4 minute read
4 Tips to Buying Your First Home After Divorce
Maggie Horsburgh
Certifed Divorce Real Estate Expert (CDRE)TM
4 ips to uying our irst ome fter ivorce
When you’re ready to make a fresh start and move forward with your life, putting the past behind you is essential for moving forward. You don’t want to let the past impact your ability to get on with your life. And if buying a home is part of your plan, you need to prepare early.
If you’ve never owned property before your marriage, have never had a credit card in your name...in other words, you lack credit, you will need to establish some. You need a credit score to get a mortgage. Apply for a credit card or even your own mobile phone account. Don’t apply for too many things at once as that could negatively affect your credit score since it might be a sign you are taking on too much debt. Start slow.
If you’re going from two incomes to one, you need to have a good handle on what you can afford. Work the numbers by looking at your income sources. Consider all your current and anticipated expenses - especially when it comes to a home. Remember, you will now have to cover all utilities, taxes, maintenance and repairs, along with food, clothing and other essentials. Be realistic and don’t stretch yourself too thin. I often talk about the importance of having a Separation Agreement in place before you sell your marital home. It is a legal document that outlines the rights and responsibilities of each party regarding the division of assets, fnancial support, childcare, and anything else that is affected by the separation. You can’t get a new mortgage without one. ’
Finally, I know how hard it is to let go of your family home, especially when there are children involved. Let go of the guilt and treat the sale like a business transaction. It’s just bricks and mortar. If you let your guilt take over, you risk compromising the sale and getting less than you deserve. By treating it like a business transaction, you are automatically focused on maximizing your return - enabling you to move forward on the best fnancial footing possible.
5 ips for ivorcing ouples
1 2 3 4 5
STAY OFF SOCIAL MEDIA
While going through a divorce, stay off social media and do not let others post about you. Postings can be used against you in court.
DO NOT SIGN ANYTHING
Do not sign any documents presented to you without frst reviewing them with a lawyer.
DO NOT STAY MARRIED TO A MORTGAGE
If your name is on the mortgage it will stay there until the loan is refnanced into your spouse’s name, or the mortgage is paid off with the sale of the home.
PROTECT YOUR CREDIT
Keep your mortgage payments current. Agree with your spouse on who will make the mortgage payments while the divorce is pending. Keep bills current.
GATHER THE FACTS
Know whose name is on the title and determine if there are liens, judgements or other recordings that could affect title. The balance on the mortgage statement is not always the payoff amount.
aggie orsburgh
Sales Representative, Certified Divorce Real Estate Expert (CDRE)TM
519.496.6244
maggie@tapestryagent.com DivorceHaven.ca | TapestryRealtyGroup.com
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Solid Gold Realty (II) Ltd., Brokerage
Independently Owned & Operated 519.888.7110
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