If you’ve been watching the housing market in Southern Maryland lately, you know that housing is moving fast. Interest rates are still low (but slowly creeping up), and buyers are scrambling to purchase homes before someone else gets there first.
While you’re planning your wedding, you’re probably looking forward to the next steps in your life together, and that life probably includes buying a house. Is now the time to buy a home? Here are a few things to consider:
Money: A home is the largest purchase you’ll ever make. What’s one of the other biggest purchases you’ll make in your lifetime? Your wedding. Can you afford both? Have an honest discussion about your finances and whether you can have the wedding of your dreams and your dream house. Are you willing to scale back your wedding so you can put more money toward a house?
If you’re not, you might want to consider waiting until after you tie the know. In fact, Glamour magazine suggests holding off on your home purchase until after you’re married. Many wedding guests prefer to give a couple money as a gift; all of those gifts could add up to a tidy sum that could increase your down payment.
Readiness: Realtor.com says you should consider your credit scores as well. If one or both of you has a poor credit score, you should take the time to boost that person’s score. Lenders, they say, view married couples as one unit, and it can increase your chances of qualifying for a loan. Unmarried couples are assessed individually.
Time: Planning a wedding takes time. So does house hunting. Do you have enough time to search for vendors and the perfect home? You want to do more with your time together than plan a wedding and shop for a house. Opt for a longer engagement, Glamour says, or do them one at a time.
In the end, the decision is up to you and your fiancé(e) – maybe with a little help from a financial expert. But when it’s time to shop for a home, visit our friends at the Southern Maryland Real Estate Network!