Should l keep the property under these circumstances ?

Gday people, l could really use your wisdom, dollar signed brains :cool: and experience on this one.

Should l keep our house , even though it would mean remaining in partners with x on it.
x is no problem don't get me wrong , we are still entwined financially , my daughter, get a long fine but , maybe mores not a good move on strategy, dunno. l wouldn't choose it as such because well, you know but read on.

Thing is we still have our house , it's our last property and if we didn't keep it as an investment , doubt l could be bothered or even afford another investment place later buy the time if we just sold it now instead, split it, and l take on a new bigger mortgage for a new place.

But alternatively , we could just keep this one and l could buy a new place from equity. Rent this out , finish it of properly over time which would add 150 now prices, another boom could be much more . lt even has a side block to it l could add something too like another rental.
As is , it'd rent out 500pm cash positive after all hold costs . Add something to the side block , could maybe be around 1300pm cash positive. That'd take time but l'd only be moving 15mins way so in time. It'd also make a great retirement seller just held for 20 yrs or the next biggie, cash in from it meantime.

But , it is easiest and cheapest to just stay in it together with x , that parts well , as l said , just dunno how smart that is . Or hell , cash cow in hand so should it be who cares ?

What do ya think ?
 
If the relationship was amicable then if I where in your shoes I would keep it UNLESS you are in a financial position to buy it outright from the x?

It seems like to many positives to let it go.
 
Accessing equity is not easy when you are joint owners.

And, it is possible now to transfer without stamp duty or CGT - breakdown of relationship exemptions - so have you considered one of you buying the other out (factoring in CGT goes with the property).
 
Hmm . Yeah it does have dream positives and we already have it and own 2/3 of it .
me and x are fine as is , reconciliation may be a possible to.

Don't think l could be bothered with the whole buying out saga right now tbh Terry and that'd be followed with organizing my new place too. As is is nice and hassle free , it's just there , setup and ready to go . This ones in my name only , that'd help wouldn't it ?
 
From experience, mine an others, I always think it is best to untangle all connections with Ex's while things are amicable.

We never know what is around the corner, unemployment, illness, new loves who are possessive etc etc

It seems that things always go wrong eventually and the possible amicable split ends up with lawyers and legal costs.

IMO untangle asap :)
 
Thanks Macca . This has been a surprise really because been talking about it in a few other paces to and a with x.
l expected people to be money money keep it keep it but most have pretty well said what your saying.

Thanks for being honest mate . Must admit , just selling up seems and sounds like the cleanest bet.

Cheers
 
Could you buy her out?

It sounds like it's otherwise financially worth hanging onto, but it will constrict any future borrowings. You are both "jointly and severally liable" for the loan, meaning that the bank will assess each of you as having liability for the full loan.
 
And consider succession issues

If you own Joint tenants it won't form part of your will, but your share would pass to your ex if you should die.
 
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