We owned the home for only 2 years during our marriage but put 14,000 into upgrades such as insulations, new bathroom floor, sink etc, new water heater, running heat ducts to each room upstairs instead of 1 vent by the steps, replaced old sliding doors with french, new front door etc.. This is 14,000 we sunk in the home during our marriage just at that area. We also bought an outdoor wood burner that heats the water and pipes it underground to heat your house off your own wood safely and heats water for free. This was around $10,000 apprxx and maybe 2 gran is owed. My soon to be x is saying there is not any equity in the home so that he gets to keep it, along with most of my things too. I have the appraisal from Jan 2005 and it has 2 figures one is 138,000 the other maybe 118,000 which is what we talked them down to for the sale. As of Jan 2007 110,000 was owed on the principle. I am saying we put a lot into the house it has got be worth more than what is owed. Any advice?
Sounds like you’re in America and I don’t know the American system.
I would say your house has increased in price due to the market and due to the improvements made to it
Can you get an estate agent or 3, in to price the house up for you and put it in writing so you have proof?
This would be the option open in the UK.
divorce is hard and expensive, i only took two things from my home when i left. the two most precious things i had ,my daughters and i let him keep our home and everything i owned, the pressure of the fight was too much for me. good luck in what ever you decide, and don’t forget look after your self mentally as well as physically LOL
Chrissy, it is possible that due to the current state in the market you have actually lost value even though you put money into the home. Most of what you decribe would be considered maintenance, and not really add value. that outdoor wood burner thingy, wasn’t a wise choice. As for the appraisal in 2005, you would be lucky if a new appraisal came in about the same, could be lower. On the appraisal, the line that states” Estimated value” is the appraised value at the time of inspection.
I’m sorry, but you should let him have the house and move on! He’ll have the headaches about value you won’t.
Call a few good local appraisers. Tell them about the updates and where the house is. Most will be able to give you an estimate of the value without actually going out there. If it is higher, then pay the $3-400 bucks to have an appraisal run and give that to your lawyer. If there is equity in the home then typically you’re entitled to your portion of that.
Been there, done this. it sucks!
My advice, call a local Realtor in the area. Talk to her about the market you live in and how it has been affected, if at all. The Real Estate market IS in the toilet right now, however not every market has been affected as bad as others.
if need be tell the Realtor you are considering listing the home and would like a CMA (comparable market analysis) done.
plan b would be to go ahead and order an appraisal…should run you around 400-450 and see what the appraisal says… if there is equity there and hubby wants to keep the home, looks like he will have to cut you a check. it may not be alot, but during divorce and the expenses you incur every little bit helps, not to mention it is the principle of the matter.
Don’t sit on your thumbs girl! Get on the phone! Make those calls!
Good luck