The Seattle Times recently published an article on how expense weddings are becoming in the greater Seattle area and how some couples are opting for simpler ceremonies. The article quotes an average cost for a wedding, according to a local wedding planner of being $58,000. As a mortgage professional, it’s jaw dropping to me that people spend this amount of money instead of buying a home or saving for retirement. I understand that this is an incredibly important time in a person’s life and a celebration to remember…but once the honeymoon is over, you have beautiful memories and a gorgeous photo album.

What if instead most of those funds were used to buy a home that will most likely appreciate in value creating future financial security?

I’ve put together some examples of homes priced from $350,000 to $1,000,000 to illustrate how a happy couple could purchase a home with a minimum down payment using conventional financing.

In just 5 years, based on a 5% appreciation rate and factoring paying down your principal balance, you’re building a financial future. These figures are not factoring in the potential tax benefits of owning a home.

These are funds that you can access should you sell your home and buy a “move-up” home or by refinancing or a home equity loan in the future. That $55,000-$68,0000 that could have been spent on a dazzling wedding is instead benefiting you significantly!

So what will it be? A beautiful wedding to remember or your own home to create many memories together in?

By the way, if your parents or grandparents are helping to pay for the wedding, they could instead gift the funds towards the purchase of your home.

*Mortgage rates are subject to change and credit approval. Would you like me to run scenarios for you? I’m happy to help you create a game plan for buying your next home – even if it’s a year away!