I am looking to buy my first home now while the market is in my favor. My fiancée and I have $20,000 in savings but have a wedding to pay for. We are getting married in the late fall and would like to find a home together before then. She wants an extravagant wedding that will use up all our savings leaving nothing to buy a home. I want to give her a nice wedding but I don't want to go broke in the process. What should I do buy a home or have a great wedding?
— J.K., Attica
J.K., She must watch too much "Platinum Weddings" on T.V. Serious-ly though, why can't you do both? You need to sit down and have a serious talk with your fiancée. You may even want to consider meeting with a professional coun-selor as well. Financial problems or differences are a leading cause of divorce. Everyone wants a nice wedding but spending more than you can afford is just asking for trouble. You can have a very nice wedding for far less than $20,000-in fact you should be able to do it for around $5,000 to $8,000. Spending all your savings for your wedding is ludi-crous for a young couple. If you cut your wedding bud-get in half that would still leave you $10,000 or more to buy your first home. This would be plenty given the lower prices reflected in today's market. This would also start your life together out on a stable financial footing. Your guests won't remember the expensive decorations, seven course meal, or other glitz and glam. What they will rem-ember is the love between you and your fiancée. I would recommend agreeing to split your savings and using half for your wedding and half for the purchase of your first home. This would be your first of many compromises as a married couple. Good luck.
Alex Lengemann is a licensed Real Estate Broker who operates RealtyVolution.com, a local real estate company. You can Ask Alex your real estate or mortgage questions by phone 810-664-1819 or by email Alex@RealtyVolution.com.