Bruce Coleman Mortgage Brokers

Vancouver Home Renovations That Don’t Pay – Consult with Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Vancouver Home Renovations That Don’t Pay

Asides from everyday normal maintenance that you have to perform on your Vancouver home, some folks like to go the extra distance. Major home renovation projects are usually made with the idea of increasing the property value and making the home more attractive to a prospective buyer.

Indeed, some home renovation projects can give you a great return on your investment. Re-doing and upgrading the bathrooms or kitchen are two the more profitable types of renovations you can perform. Also, adding additional space which is functional such as a family room can also help recover a considerable portion of your cash outlay for these projects.

However, there are also projects which you should seriously avoid especially if you are planning to use these projects to sell your home. Otherwise, they may be okay if you just moved into the home and plan to stay there for awhile.

Here are top home renovation projects you should avoid if you are planning to sell you home.

Don’t add a Swimming Pool

A swimming pool is great to have for the long term, but if adding one in the expectation that it will help to sell your home faster or add value to the home this could be a big mistake. Not only is a pool very expensive to install, it really doesn’t add a lot of value to your home and can actually detract a prospective buyer. A swimming pool also comes with expensive maintenance costs, potential liability issues and can be a turn off to couples who have young children.

Don’t Make the Neighbourhood Look Bad

You might think that your expensive project will “wow” prospective buyers by making it stand out from the surrounding homes. However, a project such as adding on a second story or some major remodelling to the exterior might stick out too much.

Sure, you can sell advertise the home for an additional $100,000 above the going price in the neighbourhood, but people who want to spend that type of money will generally stick to neighbourhood where homes sell in that price range throughout that enighborhood.

You can spend that $100,000 to improve your home but if you think you’re going to easily recoup that money, then you might be in for a sobering surprise.

Avoid Excessive Landscaping

Some people go overboard with landscaping projects which is fine if you plan to live in your home for a long period of time. However, you have to keep in mind that everyone has different tastes. A buyer may love you house but hate the yard and have something completely different in mind for their space. Also, extensive landscaping also requires maintenance which a prospective buyer may not wish to undertake.

Landscaping really doesn’t add a lot of value to a property. If you need to perform some landscaping to improve the appearance of your property keep it very basic and conservative.

Avoid Partial High-End Upgrades

Take a critical look at your home when you are considering upgrades. Rather than put all your renovation expenses into a single project, consider trying to spread the money about the home on smaller projects.

The reason is that if you put all your renovation money into a single project, and the rest of the home of the home is still stuck in a 1975 design, then that single high end project is going to stick out like a “sore thumb” and make the home look like a work in progress.

A prospective buyer is going to think it’s going to cost them a lot of cash to make the home look consistent throughout. So, ditch the shag carpets, get rid of the old linoleum, add some new fixtures instead and you can achieve a lot more to enhance the overall value.

Canada’s Top 100 investor neighbourhoods revealed – Ask Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

By Grainne Burns

For brokers looking to encourage their property-investor clients into the marketplace, this may be the tool you need.

Rocky Mountain House. Brossard South. Doon. These place-names may mean little to investors now, but they have just been listed in the coveted Top 100 Neighbourhoods to invest. They — and the rest of the list — could help brokers steer their investor clients in the right direction and deepen their roles as advisors in a confusing market.

“Investors should seek local expertise to navigate the mortgage funding process. Familiarity with the real estate and mortgage financing markets is the key to a sound investment strategy in these markets,” says John Kelly, COO of Verico Financial Group.

“This is particularly true in towns with a smaller and less diverse economy, employment base, and rental market. A mortgage specialist with access to both national and local lenders as well as traditional and private financing sources is often essential to make the investment proceed, and make the investment perform,” Kelly adds.

Kelly was speaking at the launch of the Top 100 Neighbourhoods to Invest, a comprehensive guide that analyzes the top micro markets that are set to lead the country in growth.

Such exclusive data as evaluation data as media price, cash flow projections, local economic barometers, cap rate and vacancy rate are included in neighbourhood evaluation.

The guide was produced by Canadian Real Estate Wealth Magazine, with the support of RE/MAX andVerico Financial Services. “It is a massive undertaking and this year is no exception,” says Canadian Real Estate Wealth Editor Nila Sweeney. “But with so much change in the market, we felt that it was absolutely imperative we arm CREW readers with up-to-date neighbourhood-specific information.”

Details of the special guide, which is on newsstands today, will be presented live at the upcoming Canadian Real Estate Wealth Investor Forum Vancouver this weekend, October 5 and 6, at the Vancouver Convention Centre.

U.S. and Canada are altering the way housing finance works so taxpayers aren’t stuck bearing the brunt of risks – Consult with Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Canada and the United States are both contemplating changes to the way we finance housing

Last Wednesday Scotiabank sold the first Canadian bonds backed by consumer lines of credit in 12 years. The highly rated issue sold at market, according to a Bloomberg report, at an impressive 78 basis points over similar-term Canadian government bonds.

Critics may worry that such events signal a continuing explosion in household debt and a return of the boom and bust “wild West,” U.S.-style marketplace.

But there is another way to see it. The bonds’ risks will be borne by the issuer and investors, not unwilling and unknowing taxpayers, who back most of the mortgage risk in Canadian and U.S. housing markets.

And change is afoot in the North American housing finance system. The U.S. and Canada are market-testing new ideas, while more of them bubble through the heads of policymakers and legislators.

In the U.S., the Obama administration had swept into office amid a housing-triggered financial market crisis. Other than defending the ubiquitous and dubious middle-class “right” to home ownership and a 30-year mortgage, the administration has until recently mostly been wishing the issue away.

More activity in Congress. The most aggressive house bill, the “PATH” act championed by Jeb Hensarling, would attack head-on Fannie Mae and Freddie Mac, the government-controlled, taxpayer-backed mortgage insurers and securitizers. The agencies would be gone in five years – too long for some. A good idea, but unlikely to survive aggressive lobbying by U.S. homebuilders and mortgage originators and brokers, or to make it through the Democrat-controlled Senate, or to survive administration foot-dragging.

More narrowly focused, and aimed at smoothing the house-price rollercoaster, is a proposal from Bill Foster. The personable Representative Foster is one of those engaging gems the congressional system occasionally produces. Having cofounded as a teen an extraordinarily successful lighting controls company, and having spent a career as a particle physicist at Fermilab, Foster recently turned his understanding of control theory to politics and housing finance.

With the moral and intellectual backing of Roger Myerson, the University of Chicago Nobellist (mechanism design theory), Foster would tie maximum mortgage loan-to-value ratios, or minimum downpayments, to regional house price trends. The faster prices trend up, the higher the minimum downpayment.

The Holy Grail of housing finance – a market without taxpayer risk

This control mechanism is simple, and markets would always trend towards their natural equilibria, with lower peaks and shallower valleys. But it also would slow market responses to price signals. If bristling resource prices are driving demand for people and skills in North Dakota – or northern Alberta – why would we want to make it harder for people to move there?

Gaining bipartisan traction is the Senate’s Corker-Warner bill, for which the Obama administration kind of, sort of, has announced its backing. Corker-Warner also would fold up Fan and Fred, and replace them with another federal agency that reinsured marketable, mortgage-backed securities.

The twist is that the new securities would be 90% backed by the new federal insurer. The issuers would sell a risk-bearing 10% first-loss tranche in the private securities market. So rather than the federal agency fully guaranteeing timely payment of interest and principal, some securities buyers would take a hit if the underlying mortgage assets sank underwater.

Corker-Warner hardly removes the taxpayer from the risky mortgage market but it does hold the possibility of some risk landing with investors. That is better than having taxpayers bear the first risk and all the rest, as they now do in the U.S., and as is mostly the case in Canada.

These moves have sparked market and institutional responses. Perhaps owing to existential threat, Freddie Mac recently brought to market securities with just those characteristics, but bearing lower first-loss provisions, which the market was willing to bear at low interest rate spreads over U.S. Treasuries. Fannie Mae last week launched its roadshow for a similar product.

These are steps on the way to what market-watchers call the Holy Grail of housing finance – a residential mortgage-backed securities market that contains little or no taxpayer risk exposure.

Canada seeks the same grail – neither is there here a true private RMBS market. Finance minister Jim Flaherty has taken some steps towards it, by limiting the growth of the Canada Mortgage and Housing Corporation’s insurance book, encouraging the growth of a covered bond market, and barring new insured mortgages from covered bond pools or from backing securities other than those issued through CMHC.

The question of the day is whether a private market for taxpayer-lite RMBS soon can sprout in the U.S., or in Canada.

That brings us back to the Scotiabank bond issue. Scotia’s bonds sold at the low spreads they they did because buyers are protected from the first 17% of potential losses, enough to weather a significant market hit. That is a far cry from exposing buyers to the first 10% of losses, to be sure, but there is a world of difference between this arrangement and traditional CMHC-backed structures, whereby taxpayers, not securities investors, are exposed to 100% of potential losses.

Taken together, these are positive signs, and a message. Capital markets will work, if we let them. Political markets work too. We need not fear for their ability, eventually, to produce change.

Finn Poschmann is vice president, research, at the C.D. Howe Institute in Toronto.

Lender Logic – Ask A Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Lender Logic

Home Series: How to Choose the Best Energy Saving Appliances

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

How to Choose the Best Energy Saving Appliances

There’s one thing that every person who resides in Vancouver knows with certainty is that your average utility bill is not going to be going down any time in the near future. If anything, the cost to keep the light on and heat our homes is almost always likely going to be on the rise.

If you aren’t one of those fortunate people who can manage to get off the grid and avoid these hefty monthly bills then you have to do whatever you can to mitigate and lower your power usage to save money.

One proactive approach that you can use to save money on your power bill can be achieved simply by getting rid of your old appliances and replacing them with new ones.

Although you might scoff at the expense, old appliances use up an incredible amount of electricity and account for a big chunk of your hydro bill. Simply put, older appliances are less efficient and more expensive to run. By replacing these old appliances with energy efficient appliances, you can end up saving a lot of money which could make it a worthwhile investment.

However, although there are many appliances which advertise themselves as being energy efficient, some are better than others. It’s a good idea to do some research before you jump at what appears to be a bargain.

How Energy Appliances are Rated

How do you tell is one appliance is more energy efficient than some other comparable model?

The law in Canada which governs energy efficient appliances comes under Canada’s Energy Efficient Regulations which requires that any appliance which is either made in this country or imported is required to have an “Energuide” label affixed to it.

This energuide label must display the amount of power that this appliance consumes and that any energy testing performed on an appliance must be done by an outside third party and is not the manufacturer of the product.

Energuide Labels include the following information:

• Consumption of average Kilowatt (kWh) annual usage for this particular appliance.
• How this appliance compares to other similar appliances when it comes to being energy efficient.
• The range of energy usage for this specific size and model on an annual basis.
• The type and size of this particular model.
• The number of this particular model.

Another feature which you should also look for when buying an energy efficient appliance is the International Energy Star symbol which may be attached right on the Energuide Label itself or on a separate portion of the appliance. The I.E.S. symbol means that the model in question meets or exceeds its technical specifications and is the most energy efficient model which you can buy for that specific class of appliance models.

Can Qualify for Government Rebates

Before you go shopping you might want to check both the B.C. and federal websites as both government agencies may allow or provide for rebates for some specific appliance models. You can get back as much as $75.00 for some appliance models.

However, when it comes right down to it, saving money can be had simply by turning the thermostat down and raising it on the air conditioner. And most importantly, if you’re not using it then turn it off!

101 Series: Tips for Vancouver Women Home Buyers – Ask Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Tips for Vancouver Women Home Buyers

Many new Vancouver home buyers are not only single but they are also highly paid professional women. When it comes to buying a home or condo, statistics reveal that in Canada single women not only make up as much as 20 % of the market when it comes to new home buyers, it also turns out that as many as 40% of this group are first time home buyers.

Without a doubt, real estate has become one of the hottest ways that many people have chosen to invest their money. With low interest rates and appreciating property values, a real estate investment can be substantially profitable.

Between, paying down the mortgage and despite the odd dips in the real estate market, property also generally appreciates over time. The amount of equity that you build up over the years can be a substantial plus when it comes time for you to retire. So, if you’re a single woman with a well-paying job, then why not consider investing in real estate?

If you are thinking of investing in real estate then here are a few tips to help you get started in the right direction.

Plan for the Future

Buying a home or condo should be considered as a long term investment. In most instances, you would likely have to reside in a home or condo for at least a minimum of 3 years just to break even during a robust real estate market.

The reason is that many new home buyers neglect to consider the amount of extra cash that you require for closing costs. Closing cost can range anywhere from 1.5% to as much as 3 % of the purchase price of the real estate property you are buying.

For this reason, you need to take a good hard look at your current professional career and what you predict will happen at least 5 years down the road. If you think that a transfer to another city may occur in the not so distant future then you should consider all your options before you buy.

You might decide to wait or even to use a property as rental income and hold onto it as long term investment even though you don’t continue to reside in it. So, clearly you need to some serious planning before you make such a substantial commitment to a real estate investment. Plan well and take some time to perform some valuable research before you take the plunge.

Get your Credit in Order

One of the key factors used by lenders when it comes to approving you on a mortgage application is your credit worthiness. Lenders want to know how well you pay your debt and how much debt load you are currently carrying.

You also want to be absolutely certain that you can comfortably handle the debt you incur. Although mortgage interest rates are still pretty low, they are slowly rising. Even a few small increases in rates can impact your budget when it comes time to renew your mortgage.

Also, and if you can possibly manage it, you also want to try and have a 20% down payment saved up for the property you want to buy. If you have less than a 20 % down payment then you will also be required by the lender to obtain mortgage insurance which is an extra cost above and beyond your mortgage payment.

Real estate is a great investment, especially if you’re a single professional woman who’s looking to invest but make sure you take the time to perform some research and do some serious number crunching before you commit.

Vancouver Mortgage Renewal Strategies – Consult Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Vancouver Mortgage Renewal Strategies

Over the years, homeowners in Vancouver who renewed their mortgages became spoiled by low interest rates which never seemed to budge upwards.

Times are “a changing” because mortgage interest rates are on the rise. As your mortgage term expires and you go to renew over the next few months or sometime over the following year, you might find that you could end up having to tighten the financial belt to account for rising interest rates.

Most homeowners who go to renew will only be slightly financially inconvenienced but others who have a more restrictive budget could find themselves more challenged to make ends meet.

Variable rates have risen up to around 2.6 % even with a good discount while a similarly discounted 5 year fixed rate has risen to just under 3.50 % which is a 0.6 % increase from just a few months ago.

If your mortgage is coming up for renewal then it might be time for you to become more proactive about making some money saving decisions well before it’s time to renew.

Although most homeowners will be able to financially manage any future increases in the mortgage rates, these rate increases may affect your cash flow for sundry pleasures such as eating out on a regular basis.

Strategies to Deal with Mortgage Renewal

The main strategy that you can use is to end your mortgage several months before it expires and obtain refinancing at current rates so you can avoid higher interest rate costs down the road.

Renew you Mortgage Early

Many lenders will allow you to renew your mortgage earlier and before its actual expiry date such as within a 90 day period so you can obtain a new 5 year term at current rates and avoid future increases.

Blend and Extend your Mortgage

Another option is that you can also do what is referred to as “blend and extend.” This means that you covert what remains on the existing balance of your current fixed rate mortgage and convert into a new loan but with a blended interest rate.

What about Penalties?

Yes, you are correct in assuming that a penalty will be involved. However, if you time the renewal properly, you can still save plenty of cash with your savings on the interest rates over five years even if you have to pay a penalty for the 2 or so months on your existing term. The savings can still be quite substantial. The key to performing this manoeuvre to your advantage is timing.

And, if you decide to perform this tactic and take your mortgage to another lender then don’t forget that you will also have to incur additional legal fees as well. However, some experts suggest that if your existing mortgage amount falls within a certain range then even the extra cost of legal fees may well be worth the expense.

Whatever you decide to do, if your mortgage is coming up for renewal in the next 6 months then now is the time to start getting advice to know and understand your options because it can save you plenty of cash if you time it right and take action at the appropriate time.

When Should You Sell your Vancouver Home? – Ask Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

When Should You Sell your Vancouver Home?

As a Vancouver mortgage broker this is a very common question that many people wonder about. Well, the answer to this question is not as clear cut as it might first seem as not even the seasoned pros completely agree on how to respond to this question.

The answer can actually vary as it is not only dependent on the time of the year but also on the current economic situation and your own particular circumstances.

Although certain times of the year such as spring, early summer and fall are the two most popular time of year, it may not be the best time to do so. The time to sell or buy can also depend on whether you consider the real estate market as either a “buyers” or a “sellers market.”

Most Popular Times of the Year to Buy and Sell a Vancouver Home

Clearly the most popular times of year for both home buyers and sellers is springtime, the early summer months and early fall. Buyers have a lot more homes to view because more homes have the “for sale” signs out front. Sellers have a lot more viewers who come looking.

Either way this does necessarily mean you will sell or buy a home more quickly because both parties may have a lot more competition.

Sellers will have to deal with more “tire kickers.” Buyers may run risk the possibility of losing the dream home that they saw because it was scooped out from under them by another buyer who acted more quickly.

Selling your Home During A Buyers Market

A buyers market would simply mean that practically anytime of the year can be advantageous but there might be certain times of the year that can be better than others.

If you choose either spring or early fall to sell your home in a buyers market, you will be in competition with every other seller who has the same idea as you. Less popular times of the year which are often overlooked by people include the summertime because many people are enjoying their holidays and the warm weather.

Similarly, the Holidays and winter time are also less popular for people to put their home out on the market. If you use this time to put your home up for sale, you might have a lot less viewers, but what you might get are the really motivated buyers who comes to view your home.

Similarly, buyers can more readily find homes that suit their needs and aims more quickly because there are fewer out there for viewing. This allows them to be more selective.

Selling your Home During a Sellers Market

Anytime of the year is tough because it means that economic times may have negatively impacted the job market such as a recession or interest rates are on the rise.

Clearly, a seller is going to see even less viewers on average if they try to sell their home during peak times such as spring and early fall because the seller market would be more competitive.

So, it all boils down to timing. Depending on your needs and objectives, you might get a jump start selling your home if put it for sale earlier such as in January for example.

And, if you are motivated buyer then anytime of year is best, but if you’re fine with dealing with the weather, then don’t wait for the peak times.

A clear mortgage policy- Consult with Bruce Coleman, Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Jim Murphy, Special to Financial Post

Since 2008 and the height of the financial crisis, the federal government has been active from a policy perspective in making sure that the housing market does not overheat or enter what some describe as a “bubble.”

The Canadian housing and mortgage markets receive extensive attention by economists, analysts and the media. The purchase of a home after all is the largest financial commitment that an individual will make in his or her lifetime.

Since 2008 and the height of the financial crisis, the federal government has been active from a policy perspective in making sure that the housing market does not overheat or enter what some describe as a “bubble.” It has done this for two reasons. First, interest rates have remained stable, indeed at record lows, for five years. Rising interest rates would in and of themselves moderate housing activity. This variable is absent.

But secondly, the government is concerned about its exposure to the real estate finance system. Or, to be more political, the exposure of the Canadian taxpayer to the housing market. In a way, this does not have anything to do with whether the housing market is up or down or whether resales have hit a record high or a record low. It has to do with the role of the federal government in backing various financial mechanisms that support the mortgage market. It wants to reduce its exposure in the mortgage market and, by extension, to increase the role of the private sector. In the last 12 to 18 months the federal government has:

• Capped CMHC’s mortgage default insurance at $600-billion;

• Excluded the ability of lenders to insure covered bonds;

• Capped the annual allocation for National Housing Act Mortgage Backed Securities at 
$85-billion with rationing implemented;

• Revamped the governance of CMHC by having government Deputy Ministers placed on 
its Board and having the federal financial regulator OSFI oversee its operations.

The government is limiting its exposure and its involvement

Some argue these measures are tied to slowing the housing market. In some ways, that is the by-product. The real result is that the government is limiting its exposure and its involvement — capping its appetite for risk. If the government wanted to slow the housing market it would have also capped the amount of mortgage default insurance that the two private sector competitors to CMHC provide. It did not do that. Instead it increased that amount by $50-billion.

The federal government wants a healthy housing market. While we are all concerned about household debt levels, the government also appreciates the enormous economic impact housing has in terms of jobs and tax revenues. Indeed, new home sales in some markets such as the GTA are at record lows.

The right balance needs to be found. What the government wants is not necessarily to limit the size and scope of the mortgage market. Instead, it wants to have the private sector take on more of a role and share the risk, to expose or utilize its capital first. It is a clear mortgage policy.

Home Series: Selling your Home During a Divorce – Consult with a Vancouver Mortgage Broker

Canadian Mortgage News

CMI 101 Series

Dreyer Group 101 Series

Financial FYI Series

First Time Buyers

Home Buying 101

Home Insurance

Latest News

Mortgage Rates

Refinancing

Self Employed

Selling your Home During a Divorce

Divorce rates hover around the 50% mark in Canada. Divorce is clearly a very traumatic and intense period for both parties. And, one of the biggest items that might be contested during a divorce is the family home.

Buying a home was likely the most significant investment you both made during those happier times. Likely, you never saw yourself as becoming a divorce statistic, but now there may be nothing you can do about it except go with the flow and deal with it.

The family home is just one of many important issues that have to be resolved during a divorce proceeding especially if you have children.

So, here are a few tips for you consider if this unfortunate situation happens to you.

Keep Your Emotions in Check

One of the biggest things that cause a divorce to spiral out of control is your emotions. If make decisions based on your emotional response then your partner is likely going to respond in kind.

The first and most important consideration of both partners should be to consider the needs of the children. So, the first thing is to establish which partner will end up being the main custodian of the children

Then you will have to consider what to do with the home and decide whether to do one of the following:

Both Partners Agree to Sell the House

You don’t have to agree to sell the house immediately. You can wait for the appropriate time and do so when it’s advantageous for both parties. It might a good idea that you both meet with an agreed upon realtor and explain the situation so you are both kept apprised of any offers. Once the home is sold, you will both hopefully walk away with some equity and can proceed with a fresh start.

You Can Sell Your Portion or Buy Out Your Spouse

Another option is that one of the partners would like to keep the home. Whether it be you or your partner, you can get the home appraised and either sell your portion of joint ownership or purchase the other partner’s portion at current market value. You might want to consult with your lender, broker or financial adviser before you take this route as it is likely that the person who is buying the home will have to reapply for a new mortgage.

Continue with Joint Ownership

If both partners agree then you can continue to maintain joint ownership for an agreed upon period or negotiate some particular clauses where selling the house outright or to one of the parties is done so for your particular needs and requirements. It also makes sense to take this approach should the real estate market end up in a slump and wait until market conditions improve.

Some Other Tips to Consider

• Just remember that if you continue to make the issue of the home a continuing source of something you are contesting then the only ones who are going to profit are the lawyers and not you. It’s best that you both strive to make a compromise so you and not the divorce lawyers will realize any profit that you make from the sale of the home.
• Most importantly, remember the needs of your children as they are too are under emotional distress during this time.
• If emotions too start to spiral out of control then you should both give serious consideration to a “cooling off” period so you can both put things back into proper perspective.

Whatever you do, don’t use your home as part of the divorce battleground because neither one of you will likely win in the end.