When Should I Look to Buy a Property After a Divorce?
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When Should I Look to Buy a Property After Divorce?

03 May 2017

When Should I Look to Buy a Property After Divorce?

When we get married and enter into a mortgage with a person, many of us think we will spend a lifetime together. However, it is becoming more and more common that this is not the case as people fall out of love with each other and decide to get divorced. If you have recently divorced then you might be considering the best time to move out of the shared home and buy your next property. Our guide gives you some advice on when you should look to buy and move your belongings out of the old home.

Secure your rights

The first thing that you should do during a divorce is make sure that you secure your rights to your home and also your right to live there. Once you have done this you will need to think about how you want to divide the home and how you can move forward. There are a couple of options that you can consider when it comes to this and a few different ways that the home can be divided. These options include;

  • Sell the home and you both move out, with the money from the sale divided between the two parties
  • Arrange to buy your partner out so that you own the home or vice versa, so that one of you can stay living in the home
  • Don’t change the ownership of the home, you could still decide to move out and own part of the home so you keep the value on sale in the future

Think carefully about moving

Once you have resolved how you decide to move forward with the divorce, you can begin to think about buying a property on your own. One thing that you will have to consider when it comes to buying is to remember you won’t be able to afford a house of the same size. However, this doesn’t mean that you should instantly compromise and find a property as small as possible. Consider how much space you will need, especially if you have children and consider if the area you decide to live is suitable too.

What am I looking for?

You are bound to have all kinds of questions when moving to a new home as it can be difficult to know exactly what you’re looking for and how much you should borrow. Ideally you should look to buy a property with the money that you have from the sale. But this is not always possible, so you should try to limit the amount you borrow as much as you can. You should also consider the saleability of the property you buy, as you might need to sell it in the near future if you meet someone new and decide to move in with them.

If you are buying a new property after divorce, then it is highly likely that you will be downsizing to something that is much more manageable and suits your needs better. However, this means you are likely to have too many belongings to fit them all into the one home. There might also be belongings that you don’t want to bring into your home but still hold value. Self storage can provide the perfect solution and provide somewhere to store your belongings until you are ready to sort through them and bring them into your new home. Easistore provides a range of flexible storage solutions to meet your needs.