Mortgage News
Getting a divorce? Here are four things to consider before selling your real estate
If splitting is the only option, it doesn't necessarily mean that you can’t handle the real estate break-up wisely.
Published
We know that married couples are generally wealthier than their single counterparts. Financial planners often say divorce is one of the worst decisions you can make, from a personal finance point of view.
Handling the financial and real estate break up wisely is no easy task, and timing can be everything. Waiting for the right time to sell the home could result in thousands of dollars in savings. Reducing fees can occur when you can control when you have to sell.
Here are four things to consider before you sell:
- Try to control the timing.
- Don't publicize the fact that you're selling because of a divorce.
- Consider the transaction costs associated with selling.
- Take a look at comparable housing. Maybe there is a way to keep the house.
During the spring of fall, the housing market is strong with activity rather than in winter. Considering the right season to sell will help you yield a higher price. You may be looking at fees for breaking a mortgage if you just signed a new mortgage or renewal. Counting the realtor commissions, land transfer taxes and legal fees can all add up to a considerable amount in the end. After splitting the money, you may not be able to afford to live in the same area as comparable housing may be too much for one person to handle financially.