Getting married and buying a house? Here are some ways to plan a successful move while wedding planning.
So you’ve decided to take the plunge and get engaged? Alongside all the impending wedding planning now comes the prospect of purchasing a home together. While buying a house is hard work, doing so while making matrimonial plans can prove even more arduous. Careful strategizing must be implemented so that both intentions go over smoothly. Here are some ways you can plan a successful move as a newly engaged couple.
Have a Plan
Though the American dream is a highly coveted form of living, you want to take heed of current finances before buying real estate. You will likely need to scale back money saved towards your ceremony and vice versa. Have a goal in mind; however, whatever the cost of your wedding or dream home is, save for that and more. This way you’ll have a nice cushion that will prepare you for any setbacks and expenses.
According to a study conducted by The Statistics Portal, approximately 560,000 homes were sold in the year 2016 and 2017. A little less than previous years, however, the prospect of becoming a homeowner is doable. Though many are renting homes more than ever, obtaining a foreclosed home may be a viable option, as they are about 37% cheaper than homes that are regularly on the market and are typically owned by the bank. As a forethought, you may go through a bidding war with others potential buyers, which may last up to a year before obtaining the real estate you desire.
Once a couple decides to move in together, expenses can double. According to Consumer Credit, about 3 out of 5 couples claim money to be the leading problem in their relationship. Though finances are a main concern, it’s important to understand what money can bring- freedom, dreams and fun. However, communicating your financial concerns to your partner will inspire both of you to gain an understanding of what needs to be done to reach your goals.
The cost of weddings has hit an all-time high with an average of $35,329 as projected last year by The Knot, costing a significant fraction of what it takes to buy a house. Regardless of your income level, keep in mind that you may also need money set aside for yourselves as an allowance. Create a budget, but allow your partner to still keep money aside for him or herself. Additionally, stay open-minded to the fact that some wants may have to be postponed for a while, while you are saving.
A home will become one of your largest investments if a return is what you desire after selling it. Even if you do decide to stay in your home for decades or for the rest of your life, upkeep will not only beautify it but will have an overall effect on how you will enjoy your abode as well as keeping maintenance costs down.
One of the key ways to enjoy your home and each other is to get organized. While your new home may need some sprucing up, you’ll want to nurture other facets of your life, as well, such as your relationship, your time, your money and even your mental and physical arenas, all things that will cultivate a happier you and home life in the long run.
There are various home organizers on the market that will help you to focus less on cleanup and more on getting on with your life. One benefit of allocating your stuff to certain areas of the home is the prevention of purchasing duplicates, a money- saving attribute that will also help relieve stress as a result of a clean, well-organized space.
Getting engaged and buying a home are great steps to take in life. However, personal and financial goals must be taken into consideration in order for both to go over well. Keep these tips in mind and you’ll be on your way to landing your ideal wedding and home in no time.