9 Year Mortgage on the Alternative to Selling a Home

It’s not shocking that home values are still falling, and unfortunately there are no reports of it getting any better any time soon. To those of you who are hoping to sell your home, for more than it’s worth, in order to buy a new one that you can comfortably live the rest of your days in, 9 Year Mortgage doesn’t see this as the attainable dream it once was. With home values expected to drop another near 3% by the years end, the luxury of making a profit on the sale of your home will be a rare occurrence. Such reality is actually causing a spark among a plethora of homeowners, who have indeed caught the “renovating-bug”.

Why Renovate?

As the housing market plummets and the unemployment rate increases, many Americans are realizing that the dream of a new rambler styled house in a warmer climate is becoming more unattainable every day. However, the possibility of staying in your current home – with a few adjustments – is becoming a very popular alternative. If your home needs more than a coat of paint or a couple nails here and there, than you are in luck! An estimated $115.9 billion was spent in the past year for home renovations and the amount of residential remodeling permits issued increased by 25%. So if you are unable to leave your home because of the treacherous housing market, 9 Year Mortgage suggests that you consider joining the ranks of those with tool-boxes in hand and hard-hats on.

Once the option of remodeling is out on the table, you might want to determine exactly why it is appealing to your situation. Maybe you are prone to arthritis and your current bedroom is up a flight of stairs; such architecture would make it a painful and dangerous daily activity once you get older. Maybe a son or daughter lost their job and can’t afford rent payments any longer, so they’re staying with you. Or possibly you don’t have the conveniences and appliances that you hope to find in a newer home. Regardless of your situation, remodeling may be a drastically cheaper and more intelligent decision to make.

If you are thinking that the wants of thousands of Americans who remodeled just prior to 2008 are part of the cause of this downward turn in the housing market, 9 Year Mortgage would agree. However, the types of remodeling that we are seeing today are drastically different. Back in 2008 the average renovations cost $17,000 and were primarily all about the over-priced, unneeded and flashy upgrades. Today, renovations are costing half of that, they are practical and most often needed. Homeowners who planned to be out of their current home by now but decided to stay-put instead due to the economy, are finding that some things need immediate attention such as a leaking roof or foundation problems. Others need more room because their children and their families are moving back in. In fact, there are already nearly 21.8 million households that have two or more families living under the same roof.

9 Year Mortgage would like to re-emphasize the fact that if renovating is not needed, that you should steer clear of this path. As always, nothing like renovations should take precedence over your savings. Because of our shaky economy, none of our financial futures are certain and you should be over-prepared financially before you dive into renovations. Make sure you have a lot in savings, and a separate account that yields enough for you to make it through a minimum of 6 months in case of a job loss. On top of putting your savings first, 9 Year Mortgage has some other suggestions for you in terms of renovating.

9 Year Mortgage Offers Some Suggestions on Home Renovations

Before you dive into your renovations, 9 Year Mortgage suggests that you consider the following:

Your Expectations – If your planning to continue living in the house you want to renovate, then 9 Year Mortgage approves of your choice to make some changes. However, if you are hoping to add value to your home with the expectation that you will be able to sell your house for more than its worth, and ultimately recover the costs of remodeling… then stop right there. You are giving yourself false hope – this rarely works for anyone nowadays and you will most likely only recover up to 60% of your costs.

Alternatives – Try to save some money during your renovations by finding cheaper alternatives. If your sick and tired of your cabinets, don’t replace them. Try painting them a different color and adding different handles; or replace only the door. Using such alternatives will end up saving you thousands while giving your home a face-lift

Use Cash – Americans are already doing a great job with this, seeing as most renovations are paid in cash. But just in case you were thinking about getting a home equity loan or line of credit, let 9 Year Mortgage remind you that you are just piling on debt to the total you owe on your home. Isn’t your mortgage large enough already? Do your self a favor and use the money that is readily available to you for all of your renovations.

Wrapping It Up with 9 Year Mortgage

Staying in your home and renovating it to fit your needs may not be your first choice, but taking into account the housing market, it is your smarter choice. Remember to only renovate if you plan on staying in your home for a while, otherwise your effort and money will just be wasted. 9 Year Mortgage reminds you of the most important factor of renovation: If you don’t have a large savings account, retirement funds secured, and enough money to get you through at least 6 months of possible unemployment then you are not ready to renovate. If you are ready to spruce up your home and fix that leaking roof, try finding cheaper alternatives to your project and only use cash to pay for it; It may take longer to complete a project, but hey – at least you’ll be debt free!

Will the 9 Year Mortgage Plan Work for Me?

To learn more about 9 Year Mortgage, and to find out if you qualify for the 9 Year Mortgage program.  Find out how soon you could be completely debt free, including your mortgage, with the 9 Year Mortgage Financial Plan.

Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game!

9 Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money saving ideas visit 9 Year Mortgage on Youtube or go directly to the 9 Year Mortgage Money Saving Minute.  9 Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.