Stay, Stay and Renovate, or Sell?



New Member
Hi all,

I've had these questions scratching away in my brain for a while and figured I throw it out there to people who have an idea.

So...I'm in a two up two down terraced cottage in North London, incredibly well located, nice enough area and things are looking positive with how it's developing (outstanding ofsted results, nice large developments underway etc etc). It's not perfect, it sits on a rat run that I find incredibly frustrating and we overpaid for it (still profitable but not by a significant amount).
I bought this with my wife a few years ago, however, we've just separated and we will most likely end up divorcing.

1) Do I buy her share or do I sell up? Buying her out won't come cheap for me, I can max out my borrowings to pay her off or (most likely) use a combination of cash and borrowings. That would give me a 2 bed house to myself that's in pretty decent condition. The mortgage is not a problem at all.

2.1) If I stay (and let's assume I'll be here for >=5yrs) do I bust a ball renovating it to a degree that makes me happy (side return, move stairs, shower upstairs, perhaps a loft) or do I simply hold out for a while?
I have to consider that any major refurbishment will likely lead to the ultimate net return of this property being very low (we overpaid for it in the first place),also have to consider that the cost of me buying out wife in the first place means I need about a year to save up before starting renovation work.
If I hold out I should be able to realise a higher net return when the time comes.

2.2) If I sell, as I like the area is it worth me looking for a similar one in the same area but at a much lower cost?
I love the idea of redoing a house from scratch (I have a trusty network of builders now) to suit my requirements, NOT for flipping (at least not my intention anyway, maybe I'd get addicted to it).

Final consideration, we're not under any time pressure but I'm cognizant prices are higher due to stamp duty etc.

Quite a few questions there, would love to hear any wisdom you have, really it's much appreciated.



These comments spring to mind:-

- You are not under pressure to buy your wife out so I wouldnt rush on that. What could she do with her half share in the next 6 to 12 months?
- Is a 2 bedroom property too big for one person or is that your preferred house size?
- If the renovation figures look tight on paper then in reality it will be even tighter - big risk
- Selling the property and downsizing to a one bedroom trendy flat in the area - is that an option?