Mistakes To Avoid With Your House During Divorce
Going through a divorce is very hard on all parties involved. You created a life together and now it seems like you have to separate it all. The home is one of the hardest things to figure out during the time of a divorce. Here are some mistakes that you will want to avoid during your divorce as it pertains to your home.1. Only using an appraisal for value.An appraisal is not going to take care of the entire value of the house. An appraiser isn’t going to do the dirty work of checking under the house for termites or moles, or check the pipes for and issues. An appraiser also won’t check into legal issues with the home that could potentially change the property value. It’s important to have every part of the house checked out by the people with the most knowledge in the area to help you get the real value of the home.2. Not contacting a mortgage professional.A lot of times during a divorce one spouse wants to remain in the home because the children are in school, they’re attached to the property and the community, etc. They assume that they can refinance the other party off the loan and title. If all this is done without the help of a mortgage professional, there is a lot of risk of delaying the divorce and making decisions that could lead to disastrous results after the divorce is final.3. Not conducting an insurance inspection.Home insurance, but like your credit score, has a public record attached to it. It is important to inspect what is called a C.L.U.E report to make sure there is no false information reported on it. False reporting or fraud can make your home non-insurable.4. Not staging a property when trying to sell it.If selling your property is the plan it is important to not cut corners when it comes to how you present the home. Divorces are very expensive so a lot of couples try to save money on not investing in repairs and stage of a home. However, doing those repairs and the staging even with a small investment on it will help sell the home at a higher price and will eliminate the buyer’s impression that the home is stigmatized by the divorce.5. Not conducting home inspections.Along those same lines, conducting inspections on the home, such as termite, general home inspection, pool inspection, roof inspection, etc. will help you understand the condition of your property and what problems will keep you from selling your property. The results of these inspections will also contribute to the property’s value equation.6. Not getting a home warranty.When one person moves out there is a lot more financial burden on the person that stays. An appliance may break, a plumbing leak may happen or a water heater blows. During a divorce there is very little extra time, money and resources to fix these things. A home warranty is a great solution to inexpensively take care of these unforeseen repairs.7. Leaving one person on the title and both on the mortgage.This is a common mistake that a lot of divorcing couples make. One person is left on the title but both are expected to pay the mortgage still. This can lead to one party not paying the mortgage which could negatively impact both people’s credit score. The best solution to avoid this is to sell, that way there is no risk to either party’s credit score.