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A Recession-Proof Home

Are you worried about a possible recession? Well, this is a valid concern. This would be a good time to make sure all your financial assets are in order. Anything you could do to limit the blow of a recession is a good idea. Is it actually possible to make your home recession proof? The following tips want to help make this is a possibility within your life. You do not have to sit there and let this trouble control you. Do all that you can to jump on the problem a head of time. Recession proofing your home is the first step toward controlling all your financial assets through a tough time. Make sure you fight for your finances.

Location is King

Location is always talked about as being one of the best aspects of real estate. You might think it is overblown, but location is actually one of the best ways to be recession proof. If you have a home in a good location, use it to your advantage. If you live near a school, or in a growing community, do not be shy about it. Many homes depreciate, but that is because they are not in respected areas. If your home is in a place that is in high demand, you have a great situation for yourself. Homes are very replaceable, but the area of land is not. A recession is a not a good time to sell a home. If you have to sell your home, make sure that location is one of your big selling points. Home location is not an overrated aspect that should be ignored!

Meaningful Remodels

If you are going to remodel, remodel with a purpose! If you are going to remodel a bathroom, go all the way. Create a bathroom that is modern, and is very appealing. If you need a new kitchen, remodel with all the new appliances. Enhancing features within your home is something that works a lot better then numerous new additions. If you add rooms, you are also adding cost. If you enhance features within your home already, you are adding appeal. Instead of adding that new room, or that office, add another bathroom and turn that 5 bedroom 2 bath, into a 5 bedroom 3 bath. This is how you really use your head when it comes to remodeling. A poor remodel in the midst of a possible recession can add to your troubles.

Learn Your Market

A possible recession will affect local and national markets differently. This is why it is wise to learn about your market. Your local market might be a little better then the national average, and you have to know that. Also, it is important to know how different house and different features are viewed in the market. For example, the Phoenix market might be poor, while the markets in the Phoenix suburbs are good. There are so many aspects that you can learn and use to your advantage. Do not become lazy and assume the market will show you the worst.
National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 8, 2012