Home-Buying Tips for Soon-to-Be Married Couples

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Home-Buying Tips for Soon-to-Be Married Couples
Ways to Plan a Successful Move While Keeping Up With Wedding Plans

As a newly engaged couple, you may set your sights far into the future of wedding bliss and buy a home, however, you must consider if it is feasible, as many things should be considered budget-wise. However, where there’s a will, there’s a way. Here are some tips to reaching your goal of walking down the aisle while simultaneously purchasing a new home.

Prioritize

If you are considering purchasing a home while also saving money for a wedding, then you must closely examine how expensive it can get to save for both. According to The Knot, the average American wedding costs approximately $35,329 and the average home lists for $188,900 as stated by Huffington Post. Additionally, paired with closing costs, property taxes, and mortgage fees, you may be looking at over a quarter of a million to apply towards both.

Even with a smaller budget, you will need to consider your income, your credit score and whether or not you will be able to pay off the mortgage. If you have very good credit, then lenders will usually waive some of the fees, leaving you to pay only about 3%. For most people, making payments towards a new home takes a considerable amount of income, so careful planning is essential.

To Move or Not to Move

Consider whether a wedding or new home is most important to you. Have a conversation with your significant other to figure out the necessary steps, which will help you both become aware of each other’s priorities.

Though buying a home after you get engaged is a great start at planning your future together, consider the consequences once you make the move, such as a possible break up, having to hire lawyers to sign a cohabitation agreement or deed and other incidentals.

If you choose to move forward with investing in a property together, consider resolving conflicts with your partner first, especially if you’re holding off on marriage. Marriage is a legally binding agreement, so make sure that purchasing a home is something that you truly want. Also when moving in, make sure that all your wants and needs are considered for future renovations. Perhaps you want an office while your significant other want to turn the spare room into a nursery. Assess future intentions to accommodate both you and your partner.

Consider Foreclosure

Foreclosure usually occurs when a buyer is unable to make timely mortgage payments, which the bank has to take ownership of. As a result, a seller may put the home on the market at a below-the-market-price, which is good for you and them because this encourages a speedier sale for the seller and a lower price for you. However, because foreclosed homes are sold off in such a way, this may leave you with damages and repairs, which might end up costing you money, but not nearly as much as paying the full price for a home.

Foreclosed homes are ideal when you’re on a budget and gives you the opportunity to purchase a home in a very desirable neighborhood at a fraction of the price than what it would normally be sold for. However, if you decide to sell your home down the road, you may get even larger gains than what you paid for as well as a space that allows you to put your own mark on it upon moving in. Because the process is quite a bit different than buying a house that’s not in foreclosure, do your research upfront. This guide from HomeAdvisor is a great starting point.

As a future homeowner and spouse, purchasing a house while planning a wedding comes with its rewards and hefty price tag. However, by being smart with balancing your budget and lifestyle, you’ll gain a steady future together.

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