Beautiful weddings, surreal pre-wedding parties, and luxurious honeymoons–these things have been all around the internet lately. While there is nothing wrong with showing people how special these moments are for you, it’s wise to know the practical side of it: it can cost you your dream home.
This is why you must know how your wedding expenses affect your dream house as a young homeowner.
1. Less down payment for your home
According to recent studies, expenses related to luxurious weddings usually take up to 35% of a couple’s savings for their dream home. If you’re one of these, this means you’ll have less money to allocate for your home’s downpayment.
And we all know the drill, the lower your down payment is, the higher your monthly payment is, and the longer you have to pay for your home.
2. High property value
Throwing luxurious events like weddings attract attention, even among property brokers.
Dealers research about their customers as much as customers research about their dealers. And when they see that you have the money to pull off extravagant properties, there’s a high chance that they will force you to buy expensive properties. The kind of which might be way beyond your budget.
But that’s not even the worst part; some brokers might even mark up your price by 10% more than its original value simply because you make it seem like you can afford it.
3. Less money for renovation
Sure enough, it’s impossible to get your dream house in an instant. You’d need to do some modification and renovating to create the house that suits your taste. You will need money for this. However, if you’ve used your money for your wedding and down payment, you might not have enough left for your renovation projects.
So, better decide what’s more important for your dream wedding or your dream house?