Going through a divorce has many implications, one of them is deciding to move out of your shared home. This week on our Live, we discussed our 5 factors to consider about moving out after divorce.
Deciding on the property you will buy and move into:
If you chose to move out of your shared home to buy a new property and start fresh, how do you start with your real estate search? If you are forced to sell your home, how can you sell your property for its worth in the highly fluctuating housing market? Also, how do you decide whether you want to rent or buy your new home?
The house you will move in after a divorce most likely will become your home for the rest of your life. This makes your moving decision more important as you need to be more careful about your next property meeting all your needs and wants from a home. If you have school-aged children, checking schools in your district might be an important factor to consider. If you have hobbies, you can also check if there are places you can go to pursue your interests.
What type of space are you moving into?
The GTA is becoming less affordable as many people are moving to the outskirts, so if you are making a moving decision driven by price even further might be a good choice for you. However, will moving away fulfill your needs and wants from the place you want to live? Living close to the things and people you care about might be as important as the price tag of your new home so make sure you factor in everything that matters to you and starts your real estate search accordingly.
Deciding on which items to keep:
You’ve put a lot of time and effort into furnishing your home throughout your marriage, now who gets to keep what? Going through your items and talking to your ex-partner to make these decisions is an important step to move out after divorce. If you are downsizing, consider the feasibility of bringing all the furniture you want with you and think deeply about which items you truly need. By letting go of the items you want and keeping the essential items you need, you can make better decisions around what to bring to your new home. You can give the items you don’t need to others or even sell them online to make some money that can help you cover some of the expenses of moving.
Deciding on whether to sell or store the furniture:
Storing furniture might be more complicated than you assume with the costs and logistics associated. Moving after a divorce can help you simplify your life and declutter, so our recommendation is to sell off the furniture you don’t need instead of storing them. Once you store your furniture, you might take longer than you expect to decide on whether to use or sell them. A storage unit costs $160-$290 a month on average depending on the size in the GTA and this storage cost may cumulate to more than buying those furniture items as new.. In addition to these costs, there are also chances of your items getting damaged which might further impact their value to you and potential buyers in the future. When making these decisions, it’s also worth considering if your items will even fit into your new place.
How to budget for moving:
Having a financial plan not only builds a path to reach your goals but also factors in risks such as health loss, job loss and divorce. In the case of a divorce, your budget should involve paying off a new mortgage and costs of buying and moving furniture, if applicable. However, without making decisions about which furniture to keep, whether to sell or store some items and more, you might be hurting your budget and financial health more than you realize. If you are looking for cheap furniture, you can check Facebook Marketplace and Kijiji for new or used furniture for low prices. In order to align your life and moving goals with your financial situation, we suggest you work with a financial planner to understand how much you can afford while making these decisions and decide on how to find cost-effective alternatives. Book our complimentary 30-minute consulting session to start on your financial journey with our team today!
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