Out of the Box Bridal Registry Thinking! Newlyweds Want Dream Home!

By
Real Estate Agent with REMAX Specialists Minnesota License#90858

Bride and Groom Dreaming of house
Why can't a bride and groom take that little bar code scanner from Target or Macy's and scan a photo of a new home instead? I know couples need the department store stuff like blenders, coffee makers and blankets but they often want and need a first home too!  

What if brides and grooms could  browse the internet listings on any real estate website or drop by a neighborhood open house and use a special "dream home scanner" to click on a favorite home. Then they could receive the keys to their dream home just in time to be carried over the threshold. THAT, my friends, would be a fairy tale ending or beginning; a really start to happily ever after.

It may sound off the wall but newlyweds are going to face a tougher time finding a loan without a down payment.  Zero down loans have all but disappeared from the landscape and first time buyers will need cash in their pockets to put toward a new home. As mortgage programs continue to change and evolve, it has become imperative to save for that down payment. Forward thinking young people might want to divert some of their wedding funds and gifts into an investment in real estate.

In this changed real estate market, new home buyers NEED a down payment for a house. Not just a few bucks either. In most cases a buyer will require a minimum of 3-5% to put down. Minnesota starter homes run about $150,000 in the north and east Twin Cities metro. So,  newlyweds today will need to save up a minimum of $5,000-$10,000, plus closing costs before making a first home purchase.

All is not lost for first time buyers, but a little forward thinking is in order. There is a l
ot of money involved in most weddings; both on the party planning and the gift recipient side. A savvy bride and groom might be able to devise a plan to have the perfect wedding AND a dream home.

New Home Gift Registry Young couples getting married register for gifts to let their friends and family know exactly what they want and need. If you need a house, why not let your guests know? How about adding a note to the invitation stating your gift preference?


“The couple is registered for a small number of necessities at Target and Macys. If you would prefer not to shop, they are also saving for a down payment for a new home and would a appreciate monetary gift toward their dream.”

I don’t know what
Miss Manner’s would say about but I think a financial wiz like Suze Orman would applaud the idea.

Wedding Budget With the average wedding pushing $20,000, maybe a little rearranging of the budget could be a way to find some funds. Those saved dollars from the perfect wedding can go toward that dream home instead. Now, I am not suggesting going the bargain basement route on anything and everything, just economize where it makes sense. Maybe you can go opt for less fancy invitations or choose a less expensive dress. Maybe that cruise to the Caymans would be a better choice for a future anniversary and a honeymoon in Duluth, MN creating newlywed memories along the north shore of Lake Superior would be be a budget friendly change. Whether on wedding details, reception or the honeymoon, saving 25% of an average wedding bill would be $5000 cash toward a new home.


So young couples start planning your future with a plan for your dream home too! While the current technology does not allow a scanner to work outside of a department store, I do! Adjust the budget to come up with the down payment and I can assist you with finding your dream home.


As a professional REALTOR®, I have helped many young couples find their first home.. I know the north and east Twin Cities metro area and can help you spot a dream home deal whether you are looking in Lino Lakes, Blaine, Andover or anywhere in the Forest Lake school district. I can assist you in writing a fair offer and negotiate a deal so your dream can become a reality. And (more budget friendly advice here)....Having your OWN agent doesn't cost you any additional fees--The seller pays my commission! Working with an agent to find your first home, takes the stress out of the home buying process so you can focus on making your wedding day special rather than moving in details too.

Posted by

Teri Eckholm. REALTOR with RE/MAX Specialists, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2014 www.terieckholm.com

 

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Rainmaker
889,749
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

What a great idea, Teri.  Never mind the lender trying to sort out where all the money from the downpayment is coming from - aunts, uncles, cousins, friends :)  Hmm.  I think you are on to something.

Apr 18, 2012 01:34 PM #1
Rainmaker
525,177
Maria Morton
BHG Real Estate - Kansas City Homes - Kansas City, MO
Kansas City Real Estate 816-560-3758

Teri, this is a great idea for newlyweds planning on buying a home. The gift money, though, would need to be seasoned for quite a while before a lender would allow it, don't you think? I like the idea!

Apr 18, 2012 03:16 PM #2
Rainmaker
162,748
Reba Haas
Team Reba of RE/MAX Metro Eastside www.TeamReba.com - Bellevue, WA
Team Reba, CDPE

Some people already do this in the form of a "money tree" for newlyweds. I agree with the earlier comment about the need for seasoning of the funds since almost all lenders nowadays require seasoning of funds or a letter documenting the source of "gift funds" or any large, atypical deposits into the borrower's bank accounts.

Apr 18, 2012 04:15 PM #3
Rainmaker
544,541
Gretchen & Mel Ahrens
ColumbiaGorgeFSBO.com - Hood River, OR

Very innovative thinking. When my husband and I got married, we already had two separate households so needed little of the "typical" stuff. We did need a bigger bed so registered for that, which people contributed to (we didn't expect any one person to pay for the whole thing). Several gifts added up to our new king sized bed. So I could see how something similar could happen towards a home.

Gretchen

Apr 18, 2012 07:19 PM #4
Rainmaker
705,647
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

This sounds like a great idea, particularly for couples who may be entering into a second marriage.

Apr 18, 2012 08:57 PM #5
Rainmaker
123,561
Thomas J. Nelson, Realtor
Coldwell Banker Residential Brokerage - La Jolla, CA
Connecting Good People with San Diego Lifestyle!

Great post-interesting observations! Wow weddings are more affordable in your parts. I was a wedding DJ for 25 years and I'd say the average wedding in Cali was between $35K-$60K. That would be a great down payment on a home vs. a one day party!

I love Real Estate because it's so much like the wedding industry: first timers & experience alike-nervous over big decisions, big money on big plans and you are in charge of all of this and all along they are thinking-don't blow it dude-we can redo this once it's done.

Apr 18, 2012 11:15 PM #6
Rainmaker
575,118
Valerie Zinger
House Proud Ottawa-Ontario-Canada - Ottawa, ON
Home Organizer
Teri. Giving money as a gift - especially for couples who have everything - may seem a bit crass but is so appreciated. Especially if it is for a down payment!
Apr 19, 2012 04:27 AM #7
Ambassador
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Joni Staples
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

The financial advisors love to advertise this! And what a great way to help the newlyweds save up for a down payment. I think it is a great idea!

Apr 19, 2012 06:05 AM #8
Rainer
234,886
Donald Reich
Prudential Centennial - New Rochelle, NY

Teri, this is a great idea! Every newlywed couple needs a place to live, and everyone SHOULD be owning.

Apr 19, 2012 06:14 AM #9
Rainmaker
1,249,999
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

This is practical and very doable...If you can get past tradition and all the rest of it, having a home for a start in life can do no wrong....I would gladly support and contribute to anyone who was to do this within my circle of course

Apr 19, 2012 06:20 AM #10
Rainmaker
605,309
Teri Eckholm
REMAX Specialists - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Jane--I think any newlywed couple buying a home would have to explain the influx of cash if they were purchasing shortly after a wedding..It may be easily explained by produciing the signed marriage license but I guess it really would depend on the total amount of gifts.

The idea hera is to not necessarily buy a home the day after getting married but to start the though process. If a couple saves here and there on the big huge expensive wedding and ask for some gifts to be monetary, there is an opportunity to put that money  to help first time buyers toward that 3-5% needed for a first home.

Maria & Reba--I would expect that by the time a newlywed couple actually did sign their closing docs the money would be seasoned.

Gretchen--Exactly! As this is a localism article, it is directed at brides & grooms to get them to think about all of the money they are spending on the wedding and receiving as gifts. While everyone deserves a dream wedding...a dream house will last longer!

Sharon--Yes...second marriages Or anyone who is combining two apartment's full of household items.

Thomas--It is a national average...there are some courthouse prices factored in I am certain! :)

Valerie--Asking for it might seem odd...but cash is always appreciated.

Joni, Donald and Richie--Thanks! Being budget minded from the get-go would really be a wise way to start a marriage and buy a house!

Apr 19, 2012 10:06 AM #11
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Karen Kruschka
RE/MAX Real Estate Connections - Manassas, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Teri  It is not "off thr wall" - it is a fantastic idea.  Congrats on the feature

Apr 19, 2012 03:06 PM #12
Ambassador
950,632
Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9663

Great suggestion Teri, much better than the overpriced crap that people get at weddings and really don't need.

Apr 19, 2012 03:57 PM #13
Ambassador
1,238,717
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Interesting thought! Create a fund for the newlywed's new home purchase.

Apr 19, 2012 05:04 PM #14
Rainer
277,179
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA
- Pierce, King, Kitsap, Thurston, Mason Counties

Teri -- great idea to get the couple thinking along the proper lines.  With regard to seasoning -- if they put the money into an account, and then have only regular deposits for the two months of statements they need to provide to the lender, they will be seasoned enough.

Part of the problem in our society, is that the kids want to start off with what mom and dad spent years building up to -- also known as "instant gratification".  If your note helps some practice some "delayed gratification" they will find themselves much better off in the future.  

BTW -- we were one of the "vendors" at a recent "Wedding Expo" - to get our name out before those thinking of getting married.

Apr 20, 2012 11:16 AM #15
Rainmaker
810,266
Paula McDonald
Chevaux Group, PLLC - The Woodlands, TX
CHEVAUX Group ~ The Woodlands, TX 936-203-0279

Fortunately for the wedding business but not for our business a Bride often thinks that her wedding day is the "most important day of her life".   Since she is only doing this once......it's gonna be memorable!  

Unfortunately that fabulous wedding that lasted 6 hours or so could have gone toward a nice down payment on their first house together. 

Apr 21, 2012 10:14 AM #16
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Rainmaker
605,309

Teri Eckholm

Acreage & Lakeshore REALTOR Minneapolis St Paul
Looking to buy or sell in the Twin Cities? Contact Me Today!
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