Buying A Home While Planning Your Wedding
Buying a Home and Planning a Wedding Can Be Done Simultaneously
Can you think of two bigger life events than buying a new home and planning a wedding? Aside from planning for and having children, these are two of the most daunting, consequential decisions that we make in our entire lives. If you are trying to do both simultaneously, you may feel understandably overwhelmed. But know that with a bit of guidance, both processes can go smoothly, even when they’re done at the same time.
Know Which Final Decision Should Come First
It may sound shallow, but it’s true: as Glamour magazine points out, your financial standing before and after the wedding may not be the same. Weddings cost money, but as The Spruce explains, it is typical for the parents of the bride to foot the bill. If the couple themselves don’t have to pay for the cost of the ceremony and reception, consider that wedding gifts may leave them in better financial standing than before.
While you should always live below your means, you may find that after the wedding you can afford a home that costs a bit more than what you could afford prior to the ceremony. So, for most, putting a down payment on a home may be a decision that comes after the vows are exchanged. For others, their financial situation won’t be affected by the wedding – and may even be negatively affected if they pay for it themselves.
Be Honest About Your Financial and Career Goals
CNBC advises that spouses-to-be have an honest conversation about where each is respectively trying to take their careers, and how that will affect how much they should spend on a home, and a wedding (assuming the bride’s parents aren’t paying for the wedding). Depending on how modestly you’re willing to live, or how lavish your financial goals are, beginning to save money aggressively and consistently is key. This is never more true than when you’re about to put a huge chunk of change down for a house and/or wedding.
When you have considered what a responsible, honest budget is for both a home and a wedding, begin searching for the best deals, and the best value, for each. The Knot explains the delicate balancing act between finding the perfect home with value and not missing out on a great house because you are too picky. But, it remains true that all decisions involving home-finding and wedding planning should be made with realistic budgetary parameters.
One way to find a gem on the housing market is to look for foreclosures or homes that have been repossessed by the bank. This can save a lot of money in the long run Once you have moved in, consider what items all starter-homes should have. Certain appliances and items that will be put on your wedding registry can be help off on buying until post-wedding. But essential home features like a security system, furniture, and artwork can be installed even before the wedding.
Many couples find their organizing nightmares solved through the use of a household organizer. These portable folders make it easy to keep information all in one place. Alternatively, taking it up a notch with an app or a digital option makes the process even easier.
Know That You Can’t Always Have Your (Wedding) Cake and Eat it Too
Let’s assume, and this is likely the case for most, that the costs for both your mortgage payments and wedding fall solely on the bride and groom. At some point, you are going to have to compromise on one, the other, or both. Typically, it is some combination of both that suits couples best.
Realtor.com tells the story of a couple who decided to invest more in a home than splurge on a wedding. It makes sense. The wedding, while extremely important, is a one-time event. The home will potentially last a lifetime. Be honest about your finances, and whether you value investing more in a wedding, home, or a relatively even combination of both.
Weddings and home purchases are life events that you will never forget. But, like anything in life, decisions surrounding both are rarely easy. Which house is within our budget? How many people should we invite to our wedding? The questions, and the financial implications surrounding them, are endless. With your means in mind, be honest about what you and your spouse value most, and who knows? You could end up with the perfect wedding and the perfect home.
By Aimee Lyon - DIYDarlin.com