5 Compelling Reasons to Rent After a Divorce

What are the upsides to selling the matrimonial home and opting to rent instead? Here are five of the biggest game-changers.

Owning a home means that you're tied to that one location. If you'd previously enjoyed a good marriage and a happy home life, this may be all you needed. But now, you don't have that support at home — so you may want to build ties elsewhere or even return to family ties.

Selling and renting doesn't mean you have to live in a rental forever, but it does allow you to explore the new options that your divorce has opened up. You may, for instance, have a desire to return to your hometown but then discover that it wasn't the right call after all. You might consider moving for brighter career options or even to a better school system for your kids.  

Divorce doesn't just mean that you sever a personal relationship. It also means your income changes significantly. Two-income couples or divorced persons who relied on their spouse for the family income may now find that their means of living is smaller — or even practically nonexistent. And in a vain attempt to hold onto the family home, they may spend their savings and even raid their retirement accounts. 

To rent, on the other hand, means that you don't have to budget for the high costs of home ownership: homeowners insurance, property taxes, repairs, landscaping work, and maintenance. Rent is often a fixed expense, so you likely won’t have any surprises on a month-to-month basis. As you get your income equilibrium back, you may return to home ownership, but you'll be in a better financial place. 

Homes are large assets — often the largest assets that most people will ever own. But it's not a liquid asset, meaning that you can't withdraw and use the money tied up in the house. After a divorce, you have new priorities, such as preparing for retirement on just one income. To meet these new goals, could you make better use of the equity currently hidden in your house value? 

Talk with a financial advisor about the best use of your home value, including such things as paying off debts from the marriage, buying out a spouse's interests, investing in taxable or nontaxable portfolios, and returning to school.

Could you and your children be better served by moving on from the past? This is a personal decision that only the family can make. When you plan for the future, though, you may find it easier to start a new chapter and help your kids to do the same. Your life is different post-divorce, and excellent reasons exist to making a large change that acknowledges that fact. 

Will your house cause stress in your life? Aside from the financial responsibilities of owning a home, you must also deal with arranging for its care and repairs as well as keeping it clean and orderly. Does this idea please you or give you second thoughts? Also, many matrimonial homes are quite large, so consider whether you want to live in an oversize space by yourself.  

Apartment or rental-unit living frees up many of these concerns and allows you to focus on the right things — your emotional health and your family's recovery from a traumatic time. 

You have, clearly, many advantages to starting this new part of your life with a clean slate in your living arrangements. At Meadowdale Apartments, we offer a variety of rental options so that you can find your new home no matter how long or short your adjustment may be. Call today to learn more.