Suburban Condo Rehab

My wife and I purchased our condo in Novi in 2000 after the unit had been left on the market and untouched for a lengthy stretch. Over time, we've been able to perform a decent amount of cosmetic improvement to the unit, but 16 years and one dog's life later (not to mention the 35 years of virtual neglect from the prior owner) means that the place is in dire need of substantial upgrade. If it can be seen or touched, chances are it needs to be improved upon.


 


We are both gainfully employed, with my wife working as an athletic trainer specializing in rehab for special needs patients (I.E.: cancer patients, stroke patients, youth injuries, etc.) and I as an implementation specialist for a software company We have volunteered our time nearly our entire married life in residential reconstruction efforts (a la Habitat for Humanity) and in providing assistance to the homeless and under-employed. We thought we had all our ducks in a row when we visited our credit union to sign for our home equity loan, but because of the drop in the housing market - a condition that positively devastated real estate in Michigan - our unit was worth but a fraction in home equity loan value than what we'd expected. 


 


In the interest of full disclosure: we are not destitute by any means and other plights are undoubtedly more deserving than our own. We're both healthy and living a modest middle-class life and our credit is top-notch. We have secured financing for the project from our bank, but it's about one-quarter the amount we thought we'd be entitled to. We're taking this approach as both a hope in a) karma coming back around to help give us a boost as we've made efforts through the years to help others, and b) taking an unconventional approach in finding every way possible to find money for this project we honestly thought we had.


 


Thanks for your thoughts and consideration in advance.


 


P.S. (Every dollar is a help, and we appreciate any contribution, big or small.)

Nester

Chris Davis

Novi, Michigan

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