keeping the house

[ms mc't]

OK. We bought a house about 2 years ago. STBX moved out. I want to keep the house. With the child support he has already agreed to, I will easily be able to make the house payments and meet all other bills. Should something happen between now and the time the divorce is final and he does not pay the support or changes his mind, I can still make the house payment and pay almost all the bills. If it came to that, I could cut out some of the smaller luxuries and still be able to maintain the house.

Is this the best decision? Back in October, STBX lost his job and we were able to squeak by for the three of us on just my paycheck. I know it can be done, but is it wise to do so?

[m_t]

I think a lot depends on the rest of the picture. How long have you owned the home? How much equity do you have vs how much is owed? How much of that equity is due to an inflated market? Is the house too big, too small, etc....

[ms mc't]

The house is very comfortable for me and B. It was just as comfortable with STBX. We got a fairly good deal on the house and have about 9000 in equity. We are on an acre lot, low taxes (since we bought just inside the next county over from where we work and play), quiet, but close to everything we need to be. BUT The highway that our house faces is about to have some major contruction work on it. If I try to sale the house now, it will be an un-attractive buy until the contruction is complete. Not only that, but the state will be buying a small portion off the front of the lot.

Edited because I'm a bonehead.

[m_t]

If the construction is already in the planning stages, you can expect that it will be a less than attractive buy for anyone except a select type of buyer. Most likely a developer with a specific use in mind. The state will be paying you pennies on the dollar - eminent domain isn't a cash cow. I don't say this to bring you down, but that's not really an ideal selling position. What I'd do is consult with several realtors to find out what a realistic value for your property is.

[Lee Borden]

I like the idea of your holding on to the house at least until the construction is complete. When it's finished, you may find the value has increased significantly, and then you can reap the benefit.

The times when I find myself trying to talk somebody out of holding on to the house are when the house payments and utilities are going to eat up all the income, leaving the person with no way to live comfortably. That doesn't seem to be the case with you.

[ms mc't]

Thanks for everyone's responses. I am not saying it will be a great situation if STBX does not pay his part, but it would be survivable. And unfortunately, the state's construction is already set up. I am not expecting alot in the way of "fair market value" for the frontage they will be taking, but I do plan to work with them on the payout amount and having my well moved (which is something I was really wanting to do). A large chunck of the money they do pay me will go toward the house mortgage and a small portion into savings (for a rainy day).

I just wondered what the specific drawbacks would be since I really want to stay where I am.

[Kidssew]

The property could even be rezoned after the construction from residential to business depending upon the location. My parents were at an interstate exit & their property was 2 acres & a simple 3 br house....guessing at $75,000 range at the most. All us kids owned houses at their deaths & none of us were interested in sleeping by a noisy interstate anyway. My brother had it rezoned & appraised before we placed it on the market & we cleared $400,000 after realtor fees & attorney fees. Took 2 years for a buyer but we had someone living in it & they were given 30 days to relocate. We still pinch ourselves so we don't think we are dreaming.

I vote wait too!