Tips for buying a home after divorce

Going through a divorce is a difficult life experience for the whole family. But once all the paperwork is out of the way, and your assets have been split, you may be left with some money to put down as a deposit on a home. Investing that money in a home of your own, in most circumstances, is a good idea. Here are some tips to make sure you buy a property that suits your needs and your wallet.

Don’t make emotional decisions

Divorce is an emotional rollercoaster. And making decisions when your emotions are running high could leave you buying a place that you haven’t thought through properly first. Going through a divorce and buying a house are two of the top most stressful life events. Rather speak to a bond consultant and an estate agent to get pertinent advice on what you need and how to go about getting it.

Make sure you understand your new financial situation

You need to draw up a new budget so that you can work out what your solo expenses are, with only one income and possibly maintenance. Get all your paperwork up to date, like your will and your insurance policy details. You will need to submit documents to apply for a loan so get everything in order first. It will save you a lot of time and frustration.

Consider the location carefully

If you have children, you will likely have to drive between your home and your ex’s home fairly regularly. You’ll also need to attend school functions and sport events. Living in a nearby neighbourhood will make it easier for you to be available for your children when they need you. It’s also good to think about staying near family and friends that can help you with your children when you need to work odd hours.

Security is key

Since you will be staying on your own, and sometimes with your children, security is an important consideration. It may be worth your while to buy in a secure sectional title so that you feel safe and protected. Estates and sectional titles have the advantage of developing close community ties. Your children can play safely in a closed off area, with secured access points. Feeling safe on your own will help you navigate the rest of the challenges that come with a new start.

Use a bond originator

Once you’ve found a place that you feel is a good match, BetterBond can take over the shopping around to find you the best deal on your home loan. We negotiate on your behalf to get you the best interest rate on your home loan. After that we apply to all the major banks – including your own – so you don’t have to approach them. We can help improve your home loan affordability, which could save you hundreds and thousands in interest over the course of your loan term. And our services won’t cost you a cent.

If you map out your post-divorce journey with purpose and take control of your finances, starting over need not be intimidating. Yes, it will require a lot of adjustments but with a home of your own, your fresh start could feel safe and secure.