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Updated over 6 years ago,

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Rehabbing my current home

Posted

I'm currently going through a divorce and my ex is selling me his interest in our 1800 sq ft ranch with detached garage on 1/3 acre, for $8500. We live about 20 miles east of Downtown Cleveland, in a lakeside city rated by Money magazine as #36, in the top 100 best places to live in the US, a few years back. 

We've lived here 20 years, and owe $82K on the current mortgage. Unfortunately, without getting too personal, one of the reasons why I'm divorcing my ex is because he was very unmotivated to do any renovations to the home, once we moved here. So I'm really starting from scratch. 

I applied for a HELOC interest only loan, with a cash out of $40K, so I really need to try and make this work, as I plan to sell as soon as it's finished.

The home value after rehab should be around $175K, per the realtor I had in to look at the property. I've looked at the comps and it doesn't seem like any of the homes sold in the area with the same sq footage have been updated much, other than painting. 

I plan on having a contractor come in a bust it out, while I go live with a friend, so it can be completed asap.

The questions I have, given my situation and the fact that I am trying to clear at least $30K in profit, so need the best return, are: 

1) Can I get away with painting the cabinets white, or should I replace?

2) Laminate Counter tops or splurge for granite?

3) Medium grey wood-grained Waterproof vinyl flooring (WVF) throughout, with brushed nickel light fixtures and hardware, or Coffee wood-grained WVF with Oil-rubbed bronze light fixtures and hardware

4) Keep the master-bath shower as it is, which is a medium blue fiberglass, and just replace the door with a modern one and trim in some coordinating hardware and glass tile, or totally tear out the shower?

I'm sorry for so many questions, but I would have just walked away if I had something to put down on a different house, but at nearly 60, that wasn't an option. I'm starting to wonder if I've bitten off more than I can chew. 

Thank you!

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