Home Buying in 29501>Question Details

tiger1, Home Buyer in 29501

My wife and I are separating and I want to buy verses rent even though my name is on our current mortgage. Is this a good idea?

Asked by tiger1, 29501 Fri Aug 5, 2011

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Good evening, Tiger1.

It is helpful to know one's financial bottom line prior to making a big decision like this. Based on the wording of your question, your divorce has not been finalized yet, so I am guessing that you do not know how your joint possessions will be split up. Another factor to consider is long term planning. Assuming you decide to buy another property - will it be big enough in case you start a new family, have children, etc? Would it make sense to buy more house than you need and paying extra for it as a bet on a quick increase in your family If I were in this situation, I would take my time to sort all these things out first and let the dust settle prior to looking for another house or apartment to buy.
0 votes Thank Flag Link Wed Feb 29, 2012

It really just depends on your financial situation. Some people cannot buy another home with the uncertainty of how the first home will play out. There are some great deals out there right now. Let me know if I can help or if you would like to meet to discuss further.

0 votes Thank Flag Link Wed Feb 29, 2012
First let me say I am sorry for your situation. I hope you are holding up OK. It may be a good idea to purchase as there are many homes currently available at good values. Rents have actually been creeping up as those who have lost their homes or cannot qualify for a mortgage have become renters.

If you need to sell your current home have a CMA (a market analysis) done to give you an idea of what you could sell it for. Then go through the mortgage pre-approval process so you know what you can afford on your own. At Coldwell Banker United Realtors we can help you with both of these tasks. Having your ducks in a row before you start looking makes the process go much smoother.
0 votes Thank Flag Link Sat Aug 6, 2011
Hi Tiger,

What are you planning to do with your current home? Will your wife buy you out? Are you planning to sell it? Do you have any equity in the home?

Elva Wormley
C2 Financial Corporation
0 votes Thank Flag Link Fri Aug 5, 2011
What will happen to your current home?
0 votes Thank Flag Link Fri Aug 5, 2011
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