Are You Ready to Buy a House After Divorce?
Divorces can be complicated. Assets need to be split up. Because of this, you may have to sell your marital home.
So what happens next? Do you buy a new home after your divorce? Do you downsize to an apartment? Do you stay with family members?
Determining the right living situation can be complicated after a divorce. You may be set on buying a house, but you may not be ready — financially or emotionally. Everyone’s situation is different, so you may have to wait a while to qualify for a house. Are you ready? Here are some things to keep in mind before buying a house.
Your Finances
While buying a home may be your primary goal post divorce, not everyone can qualify to buy a house. Houses can be very expensive, depending on your location. They can range from the $200,000s to more than $1 million. Before you can even be approved for a mortgage loan, you need proof of steady employment and income. If you are just getting back into the workforce, then you will need to rent for a while. Keep in mind that you may be forced to pay alimony and child support as well, so that will decrease your available income.
Protect Your Credit
Your credit score is a key factor in helping you get approved for mortgage loans, so don’t let things slip. Make payments on time. If you and your ex-spouse have joint accounts, you’ll be responsible for them until they are paid off. It is in your best interest to pay these off as quickly as possible and close the accounts. Any late payments can cause your credit score to decline, so stay on top of the bills.
Consider the Location
While money is the main factor in determining where to live, you should also consider the location. This is especially important if you are a parent and you and the other parent are sharing custody. You want to stay in the general area. However, if there are no kids involved and you’re looking for a fresh start, then by all means move to wherever you want. As long as you can afford it, the sky’s the limit.
Take Your Time
There’s no rush to buy a house after a divorce. There’s no shame in staying with family or renting for a while. A divorce is a major life change and you don’t want to be trapped with a huge mortgage if you’re not ready for that step. Take your time and process your emotions first.
Seek Legal Help
Buying a house is not a priority after a divorce. While you will need a place to live, it may be easier as well as more affordable to rent or stay with family at first until you become stable.
Concerned about real estate after divorce? Fort Lauderdale divorce attorney Edward J. Jennings, P.A. can address your concerns. He can provide you with solid advice that can help you better understand your financial situation after a divorce. Schedule a consultation with our office by calling 954-764-4330 or filling out the online form.
Resource:
totalmortgage.com/blog/general/4-tips-for-buying-a-home-after-divorce/26602
