Reply to to sell or to rent? tricky situation fiscal/emotional issues

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[quote=Anonymous]A bit long, but details are important. I need thoughts and impressions as well as facts from anyone who has made this kind of choice.

House is in Kensington. Separating/divorcing, but the selling of the house is to escape out of what I consider to be "only a matter of time" losing the house. This month will be the first missed mortgage ever. Credit has held steady despite huge credit card debt. Husband developed expensive addiction and helped run us into what looks to me like inevitable financial ruin. And he continues to underearn, and be an addict. He could pull forth more earning potential if his career jumpstarts work, But I have my reasons for doubt. I have to start over because I ran all the details of his business- didnt have own source of income.

I convinced him to sell the house was the only way to recover what little equity we have and pay off all the debts and start over. We would have to sell at somewhat below value because it needs some repairs, nothing major, but we are broke and cant afford anything. The house has such potential, we did do alot of work on it.

I feel like getting out of this house is important for me because he had become abusive and the house is filled with some bad memories. Our  daughter was sad at first, but is ready to move. We will move in with family.

MY QUESTION: Would renting be a feasible way to retain the house? Im just sitting here with boxes, packing up 20 years of life in an utter state of disbelief at my husbands decline and what has come of it, and Ive resigned myself to what is to come. But maybe, just maybe,  its SMART to retain a property in Kensington if at all possible. The market should improve over time and maybe we could afford the repairs down the line, and sell at a higher value later. Or keep it.

My husband has become an unbelievably nasty piece of work, narcissistic, completely in denial about the nightmare he has become, nasty to our kid, manipulative etc. Being financially liquidated from him in this way would be great.

But I just dont want to make a mistake selling the only thing I have part ownership over that has real value, esp. considering I have to start over at age 46.

There are no clearcut answers here, I just have noone I can talk to about this, and I am hoping someone here has some experience, etc. Thanks in advance![/quote]

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