Resources Marriage or Mortgage?

February 14, 2024

On January 14th, I attended the Wichita Bridal Expo for the first time. I ran the Lange Real Estate booth and got to meet hundreds of brides. They were bright and shiny and proudly wore the “BRIDE” sticker on their tops as they visited all of the booths filled with flowers, dresses, cake to taste, photographers and all sorts of vendors ready to join them on their special day. It felt like it was everyone’s birthday. This event was solely dedicated to each one of them and the meticulous preparations of their very special day.

 

 

Hearing their proposal stories was my favorite part of the event. I asked things like “when did he pop the question? Did you know it was coming? Did he choose your ring or did you do it? Did your family know?” They would proudly show off the rock on their finger and I would be in awe each time. “He did SO good.” I was living vicariously through them.

Being at the Lange Real Estate booth, I got to answer plenty of questions- as many of them were about to be first time home buyers. One topic came up over and over though. House or Wedding first?

 

House or Wedding?

Don’t get it twisted. You do not have to choose just one. You can get married and purchase the home of your dreams. But doing both at the same time will likely take some serious focus and savings. Wedding planning feels like you’ve picked up a part-time job with all of the effort, research, accounting and planning that goes into it. You’re practically the director of the best production of your lifetime. 

These soon-to-be brides had to make a decision to either put house hunting on hold so they could afford the wedding of their dreams, or choose to use their hard earned money on a nice down payment on a home and hold off on their big, magical day. Deciding between marriage or mortgage involves careful consideration of various factors.

I surveyed some friends, family and coworkers to see how others felt about the topic “Marriage or Mortgage” and researched some aspects a couple may want to take into account while making the most important decision after “I do”. Here are the results:

 

Other Factors to Consider

Financial Priorities:

Assess your financial goals and priorities as a couple. Consider whether homeownership or having a grand wedding is more aligned with your long-term objectives.

Budget:

Create a detailed budget for both options. Break down the costs associated with the wedding, including venue, catering, attire, and other expenses. Similarly, outline the costs involved in purchasing a home, such as the down payment, closing costs, and potential renovations. If you want more details on what it costs to buy a home, contact us and we can help connect you with a lender for a buyer’s cost estimate. 

Timeline:

Consider the timeline for each option. If you’re eager to start your life together in a new home, allocating funds to a down payment might be more appealing. On the other hand, if a dream wedding is a priority, you might choose to delay homeownership if needed.

Long-Term Investment:

Evaluate the potential return on investment for both options. While a wedding is a one-time event, a home can be seen as a long-term investment that may appreciate over time. Historically, homes have appreciated at an average rate of 3% to 5% per year, making homeownership a solid long-term investment.

Consider this: a home purchased for $200,000 could potentially appreciate to approximately $438,225 over a 20-year period, assuming an average annual appreciation rate of 4%. While we cherish the sentimental value of tying the knot, investing in a home can build wealth for homeowners, providing a stable foundation (pun intended) for future financial goals. 

Alternative Celebrations:

If interested, explore alternative and more budget-friendly options for celebrating your wedding, such as a smaller ceremony, destination wedding, or elopement. This can free up funds for a down payment.

Decide on Experiences vs. Assets:

Consider whether you value the experience of a grand wedding more than the tangible asset of homeownership. This is a personal preference that varies among couples.

Compromises:

Be open to compromises. You might find a middle ground that allows for a meaningful wedding celebration while still making progress towards homeownership.

Ultimately, the decision should reflect your shared values, financial situation, and long-term goals as a couple. Communication and compromise are key in making such significant financial choices.

When you’re ready to reach your home ownership goals, give us a call! Our team of experienced real estate experts are ready to serve you! 

Written by: Rebecca Zinabu, Lange Real Estate


Contact Team Member

Name(Required)
The best way to contact me is:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
This field is for validation purposes and should be left unchanged.



Recent Articles

View All