rent anywhere and with any type of property.  However, if your spouse is really attached to the idea of renting and has some valid reasons for thinking that way, bringing them around to your way of thinking may be a challenge. 

Here are a few arguments you can make to help get your point of view across.  

Crunch some long-term numbers


Many people assume that renting a home costs less than owning a home over the long haul, and if your spouse is one of those people, you may be able to show them otherwise.  Aside from the down payment, monthly mortgages are often lower than monthly rent payments, and you are building equity along the way.  As time goes by, your monthly payments stop going toward the interest and start shaving money off the principal. 

Basically, you’ll be paying around the same or less each month but at the end, you’ll own a valuable asset.  In all likelihood, that asset will also have appreciated in value so it will be worth a lot more than when you bought it.  When renting, you’ll pay for all those years so someone else can own an a home. 

Payment stability


If you choose to have a fixed home purchase mortgage rate, your monthly payments will be steady for each term, which is generally five years.  Your landlord will usually have the option of raising your rent each year according to the laws in your area.  He or she can also choose to not renew your lease with the proper notice, meaning you will have to find another place to live. 

Family stability


If you have kids or plan to, buying a home helps to create a permanent place for your family to live and grow.  There is no lease to renew each year and you can have as many people come to stay with you as you like. 

Sometimes with a lease, there are restrictions on how many family members can stay there and how many pets you can have.  When you buy, you can decorate how you like and often expand the house how you like to make it bigger. 
 

Creating long-term memories


Along with the stability of being in the same neighbourhood for years comes the memories of living in a family home for years.  The memories associated with a specific house can be profound and have a positive effect as your kids grow and move on to their own lives. 

Your inner DIY’er


One negative that many pro-renters cite about buying is the fact that there are maintenance costs involved to keep the property up and the home in good condition.  This is essentially true, but if your spouse has any inner DIY’er in there, it can also be a good selling point for buying. 

Take your time, make your case according to their specific personality traits and you should be fine.  Most of the time, reluctance to buy is based on fear, so help remove those fears and they may come around to your way of thinking.  


About the author: Thomas Carter is a relationship advice expert. When he is not handing out relationship advice he spends his time as an enthusiastic professional party planner and part time match maker. He is also interested in self help and personal development. He is doing his training in hypnosis. Follow him @twitter.

Image: Olessya/Pixabay, US-PD