International travel? Lavished Wedding Banquet? Some engaged couples prioritize these things before their wedding day whilst there is nothing wrong about this; however, the couples should prioritize considering what they need in the long term, which is primarily owning a home. At the end of the day, what life would it be without a roof on your head?
Why you should own a home as a newlywed
You are building an asset
Some of the most valuable assets around are properties. According to the Office of National Statistics, the average first-time buyer house costs around £208,432 in the UK, with a deposit being an average of £21,709. At today's interest rates this can take around eight years to save, and although you do earn interest on your savings over the long run it isn't necessarily immediate.
Some banks offer customers the opportunity to save up for a deposit in less than seven years if they commit to a four-year fixed rate, and though the interest rate is relatively low the amount you'll have to pay back is fairly hefty.
What are the benefits of owning a home?
Among the greatest of these benefits is the fact that buying a home is the best way to protect a financial future as a couple, rather than relying on rental income.
A home is an investment
Buying a home is a very positive step for the individuals as it offers a pension, guaranteed social security benefit, tax benefits, and more.
A home offers a larger income than a rented property
A house provides a major source of income; therefore, it is easy for a young couple to live comfortably without becoming too attached to the property that they have rented.
The importance of homeownership
Owning a home helps secure what would otherwise be inaccessable money for many couples. The mortgage will be their major monthly expense and is likely to be their number one expense after their monthly expenses like bills.
A home will also provide a home for their children to grow up and other people to host events and spend time with. The house will also help her children in school, and moreover, it is the most important investment for a couple after marriage.
Housing also improves health because couples spend a lot more time inside of a home rather than in a rented house or apartment. Also, the home provides a sense of stability as opposed to the various moving up and down that couples will often experience in their lives.
Buying a home before or after marriage
Being a newlywed couple and considering buying a home together before you walk down the aisle is the safe and the ideal thing to do. There are several advantages to this that include:
It gives a newly married couple the chance to check out the neighborhood before making a decision as to whether to purchase a property or not. For instance, it is important to take time to see how easy it is to sell the house after your marriage and whether there are neighbors you are close to or not as well. This is because you can learn to love the area or house before purchasing.
Often times, couples who consider buying a home, only do so after marriage. Many of them are scared they may not get another opportunity after the initial investment of their first home.
As a couple, try to make a decision and stick to it. Try to think of ways of earning an extra money if needed, not just due to a wedding but to travel, raise a family etc. Don’t get married just because of one reason; do it for the right reasons.
If you are about to get married or have been married already, I hope these tips will help you. Do try to apply them when it comes to your wedding.
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