Finding your life partner is so endearing, but choosing between your dream house and your dream wedding can be a dilemma. When you’re on a budget, you must decide on things that are most important to you. Is that a fabulously planned wedding or a home to live in? Many newlyweds are caught in this trap. Marriage or mortgage, which will you forfeit?
Due to the price of houses rising, few people can afford to live in their dream house and also fund their dream wedding all at once. Whether you acknowledge it or not, it’s written in the skies. Especially on social media, people flaunt their wedding pictures and videos. This can create a thirst for even more expensive weddings. It feels like a competition without an end goal.
Some Tips to Consider With Marriage or Mortgage
When you marry your lifelong partner, you can choose the renting route for some time. However, if you plan to start raising kids, a mortgage will be a more soothing idea. The notion that every married couple needs to own a home is false. Although having a home gives some level of stability.
Yes, a beautiful house to go home to build some nostalgia. But is it compulsory to become a homeowner immediately after marriage? It is always smart to rethink the mortgage decision and separate it from your wedding plans. Getting married comes with financial baggage, and a mortgage won’t ease this. So will it be marriage or a mortgage? This all boils down to your long-term goals and aspirations. But never buy a home as an aftermath addition to your wedding.
The verdict on mortgage or marriage must have a solid backing. Do your audit and check if you’re financially stable to carry both at once. You need money for a down payment, closing cost, and agent charges if you decide to add a mortgage. Nevertheless, owning a house is not an easy task. You need to do a lot of management to maintain your home and make it liveable. Then do a deep dive into market research and real estate trends too. Although some people marry at times when the prices are lower, others marry at the peak of the market. This is yet another factor to consider with marriage or mortgage.
Avoid Home Buying Desperation
It is easy to get caught in the loop of not being good enough when you’re still renting. Your friends have all moved into their dream homes and you’re scrapping rent money. Never forget that planning a wedding is already too much work for you as a couple. Then marriage takes a toll on collective decision-making, adjusting, and many more new things. A good way to reduce stress will be to organize yourself and take one thing at a time.
Avoid jumping into a home purchase because of peer pressure. If you don’t want kids immediately after marriage, you can always wait a bit more before the mortgage. Home buying is a major decision that needs time and a lot of commitment. You don’t want to end up arguing with your partner over little issues. A minimum down payment might be the amount you need for your honeymoon. Are you ready to sacrifice that? When it comes to marriage or mortgage, here’s a trick to help you pay off the mortgage in a short period.
Also, after your down payment, you still need to make monthly payments. Then you have to face the bidding war in the market. Even if you take out a loan for all these, how long will you have to wait to repay?
Discuss Home Buying With Your Partner
Before you decide to marry someone, you should discuss many things with them. Check your goals and what you both earn, what you can afford, and other financial plans. This will help you stay prepared if you ever need to buy a home. Your debt to income ratio, your financial stance, and more should be easy to grasp. These will help determine where you stand with home buying. Your significant other’s saving habit will determine a lot of things. So have this conversation and know where you stand. Get mortgage pre-approval before you venture into anything else.
Can You Buy a Home Before Marriage?
If you ever consider this option, it’s a good investment. If there’s an opportunity to buy a home then it’s just wise to take it. With this option, you get to pay for the home with money that would have been used on weddings. This can also encompass more ownership sense because the marriage pressure is absent. The only obstacle one might face here is the legal standing of owning a home with someone you’re not married to.
Have you decided if it’s marriage or mortgage? No matter what decision you go with. Always do your due diligence and use this article as a guide. Learn how to navigate through buying a home and making wedding plans.