Recently divorced couples can find it challenging to buy a new home post divorce, simply due to the intertwined nature of most married couples’ finances. If you’re ready to strike out on your own with a new home purchase, there are several factors to keep in mind. Karen Ann Ulmer, P.C., can be an asset when it comes to managing various elements of divorce, child custody issues, and family law.
Selling Your Property
According to It’s Over Easy, selling a home and dividing assets prior to a divorce is sometimes a prudent move. A division of assets is likely part of your divorce settlement, and as such, you may have proceeds from one house to invest in a new home in the form of a down payment. You want to ensure your current deal is closed and the money deposited in your bank prior to putting a bid in on a new property. Some fluctuations in divorce proceedings and final asset disposition can take unexpected turns, so you want to ensure everything is finalized before moving forward.
Assessing Your Finances
Once your divorce is settled, and your assets divided, you can better assess how much of a new home you can afford. A mortgage lender will look at your annual income, your credit, the amount of money you have available for a down payment, your monthly expenses, and then help you determine your best options. According to Bankrate, you’ll want to explore several different loan options before identifying the one that best meets your needs. Much will depend on the current average APR. Remember, you don’t want to overextend yourself, and if you’re paying for a home on your own, you may want to find something smaller than what you jointly owned with your previous spouse.
Finding The Perfect Home
Getting settled into a new residence is a healing move that can help you embrace your new independent life. In addition to cost, give careful consideration as to the size and location of the homes you look at. You may decide to stay close to your former spouse if you share children, or stay in a particular geographic region if your children are in a school district you want them to maintain. You can start your search online, and a qualified real estate agent can help you narrow the focus, tour properties of interest, and make an appropriate offer.
While divorce marks the end of one part of your life, it also opens the doors to new opportunities and the chance to gain independence and embrace a new way of living. Allow yourself time to get settled into your new home, make it uniquely yours, and embark on your next phase of life.
Karen Ann Ulmer, P.C. is home to experienced attorneys who handle divorce and child custody, wills and probate, real estate, law, and other complex legal problems. Visit the site today to learn more and reach out via email or phone for a confidential consultation.