Taking a Vow for a Wedding or a New Home?

Taking a Vow for a Wedding or a New Home?

Getting married and buying a home are two milestones that couples often try to achieve at the same time. But the finances involved in both of those feats can be daunting. The average wedding costs reached a record high in 2016: $35,329. That is about the equivalent of a 20 percent down payment on a $175,000 home.

“There are some people that can do both at the same time, but for most, you have to choose one [goal] and delay the other by a year or two,” says Pamela Capalad, a certified financial planner and founder of Brunch & Budget in Brooklyn, N.Y.

Some couples in wedding prep mode are setting up a gift registry asking for down payment assistance to help in their home purchase instead of filling their registry with traditional house gifts. Cash registries for a home or other major ticket purchases, such as a home renovation or car, are growing more popular as the average ages for brides and grooms increase, says Kristen Maxwell Cooper, executive editor of The Knot. (For example, some couples are using online sites like Deposit a Gift to set up a down payment cash registry.)

“They already have a lot of the stuff you would add to a traditional registry,” Cooper says. “Ultimately they want to make sure that if their friends and family want to give them a gift—and of course, they do—that it’s something useful.”

After all, saving enough for a wedding alone can really add up. Nearly half of couples recently surveyed say they ended up spending more than they intended on their wedding, according to The Knot.

Further, a wedding that overlaps with a home purchase can actually jeopardize closing, in some cases too. Wedding-related debt could damage a person’s credit score.

“Your mortgage qualification is going to be largely based on your income, and your credit,” says Keith Gumbinger, vice president at mortgage site HSH.com. “The last thing you want to do is disturb your credit in any way.”

For Silicon Valley buyers this is a true dilemma.  I loved my wedding and it was a magical day – my advise.  Be frugal at the wedding and add more to that downpayment.  Just make sure you have a great photographer!

I read this article at: http://realtormag.realtor.org/daily-news/2017/03/20/taking-vow-for-wedding-or-new-home?om_rid=AACmlZ&om_mid=_BY0Co2B9Zsr5UW&om_ntype=RMODaily

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Sabrina Caton - The Caton Team - Realtors

Sabrina & Susan are native Californians - born and raised in the Silicon Valley with a passion for Residential Real Estate. A mother and daughter-in-law duo called - The Caton Team. With over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time. Call | Text at: 650-799-4333 | Email Info@TheCatonTeam.com The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true. The Peninsula is our backyard - let us help make it yours. We represent Buyer’s and Seller’s throughout the Bay Area. The Caton Team – Susan & Sabrina A Family of Realtors Effective. Efficient. Responsive. What can we do for you?

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