Don’t JUST Budget for Your Dream Wedding; Save Some Money for Your Dream Home, Too!
Tuesday, March 1, 2016
Today's guest blog is presented by Laurie Capper. She's a delight, and after serving as our intern and helping Nashville brides plan their dream wedding, she now helps them find their dream home as a realtor with Parkside Realty.
What's the one thing you can't plan a wedding without (well, aside from the bride and groom)? A budget! You have to be consciously aware of exactly how much you're spending and what you're spending it on. You want to make sure that ALL of your decisions make sense logically, aesthetically and financially.
This applies not only to your wedding, but also to your life; especially now that you're joining forces with your new spouse. In addition to evaluating your wedding budget, you'll also both want to discuss what comes AFTER the wedding and how you can be financially prepared for that.
If you’re thinking of purchasing a home soon after you’re married, you’ll want to know exactly how much house you can afford and you will need to get an idea of how much money you should be saving. The first step is to speak with a lender. A lender will go over your financials such as income and debt, and let you know exactly how much home you can afford (e.g. your financial home-purchasing power). A lender will also talk to you about the different types of home loans, discuss loans that might work for you and your future spouse,and the current mortgage interest rates. They will also educate you about the amount of cash you’ll need for your down payment, closing costs and other expenses such as title insurance (which will help ensure your rightful ownership of the home once the transaction closes), home appraisal and home inspection.
Make sure you also ask the lender if he/she can provide you with an estimate of how much your monthly mortgage payments will be based on the type of loan you have, the current interest rates that are available and the amount of home you want to purchase. Even if you can afford to purchase a $500,000 home, you may not want to if your payments will leave you scrounging for cash each month.
Once you've met with a lender, take some time to sit down with your future spouse and determine exactly how much money you’ll need to set aside each month to cover all the costs associated with the purchase of a home. It may seem tough to save money for a home while you’re also planning and paying for a wedding, but remember - no amount is too small!
You may also want to look into setting up a gift registry that allows friends and family to contribute money toward the purchase of your new home! This is a great alternative to traditional wedding registries and will definitely help you and your future spouse save. Check out Hatch My House (hatchmyhouse.com/), an online house wedding registry. All you have to do is sign up, create a “house”, and invite your friends and family to visit your house page and purchase a part of your house. Your friends and family will love it because they’ll feel as though they’re not only sharing your wedding day with you, but also getting involved in the next chapter of your life.
After you’ve met with a lender, discovered your financial home-purchasing power and successfully funded your new-home savings, you’ll be ready to start house-hunting! Contact a real estate professional to help you officially get your search started. Let him or her know what steps you’ve taken and what you’re looking for in a home (such as price range, area, neighborhood, size, number of bedrooms, and baths and anything else that’s important to you and your future spouse). In turn, he or she will give you an idea of what's available based on your needs and desires and will help educate you on the home-buying process.
If you’re in need of a real estate professional - give me a call! I’d love to get to know you, talk about your goals and home purchasing needs, walk you through the process of home buying or consolidation of properties, and help you Open New Doors!
Laurie Capper of Parkside Realty, LLC - (615) 600-4693 or [email protected]
Photos: All homes listed were taken from the Parkside Realty Facebook page and are actual homes available for sale in the Nashville-area.
About the Author:
Ashley King
Hey - I'm Ashley! I started AshleysBrideGuide.com to give Nashville brides, or folks planning a Nashville wedding, a local resource for inspiration and resources. Hope to see you at a bridal show soon! Until then, Find me on Google+.
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Posted on March 1, 2016 |
Filed under: Honeymoon and Post Wedding,
