More Saying ‘I Do’ to Downpayment Assistance in Lieu of Wedding Gifts MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 Beginning a life together is not the only goal of marriage. Finding a location to call home is another important concern for many couples. However, juggling your aspirations for a wedding and homeownership is no simple feat. Due to the high cost of weddings as a new LendingTree study shows that many couples put off plans to buy a home due to financial woes.

 Newlyweds don’t hesitate to seek assistance with homebuying. In lieu of wedding presents, forty eight percent of homeowners who were married within the last two years and made a down payment asked for assistance. Seventy one percent of newlywed homeowners reported that their parents assisted them with the down payment and/or wedding expenses.

 Many people’s plans to buy a property are impacted by weddings. thirty six percent of newlywed homeowners say their wedding reduced their down payment, and thirty five percent say their wedding postponed their plans to buy a property. Just sixteen percent of newlywed homeowners who made a down payment wish they had made a smaller one, compared to forty one percent who wish they had made a larger one.

 A lot of people would rather spend their wedding money on their house. fifty nine percent of newlywed homeowners who made a down payment say they spent more money on that than their wedding, and more than half (fifty two percent) say they had a smaller wedding to afford a larger home. In total, newlywed homeowners make an average down payment of forty six thousand seven hundred and forty one dollars.

 Both life events are undoubtedly stressful. While thirty three percent of married homeowners say wedding planning was more stressful, thirty six percent say purchasing a home was more difficult. Thirty-one percent more report feeling similarly stressed. Wedding planning was cited by most respondents (thirty six percent) as the process that led to the most disagreements.

 For many engaged couples, “something borrowed” might be a home loan, and guests could significantly lower the amount they must withdraw.

 Some forty eight percent of homeowners who were married within the last two years and made a down payment asked for financial assistance instead of wedding presents. This percentage is particularly high for men (fifty seven percent), people with children under the age of eighteen, and people who have recently been married (fifty three percent).

 That’s generally a good thing, according to Matt Schulz, chief consumer finance analyst at LendingTree and author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.”

 “Wedding gifts used to be dinnerware, silverware, candlesticks and other things that would sit in a box or cabinet and maybe get used once a year,” he said. “Now, there’s less stigma in asking for money toward a down payment or a honeymoon. That’s good for the newlyweds, and it’s good for those giving the gift because they know their gifts won’t be stashed and collect dust.”

 The guests aren’t the only ones contributing. Of all newlywed homeowners, seventy one percent reported that their parents assisted them with either their wedding expenses or their down payment, and many (thirty seven percent) reported that their parents assisted with both.

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