back home with Mom and Dad. The status of the economy is affecting us in that when the time comes for us to make the next step in our lives and buy a home, we might not be able to get the financing we need. We both still have jobs, for which we're both very thankful to have, and we are still able to make our monthly payments. But buying a home usually requires a 15-20% down payment now-a-days. We don't have that, especially with wedding expenses. So my parents have agreed to take us in to help us out in our dream of some day owning a home of our own. We said we'd only need to stay there for about 12-15 months. And instead of throwing away rent money (which equals my parents' monthly mortgage payment), we'll get to save that and put that towards...no, not wedding (*sigh*, though sometimes I wish it did), towards our home.
What changes have you made in the current economic situation? And is it affecting your wedding planning?
Monday, October 13, 2008
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1 comment:
Oh I hear you.
We trimmed our wedding budget to 1/3 of the original cost because we're selling our current home at a loss (the neighborhood has gotten a bit scary) and buy a much nicer house. We eeked by with a 10% down payment, but with closing costs, the loss, etc, it ended up seeming more like 15%.
When FI gave me the choice of leaving the new house kitchen (last updated 1958) as is for 3 years or cutting the wedding budget to make renovations now, I decided to slash and burn and get that stainless/ custom cabinet kitchen.
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