One of the hardest parts of navigating a divorce is having to find a new place to live.
On its own, buying a house is a big process. Add a major life change into the equation and things can get stressful fast.
As a real estate agent who has worked with buyers and families in all kinds of circumstances, I’m here to help. In this blog, I’ll offer my best tips on how to find a new home after a divorce or separation.
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Sign a Separation Agreement
If you haven’t yet, the first thing that you should do before you start searching for a new home is sign a separation agreement with your former partner. In essence, this is a document that formalizes you and your former spouse’s intentions to get a divorce. Oftentimes, you can’t proceed with the important parts of a divorce (like selling a house or taking your name off of the title) without it.
Understand What’s Going on With Your Current Home
Once your divorce is in motion, you’ll need to take care of your current home. If it’s decided that your former spouse will keep the home, they’ll need to buy you out. Or, if neither of you want to stay in the house, you can sell it and split the proceeds.
Not only will settling (or at least, knowing what’s going on) with your existing home provide some comfort and confidence as you enter the market, but it will also be an important part of shaping your buying budget. More on that next.
Not sure what to do with your home following a divorce? You may find these other blog posts helpful!
- Everything You Need to Know About Selling Your Home During a Divorce
- Can You Buy Out the House From Your Partner During A Divorce?
- How to Decide Who Keeps the Home After a Divorce
Building Your Budget
You can’t start your home search until you know what you can afford. So, your next step in finding a new home is to build out your budget.
One of the easiest ways to find out what you can afford to spend on your new home is to get pre-approved for a mortgage. During this step, a lender will look closely at your personal finances – including what’s going with your current home – and decide what they’re willing to lend you towards a mortgage. Once they have all the information they need, your lender will establish an approximate loan amount that you qualify for.
Another unique part of buying a home after a divorce is that your finances will look different. On top of adjusting from a dual-income lifestyle to a single-income one, there may be financial obligations that impact what you can afford. For example, if you have monthly child support or spousal support payments to make, it could impact what your bank is willing to lend you towards a mortgage.
There are also the costs of getting divorced in the first place – which can be quite expensive. Court and legal fees can add up fast. You’ll want to factor these into your budgeting too.
Think About What You Need
When it comes to starting your home search, having a solid budget is essential, but that’s not the only thing you need to solidify before you head to the market. As a result, the next step in your journey will be thinking long and hard about what you actually need from your next home.
Start with the basics. For instance, think about how much overall space you’re going to need. Let’s say you will be sharing custody with your former spouse, you may want to have a bedroom for each of your kids, as well as ample play space throughout the home.
Another important characteristic to look for in a home is location. Although you’ll be starting a new chapter in your life, you might still have many of the same responsibilities – or you may not.
Once again, kids are a great example of this. If you’re going to be sharing parenting duties with your former spouse, you probably won’t want to move all the way across town. Or, if you don’t have any responsibilities keeping you close to your current place, you can branch out and explore new neighbourhoods that may be a great fit for you.
Searching for more tips on buying a home? Explore these advice-packed blogs next!
- Insider Tips For Buying a Home in South Etobicoke
- How to Buy a Home After You’ve Already Sold the One You Live In
- Buying a House Under $1 Million in Etobicoke? Here’s What to Expect
Partner With a Great Real Estate Agent
Searching for a knowledgeable and compassionate real estate agent who can help you navigate the buying process? Look no further.
As a local South Etobicoke agent, I’ve helped countless clients find the perfect place to call home based on their unique needs. Regardless of your situation or the type of property that you’re looking for, I can guide you through a successful transition, all while providing empathetic advice and insights.
Ready to buy? I can help! Call or text me at 647-239-7587 or email me to get started.
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