Financing your new home

Before you can begin the hunt for a property to buy now that you are divorced and single again you need to assess what you can reasonably afford to borrow and pay back without bankrupting yourself.

new houseAs if getting a divorce were not enough to have bankrupted you,  being on your own again means that you have only yourself to depend on to pay all the bills and it can be an alarming prospect if you have been used to having two salaries going into the bank.

Not only will you have to take into account the actual asking price of any property you may be interested in and the other expenses involved in moving but also future running costs.

If you have already sold a property that you previously owned jointly with your spouse then you will be in a stronger position than as a first time buyer trying to wiggle your toe onto the bottom rung of the housing ladder.  It'a a tricky business so it's good to have all the information and advice you can get.

Buying and moving costs
Be practical.  Boring but necessary.  Make a detailed list of all your day to day expenses such as food, utility bills, council tax, TV licence, house and contents insurance, clothing, school fees if your children are at independent schools, any other credit card payments you may have; entertainment, post divorce holidays, trips to the hairdresser, botox injections (do women still do that?), etcetera, etcetera.

What's left is for the mortgage
Add it all up and you should be able to work out what you have left to pay the mortgage.  The result may result in a panic attack as you contemplate your future as a divorced person, maybe with children to look after, living in a cardboard box on the side of the motorway.

However, it is possible that with careful budgeting you will still be able to afford something albeit a tad more modest than your present home.  However, it will be somewhere to slob about in your trackie bottoms and a T-shirt eating baked beans straight out of the tin with no-one to criticise or raise a disdainful eyebrow.

Moving costs
As for moving costs there are all the usual suspects such as estate agents’ fees, stamp duty, surveys and local authority searches and hiring a removal firm to transport your possessions to your new home (not forgetting the industrial sized packet of teabags and the gallons of milk needed to quench the thirst of those hard working boys doing the work).

Curtains and corkscrews
And then, if all that were not enough you will probably want to do a certain amount of re-decorating when you move into your new home.  If the previous owners have not left curtains or carpets you will need to budget for those too as well.  However on arrival in your new home it is important not to forget the wine and of course, the corkscrew (OK so the screw top wine bottle is here to stay but on important occasions you must have a cork).

 

Follow Us

Back to top