When a marriage ends, countless changes take place in the lives of the newly divorced individuals. Looking to purchase residential real estate soon after a divorce can prove to be quite a challenge. However, with proper guidance and the advice of an experienced legal representative in Alberta, it could be a painless process. A newly divorced person might not be financially ready for such an important transaction immediately after the divorce.
It might be best to seek pre-approval from a lender that will be a guide as to the maximum price level to look at when home searching. However, it might be best to first draw up a budget to make sure that there will be money to spare after paying the monthly mortgage amount. The maximum allowed amount need not be spent to the detriment of the buyer's future lifestyle.
Things to consider when drafting the pre-purchase budget include mortgage insurance, the community's homeowners' association, landscaping and the home warranty. Consider the monthly costs of maintaining a residence -- not forgetting to allow for unanticipated events such as a burst water pipe or a broken air conditioner. Matters such as new uniforms, shoes for the kids, or private lessons and extracurricular activities must be factored in as well.
Then there are things like savings for rainy days and college funds to consider, and what about retirement? Looking at these issues may seem overwhelming before the house hunt has even started. However, with the support of a skilled residential real estate lawyer who can look over all documents and protect the interests of the buyer, one can confidently pursue such a purchase in Alberta.
Source: realtytimes.com, "Buying While Divorced: What You Need To Know To Move Forward", Jaymi Naciri, Feb. 1, 2017