Buying a home is not like buying a pair of shoes. If you changed your mind and thought that you need another style or size or brand, you can easily return and get the replacement that you want. It may sometimes entail an additional cost but you can get the one you want when you realized that you made the wrong choice when you first shopped. The case for buying a house is different. When you decided to buy a house, you can no longer change your decision once you already have signed and issued your check. This means that you have to exercise due caution and wisdom when making this major decision of your life.
The general criteria that you can use in determining if a house is worth buying or not include the house’s price, location, situation, community, size, and floor plan. The cost of the house is a very important factor in buying a home. Even if you have enough funds for the required down payment, you should still consider the monthly amortization and compare it against your monthly income.
The home’s appeal is very important especially if you are concerned about your image. Your home can reflect your lifestyle. For the busy and more modern personalities, you can choose some Victorian-inspired homes instead of the conservative ones.
Lastly, you should consider the size and floor plan in your decision to buy a home. You have to determine if the number of rooms and baths are relevant to your needs. You have to be practical in buying what you only need. If you live alone or you have a small family, it may be unwise to get a home with 4 bedrooms and 4 bathrooms.
Getting a divorce and forced to sell your home
An unfortunate but frequent aftereffect of divorce is the necessity to sell the family home. Some of the most common reasons for having to sell the home are that the home was recently acquired and the mortgage payment is very high. Because a second home must be established for the other party, it is no longer financially possible to dedicate a large amount of the couples combined income to the housing expense of the home they purchased together.
Substantial equity in the home resulting in neither the husband nor the wife being able to afford to buy out their spouse’s share of the home. One party, usually the wife has been out of work being a housewife, caring for the kids for so long that she does not have the financial resources or the credit to refinance the mortgage to her name. Divorce can be a financial blow that nobody ever plans or saves the money up for. When extra funds are needed, the easiest, most practical, and often the highest valued asset they can sell, is the family home. Often selling the home is the only solution available to a divorcing couple.
If one or the other party refuses to cooperate or agree to sell my property, there is potential for increased legal fees when the court has to force the issue of selling the home to pay off debts or split the proceeds. These are all important things to consider, however, the bottom line for many divorcing couples is that the sale of the family home is unavoidable. Consider discussing all of the available options for your home with a real estate professional who can help you sell my property.