The possibility of losing a marital home can heighten tensions during a divorce. Marital homes carry a lot of sentimental value for couples and their children, so one or both spouses may put up a fight to keep their marital home. However, a decision to hold on to a home should remain as objective as possible. If a spouse cannot maintain the home, keeping it may not be worth it.
A spouse who continues to own a home will be responsible for the maintenance and upkeep of that home. If the homeowner has lost income derived from his or her spouse as a result of the divorce, this can become difficult. The National Endowment for Financial Education explains some of the costs associated with maintaining a home, some of which a homeowner might not anticipate.
Maintenance and upkeep costs
Homeowners can generally predict some home costs that may happen over time, like yard maintenance or replacing major appliances. A home may also live in a high risk area for pests and will require regular visits from a pest control worker. Some costs may be more unpredictable, like a HVAC system suddenly breaking. Homeowners may also have to replace sections of their roof that have decayed over time.
Property taxes
Homeowners should also factor in property taxes as future expenses. This might seem easy to do at first, but property taxes do not remain static. If a home increases in value, the property tax will likely increase as well. Also, a local community may boost the tax rate. This makes determining future taxes somewhat unpredictable.
Repairs to a home
As time goes on, homes need repair. An infestation of termites can damage walls or floors. Gutters may break. Homes can suffer fire damage. With the hurricanes that pass through Florida, a major storm can inflict severe property damage. While homeowners insurance may handle many of these events, a homeowner still has to pay deductibles and cover any damages not already covered by a policy.
