When the housing market bubble burst, a collective groan range out across the country among married couples who were preparing for a divorce. Though this would mean cheaper rental properties top move into, it also meant depressed home prices that offered little return on their investment. As a result, many divorced couples bit the bullet and decided to continue living together despite the dissolution of the marriage. But for those couples who couldn’t manage this arrangement, navigating the housing market became an even bigger challenge.
Because of the number of foreclosures, the market for rental properties was flooded with applicants leading to an increase in demand. This meant that rental property owner could charge more in the end. But the rebound in the housing market does not appear to be bringing those rental property prices down anytime soon which could still mean problems for divorced couples who were trying to ride out the storm.
For those who have gone through divorce and are currently in the process of looking for another place to live, there are a few important things to consider. When dividing assets, consider how much of that will go towards the cost of living. In some cases, you may be able to talk your ex-spouse into pitching in towards your new property. Also consider the prices in the neighborhood and how quickly the properties sell in that area. Knowing this can help you appropriately gauge how long you and your ex will need to cohabitate before going your separate ways.
Asking for help is also a good idea. While some people may feel ashamed to ask for help or may not want to burden their loved ones, with assistance from other people you may be able to find a property within your price range quicker than if you had done the search by yourself.
Advice such as this may not help everyone in every situation but it can at least prepare you for the difficulties that may be ahead when going through a divorce.
Source: The Washington Post, “Finding a new home amid a divorce,” Vickie Elmer, June 14, 2013