There are a few major events you’ll go through in your life.
Getting married, buying a house, and having kids are a few examples. These events are usually spread out over the course of several years, but what if you want to get two of them done in one fell swoop? What if you’re crazy (or brave) enough to buy a house while you’re planning your wedding? We have some tips for those of you who are considering it, or have already started:
1. Set a Firm Budget for Both
Wedding planning and buying a home both begin with the same step: budgeting. Both will also require a good chunk of change, so be open and honest about how much you can afford to spend on both. The home price might be a bit more flexible depending on the loan amount you qualify for and how much you can negotiate, but your wedding expenses can very quickly spiral out of control if you’re not careful. Set a budget for not just the overall wedding, but for each category, like catering and decorations.
2. Cut Back on Wedding Expenses Where You Can
Few would try to argue that the wedding is of higher importance than a home purchase. One will kickstart your new life as a married couple, but the other will be your family home for quite possibly the rest of your life, or at least a good chunk of it. To afford the home of your dreams, you’ll want to cut back on wedding expenses wherever you can. DIY as much as possible, choose used over new, and instead of spending thousands on expensive wedding bands, go for ones that are more affordable (but just as good looking).
3. Register for the Gifts You Really Need
You have two options when it comes to wedding gifts: you can register for the things you’ll need in your new home, or you can start a crowdfunding campaign to put towards a downpayment or other home buying expense. It’s up to you to decide which you need more! If you already have things like pots and pans but you want to upgrade, it might be a good idea to put that off for another year in favor of more funds for the home purchase.
4. Consider a Backyard Wedding in Your (New!) Home
Do you think you can buy a home before your wedding date, or is your wedding date flexible? Then maybe, rather than spending on a venue, you can hold a backyard wedding at your new house! You can save on a ton of wedding expenses by going small and simple. Just remember to have a backup location in case there are any hiccups in the process.
5. Use Cash Instead of Credit
Your credit will get a thorough review during the home buying process, and couples are generally advised not to rack up a ton of debt or make big purchases while getting approved for a mortgage. Instead of using credit cards for wedding expenses and risking a lower credit score (and worse rate on your mortgage loan), use cash whenever possible.
6. Give Yourself Enough Time
The last thing you want to do, whether you’re planning a wedding or buying a house, is rush the process. Don’t sacrifice what you want for the sake of time. If you have to push your wedding back a year so you can save money or stress less, do it. If you don’t find a house as quickly as you want, don’t pick one just because you think it’s taking too long. Time is a precious resource, but you also have more of it than you think. Take as much as you need.
With a fair amount of planning, a bit of courage, and the support of loved ones, you can successfully plan a wedding while buying a house.
The rewarding feeling of being a married couple when you move into your family home will make all the stress, sleepless nights, and craziness one hundred percent worth it.