If you are in the middle of planning your wedding, you might be wondering how you can save for a down payment on a home at the same time. There are ways to make it happen. You just need to think outside the box a little. This guide provides three ideas to help you raise the down payment you need.
Request Cash in Lieu of Gifts at Your Wedding
Instead of going to the department stores and setting up a bridal registry, set up a bank account instead. Ask guests attending the wedding to make a monetary gift to the account. Make a note on the wedding invitation indicating where guests can make the deposits, along with the account number, just as you would note where you're registered, and be sure to let them know why you're asking for a monetary gift.
Set Up a Crowdfunding Account
Set up an account at one of the crowdfunding sites. These websites are quite effective at raising money for athletes, startups and those in need of medical care. Tell the story of how the two of you met. Show pictures of you and your fiancé, and the home you hope to buy.
Promote your crowdfunding page on your social media pages and ask your family members to do the same.
Offer those who make donations a small gift to show your appreciation. The gift can be one of your wedding favors or a photo of the two of you. Mail the gifts as soon as you get the donations.
Sell Some Assets
Since the two of you are combining your homes, as well as your lives, there are likely things that you can sell. In fact, there are likely big-ticket items you can sell for the down payment on your home. Decide whether you are willing to part with any of these things to raise the down payment:
- jet ski
This may not be the most out of the box idea, but many people forget, or don't think they can get a nice sum for these items.
Any money that you raise in the form of donations, sales or gifts will need to be reported on your taxes. Contact a tax professional to determine the amount of taxes you'll pay on that money.
Think outside the box when it comes to raising money for the down payment on your home, and don't overlook some of the obvious ideas. Ask your realtor for an estimate on the closing costs so you can include it in the amount you're raising. Share this article with others who are paying for a wedding but want to raise money for a down payment on a home as well.Share