If you and your partner were not doing great before Coronavirus…
then you might be barely holding on now.
It has been predicted that due to the COVID-19 crisis and our long length of time in isolation, the rate of divorce will skyrocket. Maybe familiarity does breed contempt. Relationships are hard work and not many of us are capable of dealing with our partners and children 24 hours/7 days a week without a break.
You are both stuck at home, and now constantly together. Oh, and add kids that need constant care, no work, no money, and the stress that goes with an economic crisis, then you have a couple in real trouble.
It is really a shitty time on all levels and even worse if you are stuck with someone you are loathing and suddenly realise that you do not want to be with anymore.
Sad but true, and even worse if you have to sell the family house to part ways.
“Real estate agents said they were bracing for a pattern similar to one witnessed every January when there was often a spike in divorces.” Realestate.com.au
Even without a global pandemic being at home with your significant other during holidays is a strain on the relationship. This might explain why many don’t have a relaxing holiday with family. Maybe it was fine, and you were trying to work things out before COVID-19, but now due to being constantly in each other’s pocket, it is hard to excuse anything or get anything done on your own. Not to mention the fact that your partner might be letting you know that you are doing things wrong, cannot do certain tasks, and why are you even bothering! If so I hear you and I can understand why you want to leave.
Personally I am craving some much needed me time and that might extend to a holiday all alone for six months on a tropical island…I can zoom the family right?
No matter your reason, you might have decided ages ago that you want to leave your significant other, and the togetherness of isolation has just confirmed your thoughts.
I recently saw on the news that although it’s a buyers’ market, banks are doing extra checks to ensure that people still have jobs, the deposit and the ability to service the loan. Not to mention the fact that there are fewer people buying due to job losses.
Not only are there fewer people buying, less money available, there is also a huge drop in house prices. Selling right now might not be a good idea. If you can wait for the economy to be better this might be the better option, but if you are keen to divorce a small loss on the sale price might be the sacrifice you are willing to take.
Social distancing has meant that auctions and inspections of properties are now banned while we are working hard to rid Australia of the COVID-19 Pandemic. Many houses that are for sale have had virtual inspections. “An Aussie expat has shelled out $6.3 million for a home on Sydney’s upper north shore after a 30-minute inspection via FaceTime.” Domain.com.au
Realestate.com.au has compiled some great FAQ’s about selling during this health crisis and this great list also contains information for renters as well.
Due to the current climate, it might be best not to sell:
- Wait until the COVID-19 pandemic is over and life goes back to normal
- Hang on until the market goes back up
- If you can move to another room or work with it until you can make the best profit you possibly can. Divorce is a stressful time and one that means each person can walk away poorer for separating. If you can, it is a wise move to see if you maximise as much money as you can from any assets you do sell.
Houses are sitting longer on the market and even older stock is not moving, and many have said that we are having a real estate downturn.
People who are selling are slashing the prices for a quick sale, while others in February were predicting that 2020 would be the year that property would bounce back…However, enter a global health crisis and now the predictions are that we are bracing for a property market crash.
Others have said that in mid-2020 there is expected to be a rebound and 2021 will be better, but it is hard to gauge this while we are still in the midst of lockdowns, social distancing and businesses are closed.
According to Domain.com.au 1 in 6 Australians have changed their living arrangements due to the coronavirus pandemic.
Some have moved back in with their parents, moved in with their partner, had to take flatmates, had to sell their house/flat, grown children have moved back to the parent’s house, and others have moved to a smaller rental property.
What Happens if You Really Have to Sell?
- You can still sell your property, it will just take a bit longer due to doing everything online and the current climate.
- You will need to prepare yourself that the price you list you might not get.
- There are many buyers/first home buyers and investors looking for real estate so currently there is no shortage of people looking.
- Interest rates have been at an all-time low so that is a good sign.
- The fall in value has been estimated to be a short sharp shock and that will be shortlived. Let’s hope this estimate is accurate. However, lower prices help buyers out but are not good for sellers.
Did you know that the most googled question since the outbreak of Coronavirus has been: “How will coronavirus affect house prices?”
So if you really want to sell up and leave your partner..then don’t be frightened about it, it can be done. It just might be a bit harder in the year of the pandemic.
Here are some links that might help if you are finding it tough with your partner at home ALL THE TIME!
- How to stay married through coronavirus
- The coronavirus lockdown could test your relationship. Here’s how to keep it intact (and even improve it)
- Getting divorced or separating – How to sort out your finances when you break up (If you do decide to divorce)
- Relationships Australia – Advice and help about relationship difficulties