Eager to get married but also ready to buy a house? Both endeavors involve a major financial commitment. But, thankfully, you don’t have to pick just one. With a little strategic planning, you can purchase the perfect home AND have a fantastic wedding. Up next are three things you can do to avoid having to choose a marriage OR mortgage.
1. Scale down
Your first home doesn’t have to be a mansion. Similarly, your wedding doesn’t have to be a royal affair, fit for a king and queen. You can buy a great starter home and have a terrific, memorable wedding without completely breaking the bank. No one wants to start their marriage in major debt, so it’s wise to scale down a bit. Instead of going for a four-bedroom, three-bathroom house that isn’t necessary for two people, consider something a bit more modest. On the wedding, maybe invite 75 guests instead of the 200 you had originally planned on. Or perhaps get married on a beach somewhere instead of having to fork over cash for a wedding venue.
By saving on both your wedding and your home purchase, you can get married and buy a home without putting a major financial strain on you and your spouse. Unwillingness to compromise on the size of your wedding and the size of your home can mean having to pick one or the other, and no one wants to do that.
2. Be Creative
Typically, a wedding registry is used for household items you’ll need starting out in your marriage. But if you don’t yet have a house, you can get creative and use the registry to solicit cash donations for a home purchase. Popular registry platforms such as Zola and Honeyfund let you establish cash registries. Just be sure to include a note saying what buying a home will mean to you and your spouse-to-be. The key is making sure your friends and family know they’re putting their money toward a good cause – helping you build your future.
3. Think Big-Picture
A wedding (and a honeymoon) are important but short-lived. A home is where you’ll be day-in and day-out for in all likelihood at least the next several years. While you certainly don’t have to forego a wedding to buy a home, it’s best to think big-picture. If you’re unwilling to cut costs on both, it’s probably better to do so on the wedding. Once you’ve been married a few years – or maybe even a couple of weeks – the wedding will be but a memory. The kind of home you choose will affect your overall happiness and everyday life.
Now that you know it’s not a choice of marriage or mortgage, this would be an ideal time to contact us. Our amazing team will pair you with a mortgage originator who can find the most suitable loan program for you and your financial situation. We hope to connect with you in the days ahead!