By Carrie Soffia, Mortgage Loan Officer
Congratulations on your upcoming nuptials! Wedding plans have begun and you decide to start looking for a new home to begin your life adventure in. Before making these two big commitments, consider your options, make a plan, budget accordingly, and don’t forget to breathe!
Consider Your Options
To buy or not to buy a home before your big day? That is one question to consider! Determine the financial impact it will have on your immediate future. Some cost saving options would be asking family or friends to help out by gifting flowers, catering, and videography or photography services to reduce wedding expenses. Planning your wedding and honeymoon around a potential closing date could be chaotic, so consider postponing one or the other if necessary.
Make a Plan
Discuss whether this will be a starter home with some fur babies, or a home you start a family in. Will this be a long or short term residence? Consider schools, community and neighborhood. Map out commute times, consider a potential job change or relocation, and whether or not you could sell your home quickly or rent it if necessary. Couples typically get caught up in the moment rather than thinking about their long term plans, especially while planning their wedding. Emotional and financial help may be needed for the wedding or home purchase, so be sure to have a reliable support system that can handle the ups and downs with you. A well-laid plan also needs a backup plan!
Budget, Budget, Budget
Purchase a home that fits your monthly budget, not your dream home. Remember when buying a home, it isn’t just the mortgage payment you have to consider on a monthly basis, but other financial obligations which include maintenance and repair expenses for a home. The wedding should have a set budget and a small cushion for any extras. Be creative and utilize your resources for the wedding to help reduce costs. Remember to keep saving!
Lastly, just breathe. Remember take things slowly, enjoy the excitement and planning of your wedding as well as looking for and purchasing your home. Take time off from anything that is stressing you during this momentous time, and don’t be afraid to ask for help from your reliable support team. If purchasing a home is too much stress then postpone the home purchase process until after your wedding. Keep your focus and excitement on your special occasion.