How to Avoid Costly Housing Mistakes Before and After a Divorce

Divorce is rarely easy and often means a lot of difficult decisions. One of the most important decisions is what to do about the house.

In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific information and answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. Neutral, third-party information can help you make logical, rather than emotional, decisions.

Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories? Do you want to minimize change by staying where you are, or sell your home and move to a new place that offers a new start? Only you can answer those questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy? How much house can you buy on your new budget?

To help you know what questions you should ask and how to arrive at the right answer for your specific situation, a FREE special report has been prepared by industry experts entitled "Divorce: What You Need to Know About Your House, Your Mortgage and Taxes".

The purpose of this report is to help you ask the right questions so you can make informed decisions that will be right for your situation.
 
You have 4 basic housing options when in the midst of a divorce:

Below are 2 of those options:
 

1. Sell the House Now and Divide Up the Proceeds

 
Your primary consideration under these circumstances is to maximize your home’s selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be - i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original downpayment, and the legislative property laws in your area.
 

2. Buy Out Your Spouse

 If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.
 
So, there is 2 of the 4 housing options to be aware of in the event of a divorce.If you’d like to see the rest of those options, you can grab a copy of the report “Divorce:  What You Need to Know About Your House, Your Mortgage and Taxes” for free by clicking on the following link www.briankondoteam.com/seminar_divorce, or give me a call at 905-683-7800 (office) or 905-426-7484 (direct), or email me at brian@briankondo.com.  Make sure you give us your full name, contact number and reason for the call – in this case you’re asking for a copy of the  above report.

 

Thank you for reading today’s BLOG!



 
 

 

Your Home Sold Guaranteed or I'll Buy It!* No Gimmicks! For a Free Special Report that Details my Guaranteed Sale Program, visit: www.BriansGuaranteedSaleProgram.com.

Remember, your referrals change lives! We donate a portion of our income on every home sale to a great worthy cause like SickKids Hospital. To find out more visit: www.ReferForSickKids.com.

If you or anyone you know is considering making a move in the next little while, give me a call or pass on my number ... 905-683-7800 (Office) or 905-426-7484 (Direct).

Brian Kondo

Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-683-6025 direct