If you believe that we are facing a “real estate bubble” , the decision of what to do with your home is challenging.. sell now and wait to buy if/when prices go down?
What does that mean to you if you’re someone facing divorce today? Should you consider selling quickly to take advantage of the market now? Some people believe they should sell now and split the money and each buy something on you own before prices climb even further.
Many couples have to make tough decisions about their home sometimes before they have a final separation agreement in place.
Many people are carrying large debt loads and are shocked to see how much they in fact have left over after paying off all their debts. In calculating the cost of a new home, you must take into account such things as legal fees, moving costs, utility set up fees, condo fees, etc
The big expense that buyers overlook, however, is land transfer tax. And if you considering buying in the GTA, there is an additional land transfer tax assessed. Most realtors and mortgage brokers websites have a land transfer tax calculator. If you can’t locate one easily, let me know and I’ll do the calculation for you.
For most couples, the marital home is your largest asset. You may want to look at all your options and get financial advice before moving on!