Improving Your Home in a Down Market
Posted: January 25, 2010
In the days when home values weren't dropping through the floor, home owners were eager to invest some extra money into their home by making home improvements. As long as the investment was a smart one, home owners would be able to recoup their losses, and even make a profit.
Now that the real estate slump is still in effect, however, home improvements are not exactly a main concern for most home owners. Many home owners have their home values plummeting below what they already owe, leaving them "underwater" on their loan. There are still some people willing to make the investment, however - if for no other person than themselves.
Typically, these home owners are either unwilling, or unable to sell their home during the current market (as they would lose a substantial amount of money in the process). Since the home can't be sold, why not make small, cost-effective improvements that may benefit down the road, when real estate does come back up?
Main areas that owners are focusing on tend to be in kitchens or bathrooms, but others are investing on the outside appearance of their homes (i.e., siding, new windows, front door). Expanding areas, such as the family room, or creating a Master Suite are also good ideas, if you can swing them financially.
Making a home just a little nicer seems to be a way to ease the frustration of the current market. As long as the improvements can bring you fortune down the line, they really can't hurt.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
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