Having a Baby? Why You Should Rent Instead of Buy

A house and land come with their own set of responsibilities. Your new baby is an even more important responsibility and joy. Focus on your little one and your family by reducing the amount of unnecessary work taking care of your belongings. 

If you buy a home right now, you will have to take care of the yard, clean, and do maintenance on the house. Couples on a budget may find themselves with a home that requires remodeling — sometimes even extensive work. Do you really want to manage all that and a newborn too? Or, would you rather leave the repairs, maintenance, and yard work to a landlord? 

Generally, apartments and condos are smaller than most houses. While this may be a drawback as a family gets very large, new families often find it a blessing. Choose a home without stairs, for instance, to avoid both a hazard for little ones and endless trips up and down the stairs hauling toys, clothes, and supplies.

In addition to minimizing your own steps as a new parent, less square footage also means that utilities cost less. 

New parents are sometimes overwhelmed by the change in their lives. They may feel a lack of adult conversation and friendship. Apartments usually have a built-in community of other adults — often families, in particular — that can help you navigate these first few years. Your neighbors are a source of advice, assistance, and comfort during what is often one of the most challenging times. 

Renting generally lends itself to budgeting more easily than owning a home does. New parents often have a hard time budgeting for the added costs of raising a new baby since many of these costs vary wildly. You may spend $10,000 or more per year on child care, baby supplies, medical care, and food. 

The best way to keep your budget in check during this time is to reduce other expenses and limit surprise costs. When you own a home, you pay property taxes, homeowners insurance, repairs, maintenance, and HOA fees. These can end up as big budget busters. 

A rented apartment, on the other hand, is a set amount of money per month. Repairs, maintenance, and upgrades don't come out of your pocket. Utilities are limited and may be included in the rent. All of these aspects make budgeting easier as you adjust to your new life.  

When you have your first child, you don't know what the future will hold. A couple who purchases a house too quickly might find that things are not going as they had planned. You may want to move closer to (or farther from) family, for instance.

You might end up with more kids than you planned. You may want to downsize so one parent can stay at home. Or you may need to move closer to professional medical help for an ill child. 

Whatever adjustments you may decide to make later on will be easier if you rent rather than own. You can pick up and move your life, change your costs, and follow your passions much easier than if you have to list and sell a home. 

Renting a home and buying one both have upsides when you have a new baby. But if you think that the pros of getting an apartment might make it the right choice for you, check out the beautiful accommodations at Meadowdale Apartments today.