Getting married and buying a home are two of the major milestones that young couples today wish to achieve. You might want to achieve both the goals, but with a median income, it is only possible to achieve one of the two goals and postpone the other one for a few years. So the question is which out of the two should be a priority?
Well, there is no straight forward answer to that because it all depends on your personal preferences. Some brides dream of having a fairytale wedding, while others would love to own a property to start a family right ahead. Therefore personal preferences vary, but at the same time, it also depends on whether both the partners want the same thing and are the parents willing to leave the decision on the bride and the groom.
With inflation at its peak, real-estate properties hitting a housing bubble and weddings getting more and more expensive every coming year, young adults can opt for one of the two goals. You will be surprised to find out that the average cost of a wedding in the US totals up to $33,900 according to The Knot. That is enough money to make a down payment on a median house in the US.
So here is the question for the parents of the bride who have been saving the amount for almost more than two decades, is spending that much money a rational decision on a day that will only last a day? Or is it better to gift the bride and groom with a home that would last them for eternity, allowing them to make countless memories in it?
Well, it is a huge decision. The couple and the parents definitely need to get together and decide on it. According to a survey conducted by the ERA real estate, 60% of the women gave up a fairytale wedding and used the money instead to make the down payment. So are you willing to do the same?
In order to help you decide, here is the list of pros and cons that both the options have to offer to you. So let us go ahead and look at them in detail, so you have access to all the facts and figure to make a rational decision.
Pros of Having A Huge Wedding
Your dreams come true.
You get to enjoy an exciting honeymoon.
You get to meet your distant relatives.
Everything is as you dreamed it.
You get to make a lot of memories in a single day.
Everything from the venue to the food is extraordinary.
Cons of Having A Huge Wedding
It costs a lot. You always exceed the budget.
It is too much work for a single day.
You need to include everyone from distant relatives to neighbors.
It is difficult to spend quality time with all your guests.
You might not get the venue of your choice because of the guest list.
Pros of Getting A House
It is a long-term investment.
You can start your family right away.
You won't have to save for years to start a new chapter.
You can settle down wherever you like.
It will be your home for years so you can make unlimited memories.
Cons of Getting A House
You might not be ready to make monthly mortgage payments.
You might not wish to settle down.
It’s a huge commitment.
Your parents might not want to give you the money for the house.
Now that you have a clear understanding of what both the options have to offer to you, it is up to you and your parents to make a decision. Remember, if your parents have been saving up for your wedding, they might want to spend on a wedding. So in case you want that money to be spent on the down payment, it will take a lot of convincing to do since it is their money at the end.
Also, it depends on whether you want a house at the time of not. Many couples begin budgeting from the start to save both the house and the wedding, but that would require you to save at least $60,000 to $70,000 – which is a lot of money. So remember, a home can build wealth for decades and give you endless memories. You can still make wedding memories with a portion of the amount. At the end, it is just an event whereas a home is a commitment, an investment for the future.