Buying a home involves waiting for the right time and circumstances before investing. For couples, it’s usually a question of shopping before or after the wedding. It’s a challenge, considering there will be many factors that come into play, such as finances and lifestyle priorities.
Like other vital life choices, deciding whether you should buy a home before or after you tied the knot will depend on your circumstances. Regardless, here are three questions you can ask yourselves as a couple to assess whether you should invest in a property before or after the wedding:
What Kind of Wedding Will You Have?
Weddings are auspicious events that require careful planning and preparation, especially if you plan to invite a hundred or more people. If you are planning a big wedding, you might want to postpone house hunting until after the event so that you’ll spare yourself from the stress of comparing house listings and plausible housing loans.
If you prefer a smaller, more intimate wedding where your guests are your closest relatives and friends, you may have more time to focus on the homebuying demands. Since there are fewer preparations for the wedding, you’ll have more time to check the location of the properties you are eyeing. You will also have more time to juggle wedding preparations like food-tasting and dress-fitting while attending open houses for real estate properties.
How Is The State Of Your Finances?
Before getting married, you and your partner should talk about your finances. Talking about your financial capabilities will help determine when it is appropriate to buy a home. You should also be open and honest with each other regarding spending and saving habits. Doing so is vital in your decision to invest in a property. You wouldn’t want to risk investing in a money pit or calling off the wedding because you have spent all your life savings on a home.
It may seem scary to make a significant investment with these risks. One way of determining if you’re heading in the right direction is seeing if you and your partner are comfortable discussing how you will manage your money, including your debt situation. If you are both willing to talk about how you’ll split the costs of your future home, then you and your partner are in a better position to invest in a property even before your wedding.
On the other hand, if your money talks revolve around saving up for a business venture or enjoying your first year as a married couple by traveling the world, then it’s ideal to invest in a home after walking down the aisle. You might want to rent a home first and see how your financial plans will change through the years.
Are You Financially Secure?
Most couples choose to buy a property after they get hitched since it gives them more time to save money. Before tying the knot, you can both grow your careers and businesses while saving up for your dream home. For instance, if you are just starting out in your professional career, it would be wise to postpone buying a home until you are more financially stable. Remember that you’ll need to prepare at least 20 percent of the total property price as a downpayment.
However, if you and your partner are secure in your jobs or businesses, it may be safe to invest in your dream home even before you get married. Splitting the costs doesn’t have to be a solid 50-50. What’s important is that you and your partner come to an arrangement that benefits you both.
The right timing when it comes to buying a property depends on your unique situation as a couple. Decide based on the state of your finances and lifestyle goals. As overwhelming as this decision may be, don’t forget to enjoy embarking on this new chapter with your lifelong partner.