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How to determine if you can afford the marital home

On Behalf of | Sep 28, 2020 | Family Law

It’s possible to keep a Texas home in a divorce settlement. However, there are many questions that you need to ask yourself before deciding if doing so is a good idea. For instance, you’ll need to determine if you can afford the mortgage and other holding costs. It’s also necessary to determine if the home itself is a good investment.

How to get the best price on a home

It’s critical that the price that you pay for the home is an accurate reflection of its market value. Ideally, you’ll have a real estate agent or another professional appraise the house on your behalf. In some cases, you may find that your property is worth less than you anticipated, which could make it easier to purchase from your spouse. It is also worth pointing out that interest rates are low, which helps keeps mortgage payment lower.

An overview of monthly holding costs

If you’re like most people, you’ll have a monthly mortgage payment to make, and home loans can have terms of anywhere from five to 30 years. In addition, you’ll need to pay for homeowners insurance and property taxes. You’ll also need to pay homeowners association fees if your property is in a neighborhood governed by an HOA.

The reasons a home is a good investment

A home can be a good investment because returns tend to be more consistent over time. Furthermore, homeowners are entitled to a variety of tax breaks.

If you want to keep the family home after a divorce, an attorney may be able to help you accomplish that goal. Your lawyer can assist in the process of negotiating a buyout or in the process of determining which assets your spouse would accept in return for the home.