Let’s think about some of the most memorable (but also most expensive) life moments that we embark on during our lifetimes. What milestones do we end up spending the most money? The two that comes to mind for us: homeownership and hosting a wedding. In most cases, commonly, these occasions happen during different stages of our lives, but what happens if we can combine the two together? What transpires when we are proactive with the money we save and exercise the concept of, getting married in your new home?
Why not utilize that wedding budget and invest into your long term wealth, like, home-ownership. Written in The Knot Article “Here’s How Much You Should Expect to Budget for Your Wedding Reception Venue” stated “the average wedding venue cost in 2018 was $15,539”. Staggering. Real estate agents Marial Maher and Tyler Bernadyn (no, they are not getting married) explore this approach by speaking with mortgage lenders, but also with brides that have experienced this exact notion.
First, let’s absorb some insight from Mortgage Lender Nick Brownell from Total Mortgage. He states that “3.5% is required for a down payment for many loan options for first time homebuyers, depending on the applicant. In addition to the down payment, there are closing costs as well.” This means you need cold hard cash in your bank account to make this purchase happen. Zillow reports that the median home value in Rhode Island is $303,699 — so we asked Gina Lalli from Gaurenteed Rate, how much would a homebuyer need if they were buying a house at $300k? “Realistically, a homeowner will want to save about $9,000 – $15,000 for the down payment depending on many factors.”
Do you see the correlation we are making here? Down payments & wedding venue costs are close and comparison. As realtors and mortgage lenders, we find obligations in making sure your best interest is always considered — and we believe this advice is GOLD. Next, we ask a few brides to justify this perception.
“We were able to make it our own, no rules.” – Taylor Brandariz No tip toeing around venue policies and allowing for the debaucherous wedding we all secretly want.
“Having the wedding at home was an easy decision. It felt right to be able to tie the knot where we had such deep roots.” – Alice What a wonderful vision. Having your homestead be the backdrop to so many beautiful family memories.
Some fun facts to end this article, agent Tyler Bernadyn was the officiant for a backyard wedding! “I was honored that they invited me to officiate the ceremony. Who wouldn’t want to marry two of your close friends? It was absolutely incredible to be a part of their big day and something I will never forget.”
Realtor Marial Maher is also a wedding photographer. “I have photographed dozens of weddings but my favorite ones are always when they are at home. Everyone feels more relaxed and happier. It shows through all the photos.” If you want to consider purchasing a home this year (that has your wedding potential) reach out to Marial Maher and Tyler Bernadyn. They will help you find that big backyard, that rustic barn, or the sweeping views.
Read more on our updated COVID-19 Policies on how we are keeping our buyers safe during this time.