Both marriage and mortgage are big decisions you make in your life. If you have enough money, you will not have any problems in allocating your budget toward both the goals, but life does not go the way you wish.
When you start a relationship with someone, you may decide to marry that person while your partner may decide to put it off and instead buy a house. There is no straightaway answer to this question because it depends on your personal situation.
Some can suggest you to marry while others can suggest you to buy a house, but you will have to consider a lot of factors before making a decision.
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Consider the cost of buying a house and marriage
Wedding is not cheap at all. Catering, decoration, and venue – everything quickly adds up the wedding cost. If you have decided about your wedding, it means you have been in a relationship over a significant period and you must have set aside money for your wedding cost.
The cost of wedding varies depending on the location where you marry, the number of guests you invite, and the like, but once you have spent your hard-earned savings on your wedding, your entire money is gone. It cannot come back.
You cannot use that money for your retirement or any other purposes. If you use this money for your wedding, you will have to start saving for your house. It can take a longer time because the deposit size for your mortgage is more than your wedding budget.
Since after wedding, you will start the saving from scratch and it can be challenging for a couple of months because you will need money for your honeymoon. This can take much longer time to save money for your home.
Sometimes you take out loans without guarantor with direct lender to fund your wedding, it can delay it further because your priority will be debt settlement. The wedding cost will not be just the money you spend on your wedding but also the money you spend on your honeymoon and wedding debt.
If you have enough money, you will not have any problems in meeting your wedding expenses and setting aside money for your mortgage, but the problem is when you do not have enough money, you will have to decide whether you should use it for your wedding purpose or buying a mortgage.
Of course, it is a bit complicated to decide especially if you both are not on the same page. Instead of arguing down each other and imposing your decision, you should sit down together and discuss how what is most important to you.
If you have to decide it as a single entity, you can easily do, but now you two have to land the same decision, so it can be quite complicated. Write five solid reasons why you should marry now instead of buying a house and why you should take out a mortgage instead of marrying.
This way can actually help you understand what is most crucial to you. Since you will be taking a comprehensive look at your financial condition, you will be able to decide in a better way.
For instance, having unsecured bad credit loans from direct lenders at this moment can be an indicative of utilizing the savings for a mortgage deposit instead ofwedding. Consider your financial factors carefully, so you make the right decision.
If you are deciding between marriage and mortgage, it means you are committed to your relationship. Most of the times, people are not serious about their relationship. In such cases it may not be a good idea to put off marriage and prioritise the mortgage.
There is no point in deciding between mortgage and marriage if you cannot be committed to both. You may have a lot of reasons to marry now and not to take out a mortgage, but you may not have good reasons to take out a mortgage now and put off your marriage.
This is because if you do not stay committed to your relationship, several complications will arise. You can lose your money and it may take a toll on your credit score as well. This is why it is intrinsic to discuss this possibility as well.
Marriage before buying a house makes more sense
You do not need to take a lot of time to decide whether you should use your money for your marriage or buying a house.
This is because it is actually not that difficult to decide. If you are not sure about it, you should marry before buying a house and that makes more sense than buying a house before marriage.
First off, you will make a budget for your wedding and then you will start saving money for your house. You should make a proper plan how soon you will have to start it and how long it may take.
Considering the size of deposit of your mortgage, you can cut back on your wedding cost. Make sure that you do not forget to take into account your current debt obligations including credit card bills and the funding for your wedding. This entire cost can help you with cutting down on your wedding budget.
The bottom line
As far as it is about choosing between mortgage and wedding, you need to check whether you are serious about your relationship. If so, you can think of buying a mortgage before wedding.
However, it makes sense to marriage before taking out a mortgage even if you are serious about your relationship. The tips mentioned above can actually help you better decide whether you should take out a mortgage or invest in wedding.