You’re getting married and that means it’s time to buy a house, right?
Not so fast, experts say. While buying a house after getting engaged or married is common, it’s not right for everyone. Taking on a mortgage at the same time you’re planning a wedding or settling into married life could lead to costly mistakes.
“Do one thing at a time,” advises Lorin A’Costa, strategic financing advisor with Real Estate Bees and branch manager with HomePlus Mortgage Corp. By focusing on one major event at a time, you can “enjoy it fully,” she adds.
That’s not only true of marriage but also of other major life milestones. Buying a home after having a baby, getting a job or graduating from college might seem natural, but it may not be the best decision.
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The Milestone Trap: Why New Jobs and Weddings Cloud Financial Judgment
Major milestones often mark new beginnings, which seem like a logical time to buy a house. However, there are reasons to delay a mortgage in the following circumstances:
— Graduating from college/getting a job: Money can be tight for new grads, but even if it isn’t, your first job isn’t necessarily where you will settle for the long term.
— Marriage: Getting married is a major undertaking and so is buying a house. You may find both more enjoyable if you don’t try to do them at the same time. Plus, waiting until after you have been married a short while will give you better insight into which home features are important for living harmoniously.
— Having a baby: A new child spurs many couples to want more space, but don’t be too hasty. Babies don’t need much room initially so take time to consider daycare, schools and amenities such as parks before selecting a location. Plus, you’ll want to have a firm grasp on how much you’ll be paying for childcare, if needed, before taking on the cost of a mortgage.
— Divorce: If your marriage doesn’t work out, you may find yourself in need of a place to live. During a period of emotional upheaval, it may be best to rent until the dust settles. This gives you time to consider what the next chapter of your life will look like.
To a certain extent, your parents set a precedent when it comes to homeownership, according to Corey Condrin, branch manager and mortgage loan originator with Barrett Financial Group in Seattle. People look to their parents’ example of buying a house after getting married or having children and expect to follow in their footsteps.
However, older generations were buying homes in a vastly different economy. “House prices have gone up so much relative to wages,” Condrin says. What’s more, many new graduates are leaving college with significant debt. Both are reasons why younger adults shouldn’t expect to follow the same path to homeownership as their parents.
4 Hidden Risks of Rushing a Mortgage After a Major Life Change
A’Costa was one of those who quickly purchased a house after getting married, and it’s not something she recommends. “Everyone makes mistakes when they are under pressure,” she says.
People who move quickly to buy a home because of a life milestone may be prone to the following:
— Taking out a mortgage larger than they can comfortably afford
— Forgetting to factor in other homeowner expenses such as insurance and maintenance
— Waiving inspections when making offers in a competitive market
— Making a small down payment, which results in an added cost for private mortgage insurance
“Just because a bank will qualify you for a certain amount doesn’t mean you should take that out,” according to Condrin. Doing so could mean you have little breathing room left in your budget. “You get the house you want, but you don’t have any money left over for furniture,” he says.
Homeownership builds equity, but it comes at a cost. Potential homebuyers need to consider the current cost of homeownership as well as how it will increase in years to come as insurance premiums and property taxes rise, says Sarah DeFlorio, vice president of mortgage banking with William Raveis Mortgage.
“At the end of the day, the decision to buy a house has to be guided by what makes sense financially for you,” she advises. For some people, that means renting, which can be less expensive and eliminates many of the variable maintenance costs that come with owning a home.
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Beyond the White Picket Fence: Why Your Parents’ Mortgage Advice Is Outdated
The bottom line, according to A’Costa is this: Buy a house when you want a house, not because you are passing a life milestone.
While a house with a white picket fence has long been considered a part of the American Dream, no one should feel pressured to live their life according to others’ expectations. Children can be raised happily in rentals, and DeFlorio says it’s not usual for people in their 50s and 60s to be first-time homebuyers nowadays.
“Sometimes people feel compelled to act when reason might hold them back,” she says.
Rather than tying homeownership to another life milestone, consider your finances, lifestyle and future goals before taking on a mortgage. Then, when the time is right, DeFlorio suggests, “Make it its own event.”
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Why a Life Milestone Is Actually the Most Dangerous Time to Get a Mortgage originally appeared on usnews.com