Besides making the decision to either marry or divorce, determining where to put down stakes is often among the biggest of decisions we’ll face in our lives. However, when it comes to buying or renting a home, what’s the best decision for you?
In this issue, we’ll talk about the pros and cons of buying and renting your next home.
Do I have to move out of my house because of divorce?
Each case is different, but in a previous issue, we talked about how many men are tricked by their partner into leaving the marital home. This potentially huge mistake should definitely be avoided to protect your long-term interests.
If you have children and voluntarily leave the family home, the court could interpret the move as the establishment of a new routine in your relationship with your children.
Even if you do not have children, you could be on the hook for making the mortgage and insurance payments if you’re the primary earner and leave voluntarily.
Should I buy or rent my home after divorce?
Because buying a home is often such a huge investment, it literally pays to look at the pros and cons or buying vs. renting before you make the decision.
Among the pros for owning your home are:
- your home (hopefully) increasing its value and becoming a nest egg for your future;
- more privacy and freedom to make the place your own with virtually whatever improvements you see fit;
- predictable monthly costs based on a fixed-rate mortgage; and
- tax deductions from the mortgage payment;
There are potential cons to owning a home, including:
- your responsibility for all maintenance;
- the requirement of a deposit (which can be substantial) or down payment and the associated closing costs;
- being locked into a more permanent housing situation that can be difficult to change if a move is required; and
- no guarantee that your home will increase in value.
Likewise, there are advantages and disadvantages to renting your next home.
Among the pros for renting are:
- the maintenance is usually the responsibility of the property owner;
- more flexibility to move if your circumstances require; and
- the potential savings of having utilities included with your rent payment.
Renting has its own set of cons, including:
- no tax deduction for rent payments;
- no ability to build up any equity in the home; and
- the likelihood of a rent payment that will increase yearly.
Before you move, talk with a men’s divorce lawyer in San Diego by calling the Men’s Legal Center.
Our sole mission is to ensure that men have all the resources they need to make decisions in their best interest. Before you decide to buy or rent your new home, you may want to think about buying your spouse’s share of the marital home, or perhaps you have other options to consider.
Either way, the best move is to leverage the expertise that a men’s divorce lawyer can offer.
If you have children and do decide to move away from them, however, there are a host of ways that you can make long-distance parenting work.