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October 2012 Weddings

Is it crazy to consider buying a house during the last three months of wedding planning?

So FI and I are not actively looking, but every once in awhile I take a look at what's available in our price range to see what we can get, keep an eye on the market, etc.

Well, there's this condo that's been on the market for 6 weeks that is vacant (ie no one currently living there) that is in our price range, 3 bedroom, 3 bathroom (including ensuite) and has a pool. The condo fees cover our water bill, propery maintanence, snow removal, pool maintenance, desk repair (it has a deck), roof repair among other things. Long story short, I cannot get it out of my head and I WANT IT. But I really don't want to move before the wedding, so we'd need a 90 day closing. But since it's vacant that might not be a huge issue.

It would obviously mean having to put our place on the market as well.

Am I crazy?
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Re: Is it crazy to consider buying a house during the last three months of wedding planning?

  • If you can handle it, I say go for it! You will just have to be financially and physically prepared to go through the process of buying a home AND finishing up with the wedding. What does your FI think about it?!

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  • casymecasyme member
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    This is something that only you can really know - i.e., how much free time you'll have, how long you expect the sale to take (in consultation with your broker, if you have one), etc.

    BUT I'll give you my opinion because I'm in the same situation:  wait.  We also thought of selling our apartment in Manhattan and moving to Brooklyn, but I told my boyfriend I just couldn't do it AND plan the wedding.  And we're having a pretty small, manageable wedding!  The clincher for me was that I wanted a stable home base throughout the wedding process, not be uprooted just beforehand or just after and be surrounded by boxes coming and going.

    Plus, the market is looking up, next year should be a great time to sell/buy.
  • Well depending on whether it's a short sale, it may take longer than that to get through the bank paperwork.  If you both love it, then go for it!  Lots of couples have to deal with moving in together once married, so this is just a little more stress.  You seem rather on top of wedding stuff though.  I'm sure you will be fine!

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  • We have been debating purchasing a house lately, too. I said let's wait, but that's only because I can't afford to save while paying for this wedding. If you can afford it & have enough spare time to move, know it's the one you want, etc., then I say go for it!

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  • No I dont think you are crazy. I would just evaluate how much you have done for the wedding and how much you have left to do... knowing the month before the wedding will be kinda crazy with final appts and such. I think it really depends on you and your personality, some people work well under pressure and some not.

    I would also talk with FI about worst case senario.. such as, can you cover two mortgages if your place doesnt sell right away? what if there are issues with the condo- why is it vacant, foreclosure? there may be work that needs to be done before you can move that is not visable to the naked eye (why I mention the forclosure, if the previous owners let things go before they left). Not trying to be a negative nelly, but I would just discuss best and worse case with FI and decide what is most comfortable for you.

    Hope it works out! :)
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  • I'm going to repeat what some of the ladies have already said - can you afford it and can you deal with pressure/stress?

    FI and I bought a house last October and it was by far the most stressful thing I have ever gone through.  The back and forth with the paperwork alone was such a headache and took up so much of my time every day for about a month a half.  And the timeline they gave us was not accurate in the end.  Hell, we didn't even know we were closing until the day of!  Even though I love our home, I do wish that we would have waited until after the wedding to buy a house.  We took on a lot of extra debt, such as furniture and some home remodeling that needed to be done before we moved in, and that had to be taken from our wedding budget.  I know we would have been better off financially and emotionally if we had waited.

    So, just talk it over with you FI and see what y'all think is the best move.  And remember, the best thing to do when buying a house is to not let your emotions make the decision for you.  Good luck!
    dscf4745-2
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  • To answer your questions:

    1) Yes we could afford it.

    2) I'm pretty on top of wedding stuff, almost no DIY projects and very little left to do. I also have a DOC that does all the confirmation/followup phone calls in the last month so it takes some of the pressure off me.

    3) I just found out from the selling realtor that it's pet friendly which was one of the non-negotiables for us (it didn't say on the listing).

    4) I have a friend who's a real estate agent that would be able to help us go through all the paperwork and whatnot.

    5) The first week that FI and I lived together went like this: Saturday - move all my stuff, Sunday - FIL meet and greet BBQ between my Dad/SM and FMIL, Monday - move in with FMIL b/c our bathroom was being rennovated and our current condo is a 1 bathroom unit. Tuesday - come down with horrible head cold, Wednesday - FI gets in car accident, Thursday - huge presentation at work. If I can handle that and not loose my mind I can probably handle anything.

    I guess the next steps are for FI and I to go get pre-approved for the new mortgage!

    Basically, it's the perfect place for us - location and space wise - it's in our budget, it's in great shape, requires no immediate work and we can live in it for a long time. Plus the stuff I would want to change (ie get rid of the carpet, change the countertops and re-do the bathroom at somepoint) is not un-livable in it's current state.
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  • Sounds like you already made up your mind to go for it.  When I was looking for a house, I had no idea what I wanted, so I went through about 50 houses before chosing, but if you already found a house and love it, the paperwork isn't that much to worry about.  Your real estate agent does most of it.  And all you have to do is sign on the dotted line.  (And maybe tell your agent that you want to keep certain things just so it is in the contract).  So I wouldn't be looking for a house AND plan this wedding with MY circumstances, but under yours, they seem great.
  • In Response to Re: Is it crazy to consider buying a house during the last three months of wedding planning?:
    [QUOTE]Sounds like you already made up your mind to go for it.  When I was looking for a house, I had no idea what I wanted, so I went through about 50 houses before chosing, but if you already found a house and love it, the paperwork isn't that much to worry about.  Your real estate agent does most of it.  And all you have to do is sign on the dotted line.  (And maybe tell your agent that you want to keep certain things just so it is in the contract).  So I wouldn't be looking for a house AND plan this wedding with MY circumstances, but under yours, they seem great.
    Posted by Kari1353[/QUOTE]

    Basically. Once I set my mind to something I'm kind of unstoppable.
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  • AHHH! This is so exciting then! Hopefully you are able to get things rolling! Buying a new place is so exciting! We bought our first home together in November, and I wouldn't have it any other way! Good luck and keep us updated!

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  • In Response to Re: Is it crazy to consider buying a house during the last three months of wedding planning?:
    [QUOTE]In Response to Re: Is it crazy to consider buying a house during the last three months of wedding planning? : Basically. Once I set my mind to something I'm kind of unstoppable.
    Posted by achiduck[/QUOTE]

    Me too!
    FI & I are currently supposed to close a week from today on our first (most likely forever) home. Ours needs some work but it's totally worth it. The stress from planning the wedding and buying the house all at the same time is a lot, but we LOVE knowing when we get back from the honeymoon we'll really be able to settle into married life.
    Good luck! Keep us updated!
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  • It sounds like you are pretty set with wedding details and handle stress well, so I say go for it!

    And honestly I would be the last one to say you are crazy to consider it because we are actually getting ready to purchase a business.  Closing is the end of the week.  I am convinced that I have lost my mind to do this with the wedding fast approaching, but when its right, its right.  We will make it work!
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  • I dont think it is crazy if you can afford both and have the time to look at houses. It is definitely tiring and endless at some points....then the stress of decisions, paperwork, and then the wait on whether you get it or not. I think it is almost more stressful than the wedding.
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  • In Response to Re: Is it crazy to consider buying a house during the last three months of wedding planning?:
    [QUOTE]I dont think it is crazy if you can afford both and have the time to look at houses. It is definitely tiring and endless at some points....then the stress of decisions, paperwork, and then the wait on whether you get it or not. I think it is almost more stressful than the wedding.
    Posted by fishinflagrl[/QUOTE]
    I agree with this. With a wedding you KNOW when it's going to happen and can make all your plans accordingly. With a house, it's never 100% done until closing.
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  • I forget the reason ours was more stessful was because FI's mom acted as our real estate agent, although we handled all the paper work because she was gifting her commission.

    It does seem like you can handle the stress and are ready to move forward with it.  Good luck with everything and I am sure it will work out the way it's supposed to!  Buying a house is exciting!
    dscf4745-2
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  • It is a lot of work and the date the closing falls on could be a pain also. We just bought one and our closing fell on a day we would be on a cruise. Canceling the cruise would not work since we couldn't get our money back. We had to pay $125 extra for an extension on our "lock in date" on our morgate rate and refile a few papers. It was a bit of a pain.
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