Real Estate and Divorce – When You are Not Willing to Sell
When you are going through a divorce and there is a family home to divide or possibly sell — this can be a very emotional decision. Real estate and divorce often go hand in hand.
There are many cases when one party is absolutely not willing to sell the home but is also not in a financial position to buy out the other party for their half of the property. Coming up with a lump sum to buy out your ex in a divorce, is extremely difficult unless there are other assets of similar magnitude that the other party is willing to part with.
After reading my latest blog on “To Sell or Not to Sell?”, you are still absolutely unwilling to part with your home, then let’s look at other options to ensure you are financially OK for your future.
- You used to share your family home with your ex, why not open up a room or a basement and share your home with a renter? This can ensure that you can achieve your mortgage payments.
- Sell your home to an external party as an investment property with the agreement of renting it out from the buyer. In Calgary, investment properties are at an all-time high right now, so lose the hefty mortgage payment commitment but find a way to rent from an investor.
- Develop your basement to allow for a basement suite tenant
- Talk to your bank! Refinancing your mortgage can be an option — but a painful option.
If you have exhausted your options and have not found a solution that works in your favour to keep your family home, contact me and I can help you downsize in style.
You don’t have to settle when buying a new home, just get settled in real estate and divorce
Linda James is a Calgary Realtor with Remax. She is a born and raised Calgarian and has made her mark in the Calgary Real Estate market for the past 15 years. Linda knows the Calgary housing market and prides herself on being a Calgary housing expert. What separates Linda from other REALTORS® is her true passion for real estate, her connection to people and her ability to assist her clients from start to finish whether they are buying or selling a home. Contact Linda today to learn more about the Calgary market and start the process of buying or selling your home. email@example.com, (403) 650-1796.