Not everyone gets to plan a wedding while purchasing a home and if you do, there is something to be said about your dexterity, as they can add a considerable amount of stress financially and emotionally. However, where there’s a will, there’s a way and what better means to test your strength as a couple than to go after your dreams of walking down the aisle while simultaneously purchasing a home together. Here are some home purchasing tips for newly engaged couples who wish to tie the knot while concurrently purchasing a home.
Establish A Plan
There is a myriad of factors to be considered if you plan to get married unless you prefer to elope. Weddings can be expensive, averaging at around $26,720 for the typical ceremony, according to Cost of Wedding. he average cost of an ever-rising market of property ownership is currently at $255,600, as of the second quarter of 2017, according to the National Association of Realtors.
Don’t lose hope, but deliberately going over your expenditure habits will spare you much trouble in the long run. While you may have a particular amount in mind to account for as you save, obtaining a spare reserve will build a cushion for the expenses that may come your way.
According to Business Insider in a study conducted by the Federal Reserve, credit card usage has reached an all-time high. While a lavish wedding seems tempting, you really shouldn’t rack up debt for a ceremony that will only last for a few hours. If anything, paying back a loan for a home holds more validity.
One way to avoid getting into debt is by paying for your wedding in cash so that you don’t accumulate any unnecessary fees, overspending and impulse purchases that could land you in debt. By doing so, you’ll be able to track your spending much more comfortably and avoid delving into your savings to pay for extras. However, if you want to purchase your dress and book a venue in advance, then a credit card may come in handy as it can protect you in case things go wrong.
A home may go into foreclosure because the homeowners are unable to pay the mortgage. Or perhaps the subprime mortgage was set at an attractive price, so the owners bit off more than they could chew. However, a foreclosed home is usually priced at a discount so that the bank can recover money owed to it. Pre-foreclosed homes, on the other hand, are often to the buyer’s advantage because they are in danger of going into full foreclosure, so the owner is generally in a hurry to sell it off.
Foreclosed homes set at varying price points, so you may be able to snag one that fits your budget. Furthermore, these types of homes, especially the newer options sometimes come with minimal repair requirements, but beware of those that have been vandalized or looted, as they may be very costly to fix. Additionally, these homes can be time-consuming to get through the red-tape, but if you have the patience, they are worth the wait.
Move In Ready
Whether you intend to move in before your after the wedding, it’s always best to communicate to each other regarding your expectations about the future, the home, and other concerns, such as finances. While you may have one personality and your partner is the complete opposite, reaching a compromise helps both of you to dissolve a disagreement quickly and encourages tolerance among one another.
While he may be a significant spender and you thrive on frugality, find common ground by shopping together. Never throw away or make big purchases without the consideration of the other person. While something may be trash to you, the item may hold sentimental value for your partner.
Getting engaged and buying a home can be a bit demanding, but is possible with the right frame of mind and budgeting considerations. Keep these tips in mind to land your happily-ever-after.