Thursday, May 23

Secure home before wedding

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"Young couples should “seriously consider” scaling down their wedding plans..."

If Valentine’s Day made you think about proposing, maybe it should also make you think about buying a home before you splash out on a huge wedding.

That is the advice from Rudi Botha, chief executive of bond originator BetterBond, who says many young couples should “seriously consider” scaling down their wedding plans and putting whatever they save towards the deposit on their first home.

“This may not sound very romantic, but buying a home is still the best way for most couples to start creating a financially secure future for themselves and any children they may have. The latest statistics from the US Federal Reserve show that the net worth of the average homeowner is 44 times as much as the net worth of the average tenant.”

Botha says paying a monthly bond instalment is what enables one to start building up this kind of wealth, in the form of equity in their home. According to Stats SA, the median age of brides is now 31 and the median age of bridegrooms is now 36. BetterBond statistics show the current median age of first-time buyers is 35.

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