The right timing matters when buying a home. For couples, it’s usually a question of shopping before or after tying the knot. It’s a tough decision since a lot of factors come into play, from finances to lifestyle priorities.
There’s no one right answer to this question. Like other important life decisions, it depends on your unique situation. Nonetheless, here are some questions you can ask yourselves as a couple to know whether you should push through with a property purchase before or after the wedding:
How’s Your Money Talk?
It’s a must for engaged couples to discuss finances before getting married. What and how you talk about money will give you an idea of the best timing to invest in a home. For starters, you should at least be open and honest about each of your spending and saving habits. This is most important especially when you’re planning to buy before the wedding bells. As you know, there’s a big risk in getting a home while you’re unmarried. The most obvious one is the possibility of calling off the wedding.
It’s scary to make a big purchase with that kind of risk, but one way you can tell you’re going the right direction is when you, as a couple, are comfortable talking about how you manage money individually, including the skeletons in the closet (read: debts). If you’re both willing to talk about how you’ll split the costs of home buying, then you’re in a better position to take on a big purchase such as a property even before the wedding bells.
On the flip side, if your money talks are about saving up for a business venture or enjoying your first year as a married couple traveling the world, then it’s best to buy a home after getting hitched. In this case, it might be a better set-up to rent first and see how your financial goals change through the years.
Pro tip: As you learn to navigate money talks better, it’s good to start early in comparing home options. This will help you find the best deals. Consider Suntrust Shanata for your starter home, a condominium building in Novaliches, Quezon City. With a location near essential establishments, such as schools, malls and hospitals, it’s suitable for couples planning to start a family.
Consider the condo’s two-bedroom unit, which has 35 sqm, or the three-bedroom that features a 52 sqm floor area–perfect for the family you want to start.
Are You Financially Stable?
It’s not a secret that the usual route couples take is buying a property after the wedding, as it gives them more time to save money. They can grow their careers and businesses and collect more funds for their future home sweet home. If you’re just starting out in the professional world, it’s best to buy a home after getting married and give yourself more time to achieve financial stability. Remember, you need to prepare 20 percent of the total property price as down payment.
On the flip side, if you and your partner are already in secure jobs or businesses, it may be safe to go through the process even before the wedding bells. The thing is, the split of the costs doesn’t have to be 50-50. The important thing is you agree and commit to your discussed arrangement.
Pro tip: If you’ve saved a lot more and managed to create a bigger budget to wiggle around in, you may want to consider Suntrust Siena Hills’ Angelica model house. It starts at P5 million, offering 67 sqm of floor area and 150 sqm of lot area. With three bedrooms and two baths, this property would accommodate your needs for years, even as you add children to your family.
You may want to consider the Micaella and Amadea as well, model houses that have 179 sqm floor area. The former has four bedrooms, while the latter has five.
What Kind of Wedding Are You Planning?
A momentous event such as a wedding requires lots of preparation especially when you’re planning a celebration graced by a hundred or more people. The last thing you need in this stressful time is a list of open houses to visit and loans to compare.
If you are having an intimate event, however, you may be able to focus better on the homebuying demands. For one, you’ll have more time to explore the location of the property you’re eyeing. You don’t have to drag yourself in between cake-tasting and dress-fitting just to squeeze in visiting open houses.
Pro tip: If you’re keen on exploring a location outside Metro Manila, Suntrust’s One Lakeshore Drive in Davao may be the right fit for you. Surrounded by essential establishments, this condo is near malls, such as SM Lanang Premier, Gaisano Mall, and Robinsons Galleria Davao, as well as hospitals, including Southern Philippines Medical Center and Lanang Premier Doctors Hospital.
The right timing when it comes to buying a property depends on your unique situation as a couple. Decide based on the state of your finances and lifestyle goals. As overwhelming as this decision may be, don’t forget to embrace the truth and joy of this new chapter in your life.