When Is the Right Time to Buy A Home? Before or After the Wedding?
So, you’re about to get hitched. You’ve decided to take the plunge down the aisle and you don’t have any kinds of regrets. You can already picture your future. After the honeymoon, you’ll go home and live happily ever after. Speaking of which, married couples should never live in separate houses. You need to have your own home. Marriage means that you and your significant other become a part of each other.
Living separately is out of the question. You lose a lot by not sharing a home together. We’re talking about romance, sharing chores and responsibilities, and seeing what life is actually like. As commitment looms over the horizon, it only makes sense to seriously think about buying a home. The question that you need to be asking yourself is this one; When is the right time to buy a home? Many say that it’s necessary to do this before you tie the knot. Others think that you should wait until after the wedding.
Millennial Couples Buy Homes Even Before They Get Married
One thing is for certain and that thing is that Millennials are redefining marriage. People who are now reaching young adulthood tend to focus more on their careers. They think that starting a family is not so important at this stage of their lives. So, millennials remain unmarried for a long time. They’re wrong, of course. Staying single isn’t necessarily good for a person’s career. When you’re married, you have someone to rely on when times get tough and you can’t put a price tag on that.
Millennials may be wrong about a lot of things, but they know something we don’t. to be more precise, generation Y knows just how advantageous it can be to buy a property prior to getting married. An ever-increasing number of millennial couples are buying homes together. They don’t do things the traditional way and it’s not hard to understand why they’ve taken this course of action.
Buying a house before marriage is much more convenient. If your credit score is higher than that of your other half, then it’ll be the only one considered in the mortgage process. What’s more, if your debts and obligations are lower as compared to those of your future spouse, they will be deployed to calculate the debt-to-income ratio. As you can see, there’s nothing wrong with a single application. Even if your friends and family criticise your decision, you’ve got to do what’s best for you.
If you want to take out a mortgage before getting hitched, then do that. The real estate purchase will make the bond you two share stronger. This is because you’re completely being honest about your finances, career aspirations, and family plans. So, you should take an example from millennials. They delay marriage, but they don’t delay homebuying. Find a home as soon as possible. the only thing you’ll have to worry about is the big day. You’ll see that it’s easier to plan and organise a wedding when you don’t have to think about finding a home.
What If You Buy A Home After You Get Married?
Perhaps you’re not comfortable at the idea of purchasing real estate with someone you’re not married to. There are many laws protecting individuals when they split up and divide property, but it’s understandable if you have a little bit of doubt. If you think that buying a home before the big day is too soon, wait for a year or more. The two of you will hold the title to the house, meaning that the percentage of ownership will be equal.
If you purchase a house after you get hitched, you and your significant other won’t be assessed individually. You and your partner will combine your incomes, which in turn allows you to ask for a bigger sum of money. Practically, the two of you can go shopping for a luxury home as a newlywed couple.
It’s important to not forget about the tax advantages. If you ever decide to relocate and change your primary residence, you can sell the property without much difficulty. It won’t be necessary to pay capital gains tax. Go right ahead if you’re mentally prepared. Buying a home isn’t the most difficult thing in the world, but it’s certainly not stress-free. Plus, there’s the wedding which demands all your attention.
After you and your partner have settled your differences, it’s essential to pay attention to certain aspects. The type of dwelling is just one of them. Maybe you prefer an older home but your future husband wants something modern. You’ll have to find a middle way – in other words, to make a compromise. Equally important is to pay attention to the neighbourhood. if you want to have kids someday, the place where they’ll grow up matters. Finally yet importantly, there’s the price. Buy a luxury home only if you can afford one. Just so you know, the deluxe property doesn’t cost an arm and a leg.