Wedding Season – Time to Combine Assets!
Summer is in full swing which means bbqs around a pool, patio drinks, cottage trips and, if you are a millennial like me, it means WEDDING SEASON.
I think about weddings a lot, because this year I’m attending eight of them. That’s right eight. And as a Realtor, one of the questions that I notice comes up around each one is “Where is the couple going to be living”?
Guests want to know for two reasons:
- People want to know what kind of gift to buy!
- People are nosey 🙂
But it also comes up a lot when I talk with the couple themselves. Planning a wedding is a big task, and planning your lives together is an even bigger one.
Real estate is your largest investment, so naturally, when planning how you will combine assets after getting married; real estate should be a big consideration.
There are a ton of living situations out there that newlyweds face and have to navigate after getting married.
- Currently living with parents: There is nothing like a wedding to inspire you to get out and on your own. You’re married after all!
- Currently living together in a rented space: You may want to stay where you are, or you may want to look at building your life together in a home of your very own – whether that means renting a new place together or buying a home!
- Upcoming changes to your family plans: This is a driving force to moving. Now that you are married (or soon to be), perhaps you want to be closer to family now that you are married, maybe adopt a dog and need a yard, maybe start your family in the suburbs of the GTA instead of living downtown.
- One partner may already own a home: Once you are married and living together, will this space suffice?
If not and you decide to look for a new home together, will you sell the property or keep it as an investment?
- Each partner may already own a home: Similar to above, will one of the properties work as your matrimonial home?
If yes, what will you do with the other property?
If not, will you sell both properties or keep one (or both) as an investment?
Regardless of what you situation you are in, marriage is a very common time to move and to buy your first home! I’d love to consult with you about what makes the most sense for your situation and your finances.
Planning a wedding is hard enough, let me help with your home!