Formulating a ‘Divorcee Property Plan’
As a newly single buyer you will have more questions than answers:
- What is your new financial situation, and how will this affect your mortgage situation?
- Do you want to stay in the same area or is this a good opportunity to move to a completely new location?
- How is the three-way relationship between your ex-partner/spouse and your children going to develop?
- Will there be new relationships to take into consideration?
Buying a new property when you have little idea about what the next year is going to look like, let alone the next decade, is almost impossible.
Divorce is emotionally and financially draining. If you are going to make big changes in your life, you will be in a stronger position to deal with them if you have given yourself a little recuperation time before you embark on more upheaval.
Our advice to buyers is generally to think long-term; but when advising newly separated clients, our advice can be frequently the exact opposite – think short-term. Flexibility is the key, keep your options open, and give yourself a chance to start thinking clearly before you rush into something.
The current property market, with prices relatively stable, actually plays into the hands of those going through a divorce. We would strongly suggest that newly single purchasers consider renting in the short term – little to have to to get back into a runaway market is at least one piece of good news.
Stacks also has further practical advice for newly separated purchasers needing to plan their property lives for the future, including Selling your Property after a Split
When you are ready to commit to buying somewhere new, consider the advantages of using a Property Finder to represent your interests at this trying time, or indeed if you are buying a house as a result of a split, be aware of the potential pitfalls. We can also help you find that rental.
Please do give us a call to discuss the options.
