I am about to go through a divorce. My house is 20 years old. I have a friend who is a real estate agent and her husband fixes homes. Together they plan to help me with supplies, etc, however, because they are giving me such a great deal, I have to do a lot of the work myself, such as painting. The problem is, I went back to work after 11 years, and my ex (who lives in the house) does nothing to help. Should I refinance my home, take 10,000 out of it, use that to fix it up so it's perfect, then get the most I can out of my money, by listing it Buy Owner? Or, pay my friend, to help me, although I'm doing a lot of the work and I'm having a hard time finding time to do it. I have 3 children and a full-time job. She suggests that i stay in the home and have him move out, but even after I refinance, my income will not be enough to cover my mortgage and all of the upkeep that goes along with a home of this size. Does anyone have any other ideas? Ever been in this situation? Thanks!!
2007-03-01 08:56:05 · 5 answers · asked by J N 1 in Home & Garden ➔ Decorating & Remodeling
First of all - do nothing to improve the property until your soon to be ex has moved out and you have a separation agreement that spells out what to do with the property. If you make the improvements before doing so - the value of the property will increase and your husband will be entitled to a share of the increased value. You should have it appraised as is right now and use that as the basis for determining whatever right he has to any equity . Unless he is willing to sign a quit claim deed and give up any rights to the property - he can force you to share any profits made with him at the time of the divorce. Therefore - you want the value to remain as low as possible until all is settled.
As far as refinancing - that depends a lot on the current interest rates vs the rate you currently have on the house.
I would advise waiting until the dust settles and you are able to make decisions under less stress. I didn't think I could hold on to my house after my divorce. It was hard at first - but I cut back on other things and managed to hang in there. I was really glad I struggled because I remarried a couple of years later and now the property is worth three times what was paid for it. I am glad I sacrificed at the time. There is no way I could afford to replace it in today's market.
2007-03-01 09:14:16 · answer #1 · answered by arkiemom 6 · 3⤊ 0⤋
If your income wont be enough to keep the payments up on your mortgage then you may have problems refinancing your current loan. We have similar issues, but without the divorce(thank God) My advice would be to do a bit of both. Don't go overboard with the renovations, it may not be worth it in the end. Definitely paint, buy a very good paint like Dulux, or else you will regret it, and have to do too many coats, which is a real time waster. Make sure your garden is presentable (lawn mowed especially)
Depending on the age of your kids assign them each to a job.
Stencilling is a really effective and cheap way to make a difference. You clearly don't have much time, so get as much help as you can(beer and pizza's, for their effort).
If carpet needs ripping up, consider lino in entrance ways. It can be pretty cheap and easy to put down. Buy indoor plants if you have a bare area. Think second hand.
2007-03-01 09:42:14 · answer #2 · answered by samootch 2 · 0⤊ 0⤋
I would just make sure the landscaping in both the front and backyard is pretty. Remove all family pictures and clutter. You dont need to do anything else expecially major repairs sell the house and move on. Someone will walk in and have there own vision of the room, let them buy it and make it happen. You put enough into it and you have a lot going on to start pulling money out and fixing things up.
2007-03-01 10:26:30 · answer #3 · answered by imissrascal 3 · 0⤊ 0⤋
Some improvements in the house will really sell your house for good price. Simple things you can do is and should be with kicthen and bathroom.Kitchen and bath brings in maximum money. Be sure you paint the house in the end .Paint goes a long way.all the best
2007-03-01 09:05:27 · answer #4 · answered by ashwiniak2 1 · 0⤊ 0⤋
a thank you to cost your house is to look at what comparable residences in the section are going for. the quantity of interest you have paid nor stamp accountability have something to do with the cost of the homestead. no one one will pay extra to your homestead than an analogous homestead around the corner in simple terms when you consider which you have had a huge own loan for an prolonged time and paid various interest.
2016-10-02 05:21:52 · answer #5 · answered by ismail 4 · 0⤊ 0⤋