GET OVER YOUR EGO AND BUY SOMETHING!
Divorce brings with it not only emotional challenges but also a host of complex logistical and financial issues that need to be addressed.
One of the significant hurdles is determining whether to rent or buy a new home, especially if one or both individuals are leaving the matrimonial residence.
If financially feasible, I strongly recommend purchasing a home soon after the divorce. This can help avoid getting trapped in the perpetual cycle of renting, a topic I explored in depth in a recent post.
It's also important to recognize that your housing budget will likely be significantly reduced since you are no longer sharing expenses with a partner.
Adjusting to a new lifestyle or neighbourhood that may not match your previous standard can be a tough adjustment!
In the months following a divorce, it’s natural to take things one day at a time. However, establishing your long-term goals and creating a roadmap to achieve them is crucial.
Making small compromises now, such as settling for a different type of home or neighbourhood, can have substantial benefits in the long run.
Don’t let this moment define the rest of your life, prioritise setting yourself up for success!
So, here's my advice: set aside your ego and make that purchase! It might not be your dream home or in your preferred neighbourhood, but it will be a significant step towards rebuilding your financial stability and confidence.
If you’re navigating a separation or divorce and are uncertain about the future, know that I understand what you’re going through. There is light at the end of the tunnel. Reach out for a chat, and let's plan your next steps together!
Claire has a keen interest in investment properties and looks forward to continuing to help her clients build their real estate investment portfolios.