Divorce is one of the most stressful things a person can go through, and it can affect any area of your life. Once the activities between lawyers and documents have settled, even if you feel insecure, you are likely more than ready to move on to the next chapter of your life. Probably one of the biggest changes after a divorce is your life situation. Here are a few things to consider before buying a home.
5 things to consider before buying a new home
1. Your finances
If you and your spouse don’t keep your finances completely separate throughout your marriage, your finances will be slightly different. It is important not to make large purchases until you understand what your new financial situation is like. Otherwise, you could buy a property that you cannot afford or you will try to get a loan on a property and fail to qualify. Also, many divorced people either have to make or receive payments, which can have a significant impact on your budget.
If you’re trying to create some space between you and your ex-spouse, moving can mean a new job that affects your life as well. Some people like to throw themselves into a big project after the divorce, others don’t have the energy. Either of these are valid answers, but you need to know what your plans are for buying a ready-to-move home or a house that needs serious work. You may not be able to afford the perfect newly built home you had in mind, but neither are you willing to take on all of the projects required for a historic home.
2. Your taste
This is a great time to buy the home you always wanted or to do the renovations your ex-spouse always put off. Convert your basement into a home theater or convert this guest room into a home office. Buy the kitchen gadgets you need to become a better cook or turn your yard into an enviable entertainment space. Search for “pool builders near me” and put in a custom pool. Starting over can be scary, but this is also an opportunity to build the lifestyle you want. Many people need time to recover from a divorce. So what better way to heal than on a float or in your brand new home library? Paint this accent wall pink and take advantage of the fact that all you have to do is answer yourself.
Location is an important factor when buying a home, especially if you are a parent. If you and your ex share custody, you probably want to stay around the same area so you don’t have to drive for hours every other weekend. While the shorter route will be easier for you to drive, it can also be good for your children to have easy access to either side of their family. Plus, you never know when you’ll have an emergency and you need extra hands.
place can make a huge difference when it comes to school districts and you may have to decide whether to switch schools or stay where they are. This is also a great opportunity to get closer to your interests or hobbies. You can get closer to walking trails or museums in the city. If there’s one place you’ve always wanted to live and move around, this may be the time to take a bold unconditional step.
4. Real estate experts
While talking to someone about your situation can be embarrassing, it is more reliable than you think, and having an expert by your side who understands what you are going through can be a huge benefit. Talking to brokers, lenders, or anyone else who can relate to what you are emotionally going through can help the process go more smoothly. For example, a realtor who has no experience with divorce may not understand what type of home you need or encourage you to buy if your finances are still unresolved.
5. Take your time
While you may feel like you need to rush into this next chapter and get everything done, you may not be ready either. A home is a big buy, so it isn’t exactly ideal to get involved with. Divorce proceedings can drag on and make it difficult for you to manage your emotions the way you need to. This is the time to lean on your support network and plan your next move. Stay with your parents or a friend or rent for a while while you navigate the housing market and decide what to really want in a new home.
Divorce can be a catastrophic life event, but there is also life on the other side. This is your opportunity to build the life you want on your own terms. With a little planning, you can find a new home that perfectly fits this new chapter.