You are ready to make a fresh start and move forward with your life. And while putting the past behind you is essential for moving forward, you do not want to let that same past impact your ability to move forward in the way you want. If buying a home is part of your plan, you need to prepare early.
Know the score
If you have never owned property before your marriage, have never had a credit card in your name…in other words, you lack credit, then you will need to establish some. You will need a credit score to get a mortgage. Here are a few tips on building credit.
If you are 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 do not stretch yourself too thin.
Know your obligations
If you have read any of my previous blog postsmy previous blog posts, you know the importance of having a Separation Agreement in place before you sell your marital home. This outlines your financial obligations to each other and you cannot get a new mortgage without one.
It’s just business
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. The bottom line is that it is 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 financial footing possible.
I learned all of this the hard way through my own journey. If you have questions about your situation, I am truly here to help. I am passionate about helping you navigate the world of real estate during divorce. Get in touch with me today.