4 reasons mortgage loans are the new marriages
You know the saying: first comes love, then comes marriage, then comes a… mortgage? As much as we would love to have it all at once, most young couples can’t afford both a big, sparkling wedding and a down payment on a house. When forced to choose between the two, marriages won; But that all changed last year during the pandemic. Many couples who have had to put their marriage on hold have found an unexpected ray of hope: they might instead invest that money in a house.
COVID has not only changed our plans, it has also changed a lot of our priorities. As a result, the pressure and expectation of having a big, chic wedding is officially OVER. Runaways and small-scale celebrations are more popular than ever, as couples realize that they can have their cake (get married) and eat it too (buy a house) if they skip the large-scale events that they want. ‘they have imagined in the past. I think that’s a pretty smart idea. Here’s why.
1. The pandemic is not over.
The number of Americans vaccinated is increasing and the rules for group gatherings are loosening, but we’re not completely out of the woods just yet. People are always nervous about planning (and attending) big events. A traditional large-scale celebration might elicit mixed feelings and mixed RSVPs. Plus, let’s face it: posting photos of an important and expensive event isn’t going to get the usual praise and attention on social media. There is nothing wrong with wanting to look big on your wedding day! But, in today’s social and economic climate, many couples decide that it still makes more sense to run away or have a more low-key gathering instead. Both options are easier to plan, more intimate, and cost A LOT less money, meaning couples can get married and still have money to buy a house.
2. The journey is delicate.
There are still travel bans in effect, along with new COVID variants causing lockdowns in other countries, meaning international guests and destination weddings are excluded. You will have to embrace this fantasy of a wedding in a castle in Scotland or a wedding in a vineyard in Tuscany. Even if you get married in the United States, the chances that Aunt Amélie will leave her home in France or that your fiancé’s parents will arrive from London are slim to zero. It’s a much better time to focus on moving in, decorating, and settling into a new home than planning an event that requires people to travel.
3. Buying a home is the new flexible.
Remember what I said about posting wedding photos on social media? Well, posting your new home on social media won’t force anyone to write a check, wear an unflattering bridesmaid dress, or break CDC guidelines. In fact, buying a home together sends the same message as a marriage: I’m happy, I’m fine, and I’ve passed one of life’s big milestones.
4. Return on investment makes more sense.
A big wedding can be fun for that night, but it’s less so the next day when you wake up in the same tiny apartment with five food processors to surrender and some credit card debt. A home, on the other hand, is a great asset, and something you can depend on and enjoy every day for years to come. So, while the market is still active, mortgage rates are still low, and COVID continues to circulate, investing in an expensive wedding just doesn’t seem as good as investing in a house – something we now know about. value more than ever.
So, to all the engaged couples who have chosen to postpone, cancel or downsize their wedding and buy a home instead, congratulations! You made a tough decision, but it was smart.