Our guest blogger and interviewer is Deborah Meijer.

Often, a change of marital status means a change of venue. For that, Steven Kramer, of Prudential Elliman Realtors, has advice for newlyweds or soon-to-be-marrieds looking for a new home in the New York City area.

Consider length of stay. “Conventional wisdom used to be that if you were going to stay somewhere a couple of years, buying was better. With the economy the way it’s been the last several years, we’ve changed the rule of thumb to say: if you are going to be somewhere for five years or more, it’s more cost effective to buy. Otherwise, rent.”

Kramer sells everything from starter homes and apartments to luxury co-ops, condos, townhouses and commercial real estate. “My sales range from the $300,000 studio to a deal I’m currently negotiating, a $60 million commercial building.”

This Prudential Elliman realtor, who has been in the real estate business for the last six years, suggests renting below one’s budget when planning a purchase. “Try to save money by renting below what you can afford, so you can save for a down payment.”

There are many reasons for home or apartment ownership, he says. “There are tax advantages to home ownership. When you rent, you are not building equity. There’s no return. I advise newlyweds to put their money towards an investment that pays ‘dividends,’ like a home.“ Those “dividends” include tax savings.

“There are after-tax savings on ownership versus renting,” says Kramer. “Real estate taxes are tax deductible. And if you buy a co-op, the portion of the maintenance fee that goes to the real estate tax, is deductible. Of course, everyone should check with their accountant before making any assumptions.”

Another advantage to ownership is social. “Something else to keep in mind is the transient nature of a rental.  In a rental, you are going to be having people moving in and out. But you are more likely to make friends and meet your neighbors in a co-op or apartment that is primarily owned.”

Kramer points out yet another thing for newlyweds to think about when considering a home purchase: the pitter-patter of little feet.

“If you are anticipating children in your future, be on the lookout for children’s playrooms,” he says. “All the new Manhattan developments are competing to put in amazing extravagant children’s playrooms, including ones by such top names as Kidville, USA. It’s a great place to meet other parents and a great place for the children to socialize. The Brompton on the Upper East Side actually has preschool classes for children. I was showing a client the playroom a while back, and there was a music class going on. Someone was playing the Beatles on the guitar and the toddlers were beating time with a tambourine. It’s a great chance for your children to meet their neighbors and make friends at a young age.”