The first question you will need to answer regarding your new residence will be whether to rent or buy. Both options offer their advantages, but which makes the most sense depends on many factors. Your combined income will be your first consideration. How much can you afford to pay each month in rent or toward a mortgage. A general rule of thumb is to plan on spending no more than 30-35 percent of your combined monthly income to cover all debts. This would include rent or mortgage payments as well as car loans, credit cards and any other outstanding debts. Knowing how much you can afford each month will help you determine what possibilities are available.
There are many other factors to consider before making your decision. How long will you be living in the state? When you graduate will you likely receive job offers out of state? Are you in a stable career and unlikely to be moving anytime soon? If you are likely to be moving in the near future, renting might be the better option. Another important consideration is location. What area do you want to live in? Can you afford to buy in that particular neighborhood or would renting be more within your means?
Renting is often the more affordable option for new couples. Location will obviously be your first consideration when choosing an apartment. Living far from work or school can create a lot of unnecessary commuting. Apartment communities offer many amenities that most newlyweds can\\\?t afford to purchase. Swimming pools, health spas and fitness centers are available at many of these newer communities. When looking at a potential apartment, it is wise to talk with current residents to determine how satisfied they are with the living arrangements.
Purchasing might be more realistic than you would imagine. A loan officer will be able to help you determine what type of loan and how much you can qualify for. They are committed to helping you get into a home without getting in over your head. Initial consultations are free and can be very informative. You will want to be prepared with information about your combined income and outstanding debts so that the loan officer can determine how much you can afford to pay each month toward a mortgage.
Once you have determined a realistic price range you will want to find a real estate agent to work with. Trying to buy a home without the help of a professional real estate agent can prove to be a costly mistake. The seller pays all commissions so these services are free to the buyer. A qualified agent will be able to find several homes that meet your needs and fall within your price range. This will allow you to get an even better idea about what you can afford to buy.
