Should You Rent or Buy a House After a Long Island, NY Divorce?
Deciding whether to rent or buy a house after a divorce on Long Island, NY can be a difficult one. There are many, many factors to consider, but some of the most important include your financial situation and whether or not you have children. Here’s what to know about the pros and cons of both renting and buying a house after a divorce and how an experienced Long Island, NY divorce attorney can help you make the right decision.
Things To Consider First Before Buying or Renting on Long Island, NY
Whether or not you should rent or buy following a divorce on Long Island, NY depends on a lot of different things, like how much money you have saved and what your current income is, if you have custody of your children or will be having visitation with them, and what the housing market is in your area and what that means for availability of houses within your price range.
If you have children, renting a small apartment may not be a good option, since you will need to have enough space for each child to sleep, study, and play. But if you plan on relocating any time soon, buying a house may also be less than ideal. If your children are grown and no longer living with you, renting a studio could be a great way to save money after your divorce.
Pros & Cons of Renting a House After Divorce
Renting is a great option for many divorcees, especially those who need the flexibility to move if their job situation changes or if they decide to relocate for any other reason. Another benefit of renting versus buying is that in an apartment or rental home, you don’t have to worry about maintenance and repairs – those are the landlord’s responsibility. This provides you with some security and stability in your monthly budget that homeownership does not provide.
Also, renting usually requires less of a financial investment than buying a home, so it may be a good option if you’re unsure about your long-term plans or if you’re still recovering financially from the divorce itself.
Of course, there are also some downsides to renting after a divorce. For one thing, you’ll likely have less space and fewer amenities than you would if you owned your own home. Additionally, rent can go up over time, which means that you could end up paying more in the long run than you would if you’d bought a house. It’s also important to note that as a renter, you’ll never build any equity in your property and the money you spend on rent won’t amount to anything if and when you decide to move.
Pros & Cons of Buying a Home After Divorce
One of the biggest pros of buying a house after a divorce is that you’ll have more control over your living situation. When you own your own home, you can make changes as you see fit and don’t have to worry about getting permission from a landlord. You also won’t have to worry about things like unexpected rent increases. If you have children, owning your own home can also give you more stability and allow them to stay in the same school district.
Furthermore, purchasing a home after a divorce can help you build credit and improve your financial situation in the long run, provided you pay your mortgage on time. If you buy wisely, your home could go up in value over time, giving you equity that you can tap into later on down the road.
On the other hand, buying a house after a divorce can be expensive. Not only do you have to come up with a down payment, but you also have to pay closing costs, real estate taxes, and other fees. If you’re not careful, these costs can add up quickly and put a strain on your finances and if the housing market is weak, you may also end up losing money on your investment.
What an Experienced New York Attorney Can Do to Help Your Post-Divorce Living Situation
If you’re getting a divorce and are unsure of whether or not you should rent or buy your next home, a qualified Long Island divorce lawyer can help you navigate the challenges and obstacles up ahead. At Hornberger Verbitsky, P.C., we can give you the support and legal advice needed to make the best decisions for your post-divorce housing.
Contact our office today for more information or to book a free initial consultation by calling 631-923-1910 or filling in the short form on this page. We’ve been proudly serving Nassau and Suffolk counties in New York and surrounding
GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below
Get your complimentary consultation and case evaluation with our experienced attorneys today.
Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this conversation, we’ll all understand how we can best help you to move forward.
No Cost or Obligation
There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is right the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.
All Fields Are Required