Buying a new home is an exciting venture, however if you are moving homes due to separation, the truth is, it can be filled with stress. As experienced Ottawa realtors, our job at the Chell Team is to guide you through the process and help you make the best decision for your long-term future.

Here are some important considerations prior to buying a home post-separation.

First Things First

In the immediate period following separation, it is tempting to make a quick buying decision about your new home. However, this may not be the best thing for your family, in the long run.

When you are in need of immediate housing, you may feel pressured to settle for a home that may not meet your needs. Securing a temporary living arrangement can take the pressure off and allow you time to make an informed choice after the dust settles. Whenever possible, slow down and make decisions from a clear-headed place.

Buying Out Your Spouse

Often, the simplest course of action is to buy out your ex-partner and assume full ownership of your existing home. This allows you to remain in the home, and if you have children, provides housing stability for them. There are various choices such as buying out your partner in cash or restructuring your mortgage; discuss your options with your financial advisor and mortgage broker to determine the best strategy for you. If you do not have a financial advisor or mortgage broker, we would be happy to provide you with some recommendations, contact us for this information.

Proximity Restrictions

If children are involved, your custody agreement may stipulate proximity to the other parent. Before choosing your new neighbourhood, ensure the area is child-friendly, within the proximity restriction, and aligns with your separation agreement.

Creative Ways to Secure Funds

If you are wondering how to raise funds to buy another home post-separation, there are a couple of strategies to keep in mind.

You may qualify to access funds from your RRSP. While it is intended for your retirement, the federal government will allow you to borrow against your RRSP with the Home Buyer’s Plan. The Home Buyer’s Plan is meant for first-time homebuyers, but many people do not realize it may be utilized again post-divorce. If you pay it back within the specified time period, you may borrow against your RRSP without penalty.

Furthermore, you may also qualify for a land transfer tax rebate post-divorce. Contact the Chell Team and real estate lawyer for more information.

Get Support

Separating is difficult even in the best of circumstances, and there are professionals trained to make it as easy on you as possible.

We recommend meeting with a financial advisor as well as someone from our real estate team, to learn about your options. When emotions are running high, you need an unbiased professional on your side to help you make an informed, financially-sound decision.

There are also a number of other professionals available to assist you, including:

• Mediators
• Lawyers
• Accountants
• Family Therapists

The investment in professional help is well worth your peace of mind and financial security.

Conclusion

While buying post-separation is challenging, educating yourself on your different options empowers you to make the best choice possible. The Chell Team is here to support you through the process and take the stress off of you. Contact us today to learn how we can help you find the perfect Ottawa home to support you today and for years to come.