The answer to this question depends on many factors, but it essentially boils down to how long you’re willing to – and can afford to – maintain ownership of the home. It also depends on whether you are willing to deal with the hassles and headaches that go along with making your house ‘market ready’ and selling your home. In the aftermath of a divorce, you may not exactly feel up to preparing your home to be viewed by potential buyers or dealing with inspectors and appraisers.
Many couples believe that if they go through a real estate agent, they will be able to sell their home at market value and walk away from the deal with greater financial security. Unfortunately, a good percentage of these couples end up in even worse financial shape. Often, their homes remain unsold for months or even years while they continue to pay the mortgage on a home in which one or both of them no longer live. In many cases, they end up selling their homes for well below market value, and on top of that, they have to pay closing costs, escrow fees, commissions to their real estate agents, and other costly expenses.