MikeWPhilly t1_iydy0hz wrote on November 30, 2022 at 6:07 PM

So I’ll say this. When I got married the fiancée and I combined income of $260k (approx she was doing OT at that time) bought a $448k home and kept my previous property for investment. We settled on that home the same way week we had to pay the wedding - so I’ll tell you first hand it will be stressful as hell. The only reason I did it is because the home purchase was an incredibly good deal and by time we settled it appraised $45k over what we paid. Given your home purchase is less I’d say it’s easily doable in theory BUT there are definitely some odds and ends to address.

You haven’t mentioned how expensive your wedding is. weddings have huge ranges as expensive as $100k. Even with parents helping with some items we ended up paying $32.5k out of pocket. How much is the wedding going to cost you?
The car purchase. If you aren’t buying the car until next year and paying to replace the engine. Why not buy the new car AFTER the home purchase & wedding? If you are fixing it I don’t get the rush and it will make a massive difference on the stress level.
also even in the Midwest $250k won’t go far so just keep in mind you might need roof or hvac repair so ou could be out 30-40k.

Otherwise i see no issue with it. The big thing is you have to be super disciplined in saving up to it. I’d also really push the car off if you are fixing it 6 months more makes no difference.

Concerned-23 t1_iydye4a wrote on November 30, 2022 at 6:09 PM

Wedding is going to be 25k or less. It’s a smaller wedding.
Car has lots of problems I am not fixing as I’m done putting money in it constantly. New car will be purchased after we have keys to the home to not impact my DTI.
Where we live we can get a 3-4 bedroom 1.5-2 bedroom home for 250k or less.

MikeWPhilly t1_iydz34w wrote on November 30, 2022 at 6:14 PM

$25k would be good if so. Just be ready for surprise expenses at the end. wife and I added a videographer that was expensive but now a days if you asked either one of us we could have skipped photos and just done that ( we watch it every year ).

Smart move on the car. The other benefit then is you should hve some down payment money from the wedding for car so it’s not a bad choice. Have you figured out how expensive the car is you want to buy? That’s the other big piece. Good news is market should be adjusted next year (used cars dropping big time right now).

And the house the comment was more about must have repairs immediately. I invest in real estate and been around it all my life. $250k I don’t doubt you can get 3-4 bedrooms my comment was more the fact that you are likely looking at 1950-1980’s time period for it being built (unless you are looking at town homes?) and so you might have some bigger repairs needed when buying like a roof, new hvac, etc… It’s just something to keep in mind you might have some larger bills on top of the closing costs when buying.

Concerned-23 t1_iydzsgs wrote on November 30, 2022 at 6:18 PM

I’m glad you liked your video. We personally are not a huge fan of the videos and like photos more. Our prospective venue is under 10k for all the food/alcohol/venue/reception. So we’re right on budget for that.

Car is going to be 28k or less. Which is how I got the monthly payment with the 5k down.

Most homes being sold where we live have newly repaired HVAC. I browse listings daily and ~70% of the homes have had their HVAC replaced in the past 3-4 years.