Divorced mom should consider renting over buying

Ilyce Glink and Samuel Tamkin

Q: I got divorced in October and have an 8-year-old child. When my "divorce apartment" lease was up, I bought in a town about 15 to 20 minutes away, in a different school district. It was a mistake.

Fortunately, I will still have just enough money once I sell this home to buy something in my son's former school district, returning to where we know and feel comfortable.

But I'm torn between buying something

I can easily afford now with a full 20 percent down payment that won't have outdoor space and buying something more expensive that is closer to school, friends and parks.

What advice can you give me?

A: Life is full of compromises, particularly when it comes to the intersection of financial decisions and emotional issues. You have a conflict: What will be best for your child versus what will be best for your finances.

It might be best to consider a short-term rental property, which could be a lower-cost alternative during the next several years until the changes in your life settle down. It's not that we favor renting over buying, but we think you should keep your options open.

You might not be able to afford to buy the perfect home in the perfect location for you and your child, but perhaps you could afford to rent a home that suits your needs.

As you balance your next move, we suggest that you think through all of the financial and emotional consequences.