A problem that many older newlyweds face is what to do with their separate homes. There are some financial choices that can play a major role in the decision making, but there are some additional factors that should also be figured in. For many who have decided to marry later in life there can be an emotional attachment tied to their home. Getting married is all about the joining of two into one, however for many this can be difficult.
The commencement of most conversations about relocating to your new spouse’s home tends to be an easy conversation due to the fact that it is centered on things like location, condition, size and what makes more financial sense. It is not easy to express the feelings of losing ones independence without coming off as selfish or insecure. Then there is always the thought that crosses everyone’s mind; what if the marriage does not last? In most cases the choice of which home will remain as the joint home becomes clear through simple facts.
Even though it is a cliche the saying still rings true today; when it comes to property it is all about location, location, location. Choosing what home is more conveniently located for both individuals can be an easy task. Most older newlywed’s kids are over 18 and have moved out of the home, but the convenience of living close to work and other frequented locations tend to play a role in the final decision. One choice that tends to get overlooked is the option of renting out one of the homes. There are a lot of financial benefits that come along with renting out a property. Not only does the property continue to gain in equity but there is also the extra money that a rental can provide on a monthly basis. Additionally, holding on to the property can ease any private thoughts about the marriage lasting. If renting is not an option, there is always the choice to sell both properties and buy a new one that fits both individuals needs best. Before any decisions are made it is recommended that you seek the help of a certified financial planner. This will prove to be invaluable.
See more:
Rent vs Sell
How to Rent Out Your House
Protect Your Rental Property
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I heard that in the US some couples stay together in a house for 2-3 months as a “probation” to see if they fit as a couple. After that, they decide if they get married or not, sounds like a good idea in my opinion.
Going from two homes down to one when you get married is not that uncommon, but it definitely introduces a few challenges particularly in today’s real estate market. For example I have clients and friends that separately purchased condos several years ago when the market was still climbing. Now they are married and have moved into one and are renting the other one out. They would love to sell those and buy a larger home but that of course is unlikely to happen in the near future due to market conditions.
I’d say keep both of the homes and rent one out, you’ll thank yourself down the line and if things don’t work out at least it’s less of a knot to untangle.
Sincerely,
Steve from
Never an easy choice but hopefully you will only have to worry about the positives from this.
By the way Happy New year to everyone on this blog
Also we rebuilt our website to a luxury site be interesting in any views, love criticism as long as its constructive.
If such a situation occured to me, I’d like to keep my own home, but at the same time to rent or buy some new apartament together with my husband to live there as a family. Who knows how long a marriage may last, so it won’t be out of place to keep your own home, just in case. But of course, if you can’t afford keeping two homes, that’s another pair of shoes…
I agree with Steve. If you can financially afford both homes, I’d rent out one of them. Its a good investment. In any case, not to sound pessimistic, you don’t know how long your marriage will last.
It is definitely an interesting situation to be in, but with proper planning and execution, it can prove to be an opportunity to save money and upgrade.
@ Climb Kili – That’s exactly what my husband and I did, and it worked out great.
@Jess
Really? Does this really work? Isn’t it a little bit akward? I plan on getting married in November this year but first I wanna see if we “fit”.
Yes I completely agree, location is and should be the most important factor when deciding to relocate and rent out the other one, thereby enjoying some extra income. But one thing more should be given due consideration, that house should be chosen from where it is most convenient to reach their work places.