Americans are becoming more financially conscious and as a result, many are trying to find ways to save money and make better investments. In a display of this increasing trend, many young couples considering marriage are deciding to downsize the cost of their wedding or even bypass the honeymoon in favor of using that money to purchase their first home as a married couple.
Online real estate company Truila, conducted a survey of men and women across the country and found that an overwhelming 69.5% of respondents indicated that they would use any large amount of money received as a wedding gift to purchase a new home. The survey also found that most young buyers prefer larger homes and are willing to make sacrifices like cutting back on eating out, having a smaller wedding or limiting the money spent on shopping in order to purchase a home.
In addition to the size of the home, young couples also indicated that factors like the schools servicing the area, and the commute time to work were also major factors in making the final decision on a home purchase. Least important to survey participants were things like the proximity of the home to amenities like local shopping and even distance from family and friends!
Whether married or single, first time home buyers should also look into getting prequalified before beginning to search for a home. This will go a long way to narrowing down the price point for a new home search. Also, consider if there will be any additional costs outside the initial purchase of the home, for example, if purchasing a home that needs renovation, allow an amount for contractors and laborers, if the community does not have lawn service, factor into the budget costs for maintenance.