Divorce, should I buy the family home ?

Hey all, we just finalized the divorce and I’d like your thoughts on whether or not I should buyout my ex wife or sell. I’ll update this OP with any important items that I have not listed.

*it’s been three years of legal..I’m not emotionally connected to the house- could sell it or keep it.

Maple Ridge BC $200k mortgage $1.1M appraisal value, my gut feel is the sale value will be around $950k Divorce settlement is 55%/45% (me/her) Income $60,000 / year Expenses $500/ month child support, $600/month fuel and insurance. $2500/month for daily expenses: food, grocery, entertainment etc.

1965 house- 4 bed, 1 bath, 1/4 acre lot, septic + city water: - partially renovated 15+ years ago, kitchen and bathroom are dated.
- urgently needs new roof-$15k, electrical upgrades-$2k. Septic tank is original..will need replacement in approx 5-7 years-$60k -furnace is 10+ years old-$6k -*no basement suite / mortgage helper. Cost for building a complete suite-$80k-100k

If we sell then I’ll end up renting until the new year when I’ll search for a home that has hopefully come down in value compared to current market prices, the approx rental cost is $2k-$3k per month for a two bed suite ( I have a child). I must stay in Maple Ridge, cannot rent outside the city.

…I had the mortgage almost paid off, our monthly mortgage pmt was $1000/month, own our vehicles, no other debts..now we’re officially split and I’m looking at $3000/month payments (rent or mortgage)…that said, I’m happier now than when I was married, so whatever the cost- it’s worth it.



Submitted August 07, 2022 at 07:50PM by BrownAndyeh https://ift.tt/cQaT4Kr

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