Homeowners Shift Spending from Gas Tank to Home

Declining home values coupled with high fuel costs are leading many to reconsider how they spend their money. In fact, homeowners who purchased their residence during the recent real estate boom bear the greatest risk of finding themselves "upside down" in their mortgage - a situation where they owe more than the current value of the house. 

While many of these frustrated homeowners may have stable jobs and continue to pay their monthly mortgages on time, they cannot afford to move even if they want. They are trapped, waiting until home values rebound.

What does a homeowner do until then?

"More families are investing in their homes, making their backyards more comfortable because they understand that they are not in a position to sell anytime soon. Simple upgrades like luxury hot tubs remain desirable because they don't require an expensive backyard redesign. Plus, they are portable - they can travel with the homeowner when they eventually move," says William Smelley of Jacuzzi brand hot tubs. Perhaps soaking in the hot tub reduces stress over homeowner real estate woes as well.

From another angle, homeowners will continue to shy away from expensive trips that only last a few days. Instead, they are spending family resources on vacation-inspired amenities for their home. Inviting patio retreats for year-round enjoyment rank high. Hot tubs, pergolas and outdoor furniture are an important part of how homeowners recreate the five-star resort hotel experience in their own home.

This is no surprise. Shrinking spending on travel is directly related to the rising costs of flying and the fees charged by airlines for everything from food to checked bags. Long lines, delayed flights and security hassles don't help either. Weekend road trips appear less desirable given the astronomical price of fuel.

But before investing money into upgrades, homeowners need to be smart about their renovation choices. In a challenging real estate market, focusing on projects that add value takes priority.

Curb Appeal

Spruce up the front of a home with a fresh coat of paint on the trim, some colorful flowers and a new door knob. The result: families will feel better about coming home each night and these improvements will help down the road.  Make a positive first impression.

Repair Obvious Damage

Don't ignore the hole in the wall or peeling wallpaper. While some may come to accept the imperfections of a home, damage looks like an eyesore to most.

Outdoor Living

Functional outdoor living areas add the perception of usable square footage to a home. A deck or patio with a self-contained hot tub and picnic table can be a real bonus. They can be enjoyed immediately and when it comes time to move, anything that's not bolted down can probably go too.

Wondering what expensive renovations to avoid? Experts say that conversions of a bedroom to a permanent home office, the addition of backup power generators and master suite additions offer the smallest return on investment.

Courtesy of ARAcontent

Transform Your Patio into Extra Living Space

Do you wish you could use your deck or patio more often, but because of the weather you sometimes find it to be useless? Imagine turning your deck or patio into a usable outdoor living space where you can spend more time enjoying life no matter what the weather.

With the simple push of a button, automated retractable awnings are the perfect solution to a deck or patio that isn't used often because of intense sun and other weather factors. Protection from the sun and creating a more comfortable and enjoyable space are just some of the benefits.

Retractable awnings are also a great way of preventing the sun and heat from entering a home. By providing shade to windows and patio doors, interior temperatures can be significantly reduced which will ultimately help to reduce cooling costs. According to an energy study conducted by PAMA (Professional Awning Manufacturers Association), more energy is lost through glass doors and windows than through any other part of the home.

And that's not all you save, because an automated retractable awning reduces the amount of sunlight and glare that enters a home, it protects your interior carpets, window treatments and furnishings from fading as well.

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Because neighborhood covenants and county building codes vary greatly, you would have to check with your local building permit office and homeowners association to find out what is legal or code for your property. Areas like driveways, especially shared ones, may also be a right-of-way for the fire department. Check with your local fire marshall to find out what restrictions may be placed on this area of your property.