Should You Have a Big Wedding or Buy a House? - Home & Texture
Homeownership Wedding or House

Should You Put a Down Payment on a House or Have a Big Wedding?

Both are a big expense, but these four questions can help you decide.

By
June 21, 2024 at 5:20 AM PST
Homeownership Wedding or House

Should You Put a Down Payment on a House or Have a Big Wedding?

Both are a big expense, but these four questions can help you decide.

By
June 21, 2024 at 5:20 AM PST

Congratulations on your engagement! You and your partner decided to take the next step and are now planning your wedding. As you meet with vendors, look at venues, and shop for attire, the reality hits how expensive weddings are. However, in your day-to-day life, you both realize that you’re sick of paying rent and that it might be a smart move to own. But should you have a big wedding or use the money you have saved for a down payment on a home? To help you decide between the two, both of you should consider the answers to these questions.

Photo credit: Delmaine Donson

Do you have a lot of people you want to share your wedding day with?

A wedding between two people is a special, once-in-a-lifetime experience. Sometimes, a couple may want to have the day be intimate, having the ceremony be just between them or only attended by a small group of people. Other times, they have several family members and friends who want to be a part of the festivities. The longer the guest list, the bigger the wedding, and the more costly the wedding will be with food, venue size, and seating. If you want to have a lot of people at the wedding, it may be a better idea to spend your money on a big wedding right now instead of purchasing a home.

Do you have things you both want to have for your wedding?

People have been dreaming about their wedding day for years; before they meet their special someone, and then together with their partner. You may want a destination wedding, an extravagant cake, a photo booth, or a videographer. These aspects of a wedding can be expensive but can make the day memorable. If certain elements of a wedding are essential to both of you, it may be a better idea to spend your money on those instead of a down payment at this time.

Photo credit: katleho Seisa

How comfortable are you financially?

Purchasing a home is a big expense, and you have to be financially prepared in a different way than you would need to be for a wedding. Do you have a good enough credit score to secure a mortgage, or do you need more time to work on it? Do you feel secure at your job and the climate of your industry that you don’t fear being laid off? Do you have money in savings to cover your expenses in case of an emergency? These are things to consider before putting a down payment on a house.

Do you know where you want to stay long-term?

Purchasing a home is different from having a lease. When you own your home, you’re planning on staying long-term. Do you and your partner know where you want to live? And not just what city, but what neighborhood? If you have kids or are considering having children, what is the school district like? What type of home do you want, including the style and number of rooms? What’s the current housing market in the area you are considering? If things aren’t aligning or you aren’t ready to commit, it might be better to wait and use your money on the wedding celebration.



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