Congrats On Your Engagement! Do You Choose Marriage or Mortgage? Part 1 of 4
Tuesday Apr 20th, 2021
I stumbled across a new Netflix show over the weekend, a reality series called Marriage or Mortgage that takes viewers through the journey of 10 engaged couples as they make a decision on whether they should purchase a home or plan a wedding. Gone are the days where couples can afford to do both at the same time, so this is a very real-life scenario that most engaged couples are faced with.
Based out of Nashville, Tennessee, participants have saved up $20,000-$30,000 towards the wedding of their dreams or as a downpayment for a home together. A realtor shows them homes within their budget that matches their general search criteria, trying to convince them of the benefits of home ownership, while a wedding planner woos them with beautiful venues and visions of what their special day may be like. In the end, they make a choice of between their dream wedding or their dream home.
SPOILER ALERT! Maybe I'm biased, but was very disappointed when most of the couples chose to have a wedding vs. purchasing their first home together! Don't get me wrong - I love weddings, but how could you possibly give up the opportunity of owning a home to raise a family in (almost every couple indicated that they wanted space to grow their family), taking advantage of today's mortgage rates (April 2021) and participate in the biggest wealth-building tool there is?
Ultimately it comes down to choice and priorities - is an ice sculpture or personalized wedding favours more important to you than the investment of owning real estate?
While it may take more than $20,000-$30,000 for a downpayment towards the average home purchase in the GTA, it got me thinking - how do couples do it? Is it possible to have their "wedding" cake and eat it too? Over the next 3 weeks, we're going to break down the pros of purchasing real estate (vs. spending the same amount towards a wedding), how to make home ownership a reality when you're starting out, and what you need to think about when buying real estate together with your partner/spouse.
Join us next week as we discuss how to look at real estate as an investment!