A fresh start after a divorce can often involve finding a new place to live. Navigating the homebuying process can feel just as scary and stressful as your divorce when you were sitting in the family lawyer office. However, you can start this new chapter in your brand new life much easier if you know what to look for and expect. What should you focus on in order to get your dream home? Here’s what to look for when searching for a new home after your divorce.
Figure Out Your Finances
It can take over a year on average to get divorced in the United States. That long period of time can be a huge drain on your finances. Before you start looking for a new home, you will want to save some cash to use as a down payment and figure out how much you can afford for a mortgage each month. You will also need money to start new utility accounts, buy furniture, and purchase additional household supplies. If you owned a home together and had to sell it during the divorce, you could use this money towards buying your new home.
You’ll also want to consider your credit situation as well. Even though you officially divorced, you may still share responsibility with your spouse on accounts you shared together while you were married. Make sure your name is no longer attached to any mortgage, vehicle payments, or bank accounts you shared with your ex-spouse. Get a free copy of your credit report to find this information out and get your name removed from joint accounts to help improve your rating score.
Establishing Your Own Credit
If you were married for a long period of time, your credit may be tied up with your ex-spouse’s score. This means you may take a major hit once the divorce is finalized. You can establish your own credit by applying for credit cards in your own name or taking out small loans that are easy enough to pay back. Depending on your situation, this may take some time before you can be eligible to buy your new home.
Selecting A Realtor
Finding a realtor is important in order to search for your new home. You will want to find a realtor that has expertise in dealing with divorce situations so you can navigate through the unique obstacles that may be involved. Research their background credentials and ask them for references from past clients. You can ask friends and family for recommendations or search online reviews. It’s also a good idea to check the Better Business Bureau for complaints on any realtors you may be considering. Call Mays Realty for a realtor Clemmons.
Choose The Right Location
You’ll need to consider what the right location is for you. Do you plan to stay in the same area or would you like to move out of state? If you have children, state laws may prevent you from moving to another state without your ex-spouse’s permission. You’ll also have to consider where they will go to school and how moving somewhere new will affect them. Figure out what you would like to have and can afford for your new home in terms of size and property features.
Keep in mind how the weather will affect your move. It may not be a great idea to move during hurricane season, which is typically between June and November. If you choose to live in an area that is prone to severe storms and flooding, you will want to make sure you have the proper protections for the new home in place, such as insurance and storm proof windows and doors.
Finding The Best Property
With homeowners in the U.S. moving about every five to seven years, you should be able to find a property that will work well for your financial situation. When checking out properties, have an inspection performed before you agree to buy. Have the roof thoroughly checked for potential damage.
Make sure there is plenty of insulation. A home that’s properly insulated can save up to 40% on heating and cooling costs.
Take a hard look at the structure for any potential issues or damage. Examine pipes for signs of leaks, mold, or water damage. Check the property itself for any signs of potential flooding. Make sure that the water heater and furnace are in good condition, and check if a new air conditioning installation is needed or if the existing hvac system needs an air conditioning repair to work smoothly. By paying attention to the smallest defects, you can save yourself much time and hassle in the future with costly repairs.
Get A Mortgage Pre-Approval
It’s a wise idea to get pre-approved for a loan before you start looking for a new home. You’ll want to know exactly where you stand with the banks before you try to make any big purchases. If you do encounter a problem with your credit, you’ll know what you need to fix in order to make your new home purchase a reality. You may be required to show proof of employment for at least the past two years with income that’s remained the same each month during this time.
While lenders aren’t legally required to ask for it, you may desire to include your alimony or child support payments to boost your income in order to qualify for a loan. Keep in mind that these payments are short-term and you’ll have to find replacement income to keep up with mortgage payments. It is far better to stay within your budget that includes income sources that are more secure.
It can take hard work to find a new home after your divorce, but it will be worth it. Take your time and carefully consider your options as you start this new chapter in your life. Your unique financial situation will determine how fast you’ll be able to move forward. If you’re just going through or planning to file a divorce, you can get help from this divorce lawyer in Maryland. Your divorce lawyer can look after all of the necessary documentation and ensure that it is legally enforceable.
By taking one step at a time, you’ll be able to find a new home that is perfect for your needs. Start off on the best foot by following the tips in this article and you’ll be well on your way towards a brighter future.
