Firstly, I would definitely get the advice of an Estate Agent first to make sure that the garden you are left with fits the size of your house - otherwise this could seriously affect your chances of a sale later on (even if you're not around - it will affect your family). One of our neighbours did this and the size of the garden they were left with was just too small for the size of the family house - they put it on the market 3 x and didn't sell it. (As far as I know, they're still there). So PLEASE CHECK THIS OUT. Secondly, I agree with everyone-else that you need to hang onto all of it - these repairs and refurbishments inevitably cost more than you think they're going to (things crop up as jobs are done - that's why it's wise to have a "contingency" fund of at least 10%). And don't forget - you're doing this for your daughters. I presume you're planning to leave the house to them, so don't feel bad about not giving them the money now - you're investing it for their future. (BTW In your place, I would seriously consider moving to a smaller place - releasing the capital that way and avoiding all that work and disruption).