It’s a bit tricky to answer this question, as there are multiple variables involved. Deciding to buy a home before marriage or after marriage will require some deliberation, as both have their distinctive advantages and benefits. So, the choice will largely depend on the benefits that you value more. To make it easier for you to understand your choices, let’s take a look at the possible scenarios of buying a home before marriage and after marriage.
Benefits of buying a home before marriage
#1. Enjoy marital bliss:
The early days of marriage are the most blissful and it would be great to have your own home during this period. Buying a home before marriage will give you complete privacy and freedom to do the things you want. There won’t be any landlord visits or phone calls to disturb you. If you are already in a relationship, you can take inputs from your partner regarding the type of house, they want and their choice of interior design and decor. When you have your own house before marriage, you can spend quality time with your partner. This will allow you to understand them better and nurture the relationship in the right manner.
#2. No burden at the time of marriage:
Buying a home and getting married are major life events and involve a lot of time and effort. That’s why it’s always better to keep these two events separate. When you already have a home, it will reduce your burden at the time of your marriage and the days after that. You can focus on your marriage and the wonderful days thereafter, rather than breaking your head over finding a suitable place to live. Your finances will also be better maintained when you buy a home first and marry at a later date.
#3. No worry about complications:
We live in an imperfect world, where things have a tendency to go wrong. One of the good things about buying a home before marriage is that the title of the property will be in your name. So, if there’s trouble in your relationship after marriage, you will at least have the satisfaction of retaining ownership of the property. It will give you the upper hand in negotiations and court cases, if things take a turn for the worst.
#4. Respect and admiration:
When you are looking to get married, people often evaluate your financial and social status. If you already have a home, it creates a positive impression about who you are and your finances. It also reflects that you are a responsible person who is willing to commit to a relationship. When you have a home before marriage, it can help you attract the best match, in line with your financial and social status. You will also be getting a lot of respect and admiration in the process.
#5. Focus on career:
Buying a home before marriage comes across as a good choice for people who want to achieve something significant in their career before they commit themselves to marriage. The marriageable age has consistently gone up over the years, as people are giving more importance to a successful career. It’s not uncommon to find people getting married in their late twenties or thirties. So, rather than living on rent all this time, it’s better to buy a home.
Benefits of buying a home after marriage
#1. Buy a bigger house:
If your spouse is also employed, you could use the combined finances to buy a bigger home. Both of you will have some savings that you can combine and use it as the down payment for buying the house. By clubbing together your income, you can get the appropriate amount of home loan sanctioned. A bigger space is great to have, as it suffices your future needs such as when you have children. It would also be handy when you have dependents such as your parents.
#2. Easy to get a home loan:
Banks and other lenders often insist for a co-borrower when applying for a home loan. The preference is generally given to one’s spouse, although other members of your family may also be accepted as co-borrowers. When you are married, your spouse can apply as the co-borrower. This will make it easier for you to secure a home loan. From the lender’s perspective, you are less of a risk when you are married.
#3. Tax deduction and other monetary benefits:
If you register the property in the name of your wife, you can claim an additional tax deduction of Rs 1.5lakh. This is available under Section 24 of the Income Tax Act for interest paid on home loan. You can avail other monetary benefits such as discount on stamp duty charges and property registration charges. These charges vary from state to state and there’s usually a discount for women property buyers. When you buy property in the name of your wife, you will also have to pay less interest on the home loan. Currently, most leading home loan lenders offer 0.05% discount on interest rates for women property buyers.
#4. Stronger relationship bonds:
When husband and wife come together to buy their dream home, it strengthens the emotional bonds that they share with each other. Buying a home together provides for a satisfying experience and it works as a solid platform to build the relationship further. It is also a great way to boost commitment and responsibility that the couple shares in their relationship. It’s a major milestone for the couple, which works as a great morale booster. It helps them realize that they are now one and have to work as a team.
It’s clear from above discussions that advantages and benefits are almost equally spread out in both cases, whether buying a home before marriage or after marriage. The right time to buy a home will ultimately depend on your specific situation and personal preferences. Take your time to deliberate upon these aspects, so that you can take a decision that best suits your specific needs and requirements.