Blog posted On August 31, 2022
A wedding and a home are two of the most significant purchases someone will make during their lifetime. With couples funding their wedding becoming the norm, more couples are trying to figure out if they should spend money on their wedding or a down payment on a home.
Below are factors to think about before making that decision.
What is the average price for a home in your area? Before starting the home buying process, it's important first to find out how much you can afford. If you can get a home for a low price in your area, then you may not worry so much about saving up for a down payment and go ahead and plan for a wedding, knowing that you will still be able to purchase a home soon down the road.
What is your current living situation? With the rent prices continuing to rise, have you decided that you are ready to stop paying rent and buy your first place together before getting married? You can take advantage of the shifting market now and save for a wedding later.
How long will it take to save for a down payment? If you and your fiancé decided to spend your savings on a wedding, how long would it take to be able to save enough money for a down payment afterward? If you realize that it may take too long, and you do not want to wait that long then maybe you can have a cheaper wedding so you can buy a home.
Are you planning on kids sooner than later? If you and your future spouse are planning to have kids soon, depending on your current living situation, then it may be best to use your savings for a down payment so you can have a financial foundation for your future family.
With HomeFundIt™, you can do both! With HomeFundIt™, you wouldn't have to choose! This unique down payment gifting platform is ONLY offered by CMG Home Loans. Friends and family can contribute to your down payment online, which is an excellent addition to a wedding registry! BONUS: Buyers get a 2-1 contribution match by CMG.