Home > Housing > Whether to Rent Or Buy When a Relationship Ends

Whether to Rent Or Buy When a Relationship Ends

By: Chris Nickson - Updated: 30 Jul 2017 | comments*Discuss
 
Separation Divorce Rent Buy Garden

When you separate from your partner, and you know it’s going to be final, the first thing you need is somewhere to live. Staying with family or friends is fine in the very short-term, but you have to sort something more permanent out quickly.

That leaves the question as to whether you’re better off renting somewhere while you review your options or jumping in and buying a house or a flat. It’s possible, of course, that you might not have an immediate choice. If your money is tied up in a jointly-owned property with your partner, then the chances are you won’t be able to obtain a mortgage, anyway.

Once the sale has gone through, however, and you have money in the bank, it can be a very different picture. At that point, which is better, renting or buying?

There are pros and cons to both. A lot depends on what you want from life at the time. If you’re settled in the area and have no plans to leave in the near future, buying can be a good option, especially as house prices in many areas show no sign of declining. However, if you’re not sure where you’ll end up, and a move is on the cards, then renting will make your life much easier. Your capital won’t be tied up, you won’t be waiting and hoping anxiously for your property to sell and you’ll have far more flexibility.

Renting

There are those who point out that with rent your money is going up in smoke, as you have nothing to show for it at the end. It’s true that you have no equity in the property, but you still have a place to live for as long as you pay your rent (other things being equal). If you don’t pay your mortgage you’ll also end up out on the street with nothing to show for it when your home is repossessed.

One great advantage to renting is that you don’t have to take care of any of the problems that arise. If your toilet leaks or the washing machine doesn’t work, you simply call the landlord. Over the course of a few years that could represent a significant savings in repair bills, especially if appliances or even a boiler need to be replaced.

You might not even have to bother with the garden – if you even have one (for some people, though, this could be a disadvantage). Often the landlord will contract with a service to look after the garden in the property, so you have the advantage of the space but none of the work.

Buying

A house represents a huge investment, but it’s one that should accumulate in value. As long as you keep up your mortgage payments, no one can make you leave it; there’s security in ownership and a pride of possession you don’t have with a rental property. When you do eventually want to sell, you should make a good profit on it that you can invest in another property.

You can make what you want of the place, remodel and refurbish to your heart’s content without having to have someone else’s approval (except planning permission, depending on your aims, of course), and decorate the place as you wish.

There are many who love gardening and want to be able to spend time growing things. A house of your own offers that, as well as a safe, secure place for children to play.

In other words, there are pluses and minuses on both sides. Ultimately you have to decide what’s right for your life. But now you can make a more informed choice.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Where will I find the best legal advise? Could you recommend any companies?
Matt - 30-Jul-17 @ 6:11 PM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • Lisa Sherwood
    Re: Selling the Jointly Owned Home
    Brought a house with my now ex partner in 2004 lived together but due to horrendous domestic violence I had to flee the property…
    26 May 2020
  • twocreeks
    Re: Selling the Jointly Owned Home
    My common Law wife and I currently going through some relationship difficulties. I need to know my options in our Joint Tenancy…
    26 May 2020
  • twocreeks
    Re: Selling the Jointly Owned Home
    My common Law wife and I currently going through some relationship difficulties. I need to know my options in our Joint Tenancy…
    26 May 2020
  • mum of 2
    Re: Selling the Jointly Owned Home
    Hi,i have been separated now for 8 years and divorced for the last 5 years.I now want to sell the house and was wondering how…
    18 May 2020
  • Shuna
    Re: Selling the Jointly Owned Home
    I am currently stagnated in my divorce. Started in 2017. Due to financial problems it has taken so long. I don't live in the…
    17 May 2020
  • Hesio
    Re: Buy Out The Mortgage From Your Ex
    My partner and I have recently split. We bought the council house she lived in for approximately 11 or more years. We…
    28 April 2020
  • Chloej
    Re: Selling the Jointly Owned Home
    Hi, my partner and I separated 14 years ago, I left the house, we both have our names on the mortgage he has lived there since…
    17 April 2020
  • Jay
    Re: Selling the Jointly Owned Home
    My wife and I were only married for a couple of months before she cheated and decided she wanted to separate. We had lived…
    12 April 2020
  • Traceya
    Re: Selling the Jointly Owned Home
    Hi my husband and I are going through a divorce, ( the petition has been sent to the courts) I want the home put up for sale so…
    30 March 2020
  • Bblively50
    Re: Selling the Jointly Owned Home
    So wife and I got divorce but still own home in both our names. She does not want to sale and I do, She just wants to…
    10 March 2020