How to Avoid Costly Housing Mistakes During Your Divorce
If you are thinking about divorce or you are in the middle of navigating the muddy waters of the process, you are not alone.
With any divorce, emotions run high; therefore, it is hard to focus on transactional items like your home, making you vulnerable to costly housing mistakes.
What you need most are some non-emotional, straightforward, specific answers.
Your Home Sold Guaranteed Realty of Florida can be that unbiased guide you need to help navigate you through the process.
How to Decide if You Want to Live in Your Home or Sell It During a Divorce
Let’s face it.
Divorce is hard. It comes with many difficult decisions. The most important one is what to do about your home.
First, you will need to decide if you want to continue to live in it or sell it. There are many factors to consider before making that decision. Before you do anything, read a FREE special report prepared by industry experts entitled Divorce: What You Need to Know About Your House, Your Home Loan, and Taxes.
The first step is to ask yourself the following questions:
- Does your home bring you comfort and emotional security?
- Does your home remind you of unpleasant memories?
- Do you want to minimize change by staying where you are?
- Do you want to sell your home and move with a fresh start?
Only you can answer those questions, but we help you make informed decisions based on what is suitable for your situation.
If your choice is to sell your home, you have 4 options.
Your 4 Housing Options when Going Through a Divorce
It’s essential to know your options for your home while going through your divorce.
Here are the 4 options you have when it comes to your home.
1. Sell the House Now and Divide up the Proceeds
Your primary focus is to maximize your home’s selling price. We can help by guaranteeing your home will sell for top dollar. We will also help you figure out your net proceeds after selling expenses and determine your split of the profits.
2. Buy-Out Your Spouse
Suppose you intend to keep the house yourself. In that case, you’ll have to determine how you’ll continue to meet your monthly financial obligations now that you only have one salary. You will need money or assets to buy out the portion of equity they have in the home.
3. Have Your Spouse Buy You Out
If you are the one who is leaving, you have the opportunity to start over in a new home with cash in your pocket. However, be aware that the house should be refinanced to release yourself from any obligation or liability. If you don’t, it may make qualifying for a new mortgage difficult for you.
4. Retain Joint Ownership
Some divorcing couples postpone a financial decision about their home and retain joint ownership even though only one spouse lives there. When you are no longer ready to have joint ownership, you will want to keep your eye on tax considerations. Tax considerations may change from the time of your divorce to the time of the ultimate sale.
When You Decide to Sell
If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return.
Differences aside, you both should be present when a listing contract is put together.
Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.
When You Buy Your Next Home
Use the proceeds from your previous home or buy out to determine an affordable price range for your next home.
Maintain a clear focus on getting the right home to suit your new situation.
You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home buying criteria.
Learn More
10 Must Ask Questions to Ask When Interviewing a Realtor
27 Valuable Tips to Sell Your Home for Top Dollar
7 Things You Must Know Before Selling Your Home
Real Estate Agents Will Help You Navigate How to Handle Property During a Divorce
When you choose to work with Your Home Sold Guaranteed Realty of Florida we will give you free home seller resources and guarantees to help you how to decide what to do with your house if you are going through a divorce.
Give one of our expert real estate agents or call us at 888-449-9474 or complete the form below for more information.