So, are you interested in making investments?
Perhaps, the best place to this could start from your own home despite the dismal situation that the housing market finds itself in.
According to experts, it’s better to fix your home rather than trade it up, and here are a few reasons why:
1) Low Interest Rates
In comparison to the interest rates in 2007, which was at about 8.25 %, one can easily benefit from the rates that are between 3 – 4.5 % these days. So, in short, these rates are great. If you are still skeptical about drawing money for your saving or money fund account, the plummeting interest rates (at about 1 %) will not necessarily do much for you either.
2) Contractors offering lower prices
Compared to the times when you could not get a contractor to return your calls, the slump has pretty much changed all that in a hurry. Contractors will now offer you almost 10 – 20 % discount on their services, and even more in areas such as Florida and California.
3) Home building prices on the decline
Since the crash of the construction industry, the demands for home building materials has crashed to a point of no return it seems. And this translates into a crash in prices for building supplies and materials. For example, the cost of plywood has fallen to 23 percent, drywall by 29 percent and framing lumber by almost 35 percent.
Although, asphalt roofing and insulation has declined in prices substantially, one can easily benefit from the decline of costs in general.