Divorce is a big event in everyone’s life and it is not easy to break away from it. The months or years leading up to the divorce, as well as the lengthy process, can weigh on your health, energy, and finances. One of the biggest challenges after the divorce is finding a new life situation. Buying a home after a divorce can be a strange process to follow on your own after years of sharing a home with another person. If you think you might want to buy a home after a divorce, here are the steps you need to take.
5 Tips To Buying A Home After Divorce
1. Complete all legal processes
Buying a home after a divorce can get messy quickly. It can also pose a significant risk. Depending on your situation, your finances can change drastically after your divorce is finalized. You can lose part of your salary to your spouse or receive payments. Shopping for a new home in the middle of the action can make planning a budget a nightmare. Plus, you don’t want to buy a home that you can’t afford. An expensive mortgage payment only creates more stress. If you separate a house from your spouse while the divorce is still going on, you could be punished for having such a large fortune. You may want to change your life situation, but don’t let other assets cost you that you really wanted.
2. Close the door to your old life situation
Before you can sign the paperwork for a new home, you may need to sell the old one or finalize your lease on an apartment. Selling a home with your old partner can get messy quickly, and it is possible that divorce could make the process more difficult and ultimately make it harder to sell your home in the time frame you want. You may even need court entry before you can go through the sales process, especially if the house is a point of contention between the two of you. Regardless, if you don’t take care of the old one, buying a new home will be easier. Sign a short rental agreement for an apartment or stay with friends and family while you are looking for an apartment. Just make sure you organize all your important documents before you start packing. Proof of income will be important when you need a mortgage.
3. Assess your financial health
Divorce can wreak havoc even with carefully planned budgets. Has your income gone up or down? Have you paid all of your legal fees? Will you owe different taxes due to the change in your wealth? Has your credit been affected in the past few months? All of these can have an impact on your approach to the real estate market. If you want to look for a house in a different location, the prices are different there and if the distance is far you may need a new job. If you end up aiming for a career change, it may take a little longer to figure out what your budget will be. You also need to consider workplace benefits, especially if you’ve relied on your partner for those benefits. For example, you may need to switch health insurance. If you and your ex saved up for retirement, how has your retirement savings changed?
4. Make your new house checklist
Your life after divorce may be very different from your previous lifestyle. The things that you cherished as a couple may not matter so much now that you’re single. When creating your wish list for a post-divorce home, a few things may already be decided for you. For example, if you have children and you share custody, you are probably not willing to venture too far from your current location and you will likely still need room for a growing family. However, now you can pursue your own interests so that a house in the suburbs can move to a city apartment or vice versa. Set your budget and make a list of the features that you know you want. Enjoy the fact that you don’t need any input from others!
5. Choose an expert
Navigating the property market is tricky, and it can be even more difficult if you’re still trying to catch your breath after the divorce. There is estate agents who specialize in helping divorced people. This can be the expertise you need when your schedule is in turmoil. These brokers understand what it is like to fit in between appointments and exercise for the kids in home tours. They also know how difficult it can be to get a grip on your finances, and that understanding can make a huge difference in how well you know these professionals
Life after divorce is certainly different, but it is also an opportunity to live your life as you see fit. Buying a new home is only part of the process, but with these steps you will be well on your way to building a happy new chapter.