Home is a familiar place we take comfort in, to be with the ones we love, and take a load off. When it comes to life after a divorce, however, we often find ourselves emotionally unraveling and being unsure of the future. It's a scary feeling, but what we need to keep in mind is that life DOES move on. In order to recapture that once warm and fuzzy feeling of home, we ask ourselves, "should I rent an apartment, or should I take the plunge and just buy another home?". The answer to this tough question is actually quite simple; NEVER buy for at least a year, only rent. Hopefully, this article will help to clarify the reasoning behind renting versus buying.
After a divorce, emotions are running high. Rational decision-making may be hindered by feelings of pain, sadness, fear, and resentment. Your frame of mind might be a bit clouded, so making serious and life-altering decisions must be given the proper amount of care and attention. Take a good amount of time for YOU, and ask yourself some important questions:
Having a mortgage is a higher expense than owing monthly rent. Keep in mind, too, that home ownership equals responsibility for all necessary repairs on the house. Things break and need repairing, often at inconvenient and unexpected times. As the homeowner, you aren't able to rely on a landlord to take care of any repairs; it's all your responsibility.
Sadly, in this day and age, the threat of foreclosure is a very real possibility. If mortgage payments fall behind, and you find yourself struggling to catch up, you may be foreclosed upon. Renting eliminates this. If you're having a rough patch, and having difficulty making ends-meet, you can simply work on cutting expenses down, or moving to a cheaper apartment entirely.
Living in the same city or town as an ex-partner can sometimes be very irritating; you constantly have the concern of bumping into one another. Is this something you can live and deal with, or, would a fresh start be beneficial? When you own a home, you don't have the same amount of freedom as a renter does. It's much harder to uproot and vacate an area when you're a homeowner.
This is crucial! Do you have a reliable job which will allow you to afford all necessary payments, bills, household needs, etc.? For the past decade, the economy has been very unreliable, to say the least. If you have any doubt about your job security or reliability, postpone buying for a while.
When it comes right down to it, renting an apartment during the first year after a divorce is the best idea. It will save you so much money and personal turmoil. As women, we are always looking out for the best interest of others. We should take our time after a divorce, which is always a life-altering experience. Healing, resting, processing grief, and taking time out for ourselves are priorities which need to be at the forefront of importance. Throwing caution to the wind and buying a home can, and should, wait.