The DINK (dual income, no kids) lifestyle has become the envy of most people, especially those hoping to settle with their partners soon. Every time you use social media, there’s that child-free couple who seem to be traveling every weekend to some exotic destination. While kids can be fun, they also come with responsibilities that bind you financially. That’s why a DINK lifestyle feels appealing to most people. This lifestyle has many advantages. One of the areas those benefits manifest is in home ownership. Take a look at the advantages of owning a home as a DINK couple.
Better Finance Management
It’s no secret that kids come with many responsibilities, such as food, clothes, tuition fees, and healthcare. This can limit your finance and prevent you from taking on major home projects. DINK couples have fewer financial responsibilities, giving them more disposable income to own and maintain a home.
On average, a homeowner spends about 1 to 4% of the home’s value on financing annual repairs and maintenance. This number increases as the house ages. A home worth $200,000 translates to $2,000 in repairs. With kids, you have more responsibilities, so you might ignore certain repairs to meet the kids’ needs. A DINK couple is likely to have better finances, hence more income to take care of repairs and maintenance.
Freedom to Choose the Location They Love
When you have kids, some factors you’ll consider when buying a home include proximity to schools, daycare, etc. Sometimes, the best school district is far from your workplace, so you have to compromise for your kids. Without children, you don’t need to consider daycare, schools, and kid-related activities. You can buy a home close to friends, work, the airport, or any other activities you enjoy.
More Room for Other Activities
If you have kids, you need to make literal room for them in the house. A DINK couple has more space to accommodate other things. For instance, if you’re in a two- or three-bedroom house, the other bedrooms can serve as home offices or guest bedrooms. You can even convert one bedroom into a recreational room like a sunroom. According to Home Advisor, sunrooms have a 49% ROI, meaning they will increase your home’s value by almost half the cost of adding them. There are so many things you can do with the extra space you now have in your home.
Tax Savings
As a dual-income home with no kids, your income level is high, meaning you fall into a higher tax bracket. Plus, since you have no kids, you have fewer deductions. Owning a home comes with tax breaks. For instance, you can claim mortgage interest deductions, saving thousands of dollars. When paying a mortgage, interest charges contribute to a significant portion of the monthly payments, especially in the first few years. Fortunately, those interest payments also qualify you for mortgage interest deduction, saving you some money.
An Easier Estate Planning Process
With or without kids, estate planning is highly encouraged because you have to plan for the future. However, the process is much easier for a DINK couple. The three main steps involved in estate planning include preparing the right document, transferring assets, and setting up the power of attorney and advance directives. There’s no worry about which child to leave the house to or fear that it may spark sibling conflict.
Ease of Moving Homes
Moving homes has been categorized as one of the most stressful life events that can happen to anyone. With kids, it’s even worse because they may have to change schools and leave their friends behind. Without kids, it’s just two adults moving and maybe their pets. This makes the process less stressful. You won’t have to start looking for a new pediatrician or daycare. You’ll also have fewer items to move to the new house.
If you’re a DINK couple considering home ownership, these are the benefits you stand to enjoy. While there’s nothing wrong with nurturing kids, the truth is that they come with some responsibilities that not everyone can handle, making the DINK lifestyle attractive.
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