House Reno decisions if separating?

[Betterdaysahead]

Wife and I were in the midst of starting renovations on the washrooms of our house. We are now considering separation or at least temporary within the same house while we figure things out. I was likely contributing like 70% of the funds and her the other 30% . I don't want this to be a point of argument and even I would like the washrooms done while I live there even if I end up moving out. Do i lose this money or would it just add value to the house should it be appraised as part of the separation and refinance should my wife want to do this? Any help appreciated.

 

[Retired]

You may want to run the question by your legal advisor, if you have one, and if you don't you probably want to get one sooner rather than later.

Is there enough dialogue between you to discuss this openly and to sign an agreement in advance as to the proportion of financial commitment into the project?

If the house is to be sold, any renovations should be completed, I think, to make the house as saleable and as attractive as possible. If a signed agreement is not possible, I would say you should (each) keep all receipts, records of payments, logs of hours of work, and who paid for what.

Do you each have separate bank accounts or one joint account? Access to joint assets should be frozen until deliberations and negotiations take place.

Competent legal and financial advice is a must under these circumstances, which is why each of you should seek professional guidance. Some jurisdictions have non-adversarial legal negotiators to assist in marital dissolutions.

 

[Betterdaysahead]

You may want to run the question by your legal advisor, if you have one, and if you don't you probably want to get one sooner rather than later.

Is there enough dialogue between you to discuss this openly and to sign an agreement in advance as to the proportion of financial commitment into the project?

If the house is to be sold, any renovations should be completed, I think, to make the house as saleable and as attractive as possible. If a signed agreement is not possible, I would say you should (each) keep all receipts, records of payments, logs of hours of work, and who paid for what.

Do you each have separate bank accounts or one joint account? Access to joint assets should be frozen until deliberations and negotiations take place.

Competent legal and financial advice is a must under these circumstances, which is why each of you should seek professional guidance. Some jurisdictions have non-adversarial legal negotiators to assist in marital dissolutions.

We have separate accounts and credit cards and only a joint account for our monthly household expenses. I am meeting with a legal advisor next week. I am just trying to avoid the Reno discussion until then. She will likely want to keep the house for the kids sake and I would probably agree to this. Which is why I just want to know how a Reno for a washroom would impact value of the house simply from an appraisal perspective. Not sure a lawyer would know this.

 

[Retired]

how a Reno for a washroom would impact value of the house simply from an appraisal perspective

Bathrooms and kitchens are focal points to buyers looking to purchase a house. The condition of the tub / shower area, appearance of tub caulk, condition of shower enclosure from mineral staining, evidence of rust and condition, quality and style of faucets all contribute to appeal and value. Toilets have come along way in recent years, where taller, high efficiency (low flush volume) commodes are gaining popularity. One piece toilets with the same features can add more value.

Then there is the choice, condition and color of the counter top material and floor covering, its color (if any) and the color and style of sinks, tub and toilet. Electrical fixtures and availability of electrical outlets can also affect value.

A washroom renovation has many moving parts, and when a home appraiser evaluates a property, these are the factors taken into consideration.

Washroom appeal is like curb appeal...both can affect value.