Should We Buy a Home Before or After the Wedding?
Many of today’s couples want to experience what its like to live together before they tie the knot. With divorce rates higher than ever, some people think it is best to live together before thinking of marriage to make sure they're compatible. Others swear by waiting to live together until after the big day. Ultimately, you have to decide what is best for you as a couple. As commitment emerges, it only makes sense to stop renting separate homes and buy a house together – or does it? There are a variety of factors couples should consider before buying a home together.
Decide on One or the Other?
Buying a house and getting married are major life events that are both exciting and scary. They both require financial saving. It is crucial for you and your partner to decide which is more important at this point in your relationship. If buying a house before getting married is your goal, there are still many things to consider.
If you buy a house before marriage, you will likely be assessed for your credit score individually. If one of your credit scores is poor, it may be better to buy a house after marriage to increase the likelihood of receiving a loan. Once you’re married, the partner with the better credit has the option of applying for the loan on his or her own. But there are still many unique options for any situation, so if you want more information reach out to a Jeff Cook Real Estate agent!
Student Loan Debt
One of the biggest obstacles for young couples these days who are looking to purchase their first home is outstanding student loan debt. The amount you owe affects your credit score, which in turn, will affect the loan amount you get approved for. Depending on your situation, it may be in your best interest to pay off your student debt before buying a house or getting married. On the other hand, student loan debts don't have to prevent you from the home of your dreams! If you are paying your loans and rent in an apartment, chances are you can afford a mortgage. In most cases, you would actually be saving money switching rental payments for a monthly mortgage.
Start the Excitement of Marriage Sooner
Inarguably, one of the best things about buying a home before the wedding is being able to start your life together before you exchange vows. This allows you to enjoy the excitement of married life before the big day. Living together is also a great way to bond with each other on another level.
Every couple is different. Deciding whether to buy a house before or after marriage is a big decision and depends on a variety of factors. Aside from the love and commitment that you have for your partner, there are financial issues that should be considered to ensure that you make the best decision possible. At Jeff Cook Real Estate, they aim to make the home buying process as smooth as possible. And with all the stress that can come from wedding planning, having that smooth experience with your home purchase is huge. Before you nix purchasing a home before being married, give an agent a call to explore all possible options. They are the experts when it comes to home buying, so 9/10 times they may have a solution you never even considered! At the end of the day, your agent wants what is best for you and your future family.
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Interested in renting a home? Visit: www.RentHolyCity.com
Interested in selling for quick cash? Visit: www.TitanHomeBuyers.com
Jeff Cook Real Estate
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