Even if these theoretical repairs are needed, W is responsible for half of them. Therefore, your buy out - the monies W would give you - would only be $50,000 less.
Yes, of course. The amount is not all renovations/repairs, but the biggest chunk of it is a complete redo of the basement. She is budgeting $50,000 for that alone. Our house is old, and renovations do tend to involve surprises and unforeseen expenses. The basement is the only part of our house that has not been renovated, and I won't deny it needs a lot of work. Cabinets need to be ripped out and replaced with shelving, there is old termite damage which will require replacement, there is some mold, and the office/storage area where I keep most of my stuff has to be fully overhauled, including electrical work. For all I know, $50,000 might be a reasonable estimate, but that would be significantly more than any other home improvement we've ever done. Example: we had our old deck replaced with a patio, replaced rotted/termite damaged wood on the back of the house, replaced siding as needed to cover those repairs, and had concrete steps installed leading down to the patio, and the total cost of that work was $25,000.
Originally Posted by DnJ
It looks like you are planning on moving out? And then W likely selling the house later? Or are you considering keeping it?
W has indicated she wants to keep the house. Frankly, that is probably the best option as I have no source of funds to buy her out, but she has parents who can provide the money to buy me out. She has not indicated she plans on selling the house later; that is just speculation on my part, although I think the odds are good. She has mentioned a few times over the years that she would like a bigger house.
Originally Posted by DnJ
Her family’s financial help sounds interesting indeed.
D
Her father is retired and pulls this money out of his 401k. Obviously I am not privy to how much is in there, but (depending on the market) I have reason to believe it fluctuates between 1.5 and 2 million. W said when he bought the house for her brother, he supposedly recovered all of that within a year.
Me 59 W 47 T 26 M 23 S18, S14 BD May 2023 D filed June 2023 OM1 confirmed: December 2023 OM2 confirmed: October 2023
