what would you do - try and sell quickly, wait or what?(7 Posts)
brief background: ex-dp and i own a house in which he lives full time (dcs stay with him there at weekends). house is mid-renovation & has been for years.
i am currently renting another (smaller!) house locally.
when i moved out 3 months ago plan was ex would finish house, with a view to putting it on market in jan 09. i was at time hoping a) that would be possible b) house prices might pick up by then.
he hasnt done anything much in last 3 months. and from what ive read, prices will keep falling next year
i dont know what to do for the best now. if i want to get the house on the market quickly, i'll have to pay a builder to finish it. it cant be sold now as it has no proper bathroom and is sufficiently unfinished i dont think anyone could get a mortgage on it. so should i pay for a builder, or leave ex to finish it in his own time? (at current rate i think it could be at least another 12-18 months)
the only thing that makes me want to get on & get shot of house is that i am likely to need to move from where im living in the next 6-12 months - i dont really want to rent again & would prefer to buy - however without any of the equity in my house i would be very limited in what i could afford.
ex says he doesnt want to sell & would prefer to rent it out when finished but i dont know if thats a good idea - plus its a 5/6 bed house (or will be!) & am not sure if thats the sort of property that would rent out easily (other than to students & having been one myself am not renting to them!) - equally for same reasons am not sure how easy it will be even when all finished to sell
Have similar experiance with my ex-husband, in that he remained in the matrimonial home, myself and our then 8 year old daughter and six year old son moved out.
This was on the understanding property was put on the market. However,...ex took to living on his own in nice large house and became increasingly reluctant to move.
Finally three years later when I was nearly broken finacially (all money I had was in the house) the house was sold.
When you split you need to remove financial ties as soon as possible as these can only cause problems.
I did at least benefit fron the rise in property prices.You stand to loose around 25% of the property value over the next two years.
Taking into account the property value now and the anticipated decrease in value and the difficulties of selling in the housing market, it would seem likely that the better deal would be to get a builder,sell and move on.
Wish you well in it all is a nightmare but you do come out the otherside a lot stronger!
Either slash the price right down now and get rid of it.Or keep it and take on the rental market which is becoming flooded with unsold properties atm.The void periods maintenance etc and just the hassle of tenants can bea pain so if you can sell i would otherwise you need to keep for years
There's no incentive for your ex to do anything and I think you will have tu get builders in but is that possible if your ex decides to object?
The fact that your house is large may not be a disadvantage if you come to rent but I agree with Pria that life will be a lot simpler if you can simply sell it and move on.
Make him take in lodgers at the very least and then use that rent money to pay trades people to finish the house. You will make more on a finished house and your ex has no intention of doing that work, why would he ?
katie - i would love him to take in lodgers. however i think even the skankiest student would run a mile from house as it is. there are only 2 internal doors (all the rest got taken off to be put back on at an unspecified later date which hasnt happened yet ) & the aforementioned bathroom is a horror all of its own
all your replies have only confirmed what i had already thought - i will have to persuade him to agree to builders coming in.......however as we are only communicating by text at the moment that could take some time
Is your name on the deeds ? In which case just walk in with builders in tow, he can't stop you, good luck you need to sell fast.
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