For most, Divorce Is a Major Life Transition
For most, divorce isn’t just an unfortunate event - it’s a time of significant transition and upheaval. From the division of assets to shared custody, there are many important decisions to be made, and all during an emotional and often exhausting season of life!
Why Renting After Divorce May Not Be Ideal
If you’re selling the family home, one such important decision is where you’ll hang your hat next. It can be tempting to put off purchasing your next property and simply renting until the dust settles. However, there are several reasons why this may not be the best decision for yourself, your family, or your financial future!
The Risks of Getting Stuck in the “Rent Cycle”
It may only be temporary, but getting stuck in the “rent cycle” can happen faster than you think. More often than not, it’s women who tend to end up in this unfortunate circumstance.
Challenges of Mortgage Qualification Post-Divorce
If you stayed home to raise your children (or, even if you didn’t - hello gender pay gap!) it can be difficult to qualify for a mortgage solo. Often, the down payment funded by your family home’s sale proceeds is your ticket to mortgage qualification.
How Renting Can Affect Your Purchasing Power
Renting for just one year can deplete these funds and significantly lower your purchasing power. Combine this with any rise in home values and your dreams of property ownership can slip away alarmingly quickly!
The Benefits of Buying Property Soon After Divorce
While you may not know exactly where you want to live long-term, and you may not be able to afford your dream home right away, purchasing property soon after your divorce and staying engaged in the market can set you and your family up for a more stable financial future (including the ability to work your way back to that dream home!).
Navigating Your Next Steps After Divorce
Every situation is unique, but don’t let temporary uncertainty deter you! I can help you navigate this chapter in a way that will set you up for success!
