It is no secret that the COVID-19 outbreak has ruined a lot of short-term plans. With restrictions and shutdowns put in place, engaged couples have had to cancel their weddings, receptions, and honeymoons. I always try to turn an unfortunate situation into a positive one. So, while although this is extremely devastating for couples, this is also a great time to take a different path.
On average, weddings are approximately $30,000. This is a huge expense for (typically) a one-day event. Marriage is a milestone that does not necessarily have to be celebrated only by a wedding. And right now, it is uncertain when people can have weddings again.
Right now, many couples are pivoting and are not letting the money they had saved for their wedding to sit in a bank account. Instead, they’re putting those funds towards a down payment for their first home together.
TRREB contracted Ipsos Public Affairs to conduct an online survey to learn more about home buying and selling intentions. Despite a decline in sales and listings, home buying intentions were found to be strong for younger people from 18 to 34 (45%). Why not take this opportunity to find the home where you can create long-lasting memories with your partner?
COVID-19 may have put a dent in your original plans, but what matters is how you adapt and move forward. This could be a silver lining for many first time home buyers.
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