If given a chance to choose between having the wedding of your dreams or purchasing your dream home, what would you prioritize?
This is the big question couples in the new Netflix series "Marriage or Mortgage" have to answer as they prepare to take their relationship to the next level.
Netflix just dropped the trailer to its new reality show that help engaged couple to weigh in a crucial decision of their life, to have a grand wedding or a place hey could call home because apparently, not everyone can afford to have both at the same time.
The 10-part series, which will drop on March 10, follows young couples who only have enough budget to turn one of their dreams into reality. They were introduced to wedding planner Sarah Miller and real estate agent Nichole Holmes, who will convince them to make the right decision.
"The best part of being a wedding planner is being able to create these huge moments for my couples," the Nashville-based wedding planner said.
But for Miller, who has been divorced twice, buying a house is a more practical decision because "if it doesn't make dollars, it doesn't make sense."
"Owning a house is the all-American dream. I'm a real estate agent; I can make that dream come true," Holmes said.
Holmes presents the couple the perfect home within their budget, while Miller gives the couple a glimpse of wedding planning from checking out venues, dress fitting to the cake tasting.
While the upcoming Netflix series seems like a perfect recipe for disaster (or should we say breakup?), the decision all boils down to the couple's priority.
Millennials Prioritize House Over Marriage
Back in the day, our parents and grandparents would do the typical life order, which is to tie the knot before building a home together. Nowadays, unmarried millennials are leaning on the practical side of securing a property before walking down the aisle.
A 2013 Coldwell Banker Marriage and Homebuying Study show that a quarter of American millennials gets a mortgage before getting married. Another survey shows that more millennials are cohabiting before marriage and that the younger generation is waiting longer to get hitched.
Psychotherapist and relationship expert Rachel Sussman told Business Insider: "marriage rates are declining - millennials are finding marriage less important than it used to be."
"Couples living together in a home they purchased or in a rental are focused on being in the here and now," she added.
The Risk of Buying a House Before Marriage
While getting yourself a house and a lot is a major life goal, experts suggest that home buying is not something to be taken lightly. They warned against the risk of buying a property together with someone you are not legally bound.
According to experts, not all unmarried homebuyers get to have a happily ever after. This scenario may lead to financial pitfalls and legal risks.
Unlike legally married couples who can split their properties in case of divorce, unmarried couples may go through a tedious legal process of removing the other party from the mortgage legal documents.
"Laws help married couples divvy up (the) property after they've split up, but there's a lot of legal grey area around those who are unmarried," former Clever Real Estate co-founder Ben Mizes said.
"It's not exactly romantic, but it can save serious headaches down the road for both parties," Mizes explained, adding that the unmarried couple should involve a lawyer in creating contact that includes what happens to the property in case of a breakup.
