No SCUBA gear; Sit Tight and Raise a New Pole Barn Garage
The headline was, “Why We’re Pumped About Our Underwater Home”. It had nothing to do with physically watching the waves roll over their home – but the headline did catch my attention.
Writer Laura Cone purchased her new home in 2005 for $180,000 paying 20% down. Their 30 year fixed loan had a payment of about $863 per month. A year later, their house had appreciated in value to $248,000, then plummeted to $110,000 today. One thing they did was to obtain a lower interest refinance which. By increasing their payment by $200 a month, they will now pay off their home in 15 years!
What really caught my eye was:
“I love the fact that we can enjoy our house for what it was meant to be: our lifelong home. It was not intended to be an investment we could flip in a matter of a few years. According to Thomas J. Stanley, the author of “The Millionaire Next Door,” most millionaires own the same home for more than 30 years. Being “forced” to stay put means you can focus on paying off your mortgage instead of worrying about fluctuating values and the high costs of moving.”
More importantly – now the author and her husband have changed their mindset. They are improving their home to make it the ideal home. Adding an improvement, such as investing in a $10,000 pole building garage/shop kit, makes their property more livable for their family.
Not only does the new pole barn fill a need, but it increases the value of their property. According to the International Code Council (ICC) February 2011 Building Valuation Date, a 1200 square foot (e.g. 30’ x 40’) shop, even just as an unfinished shell, is valued at over $37,000!
The ingredient to add – a little weekend labor (invite your relatives and friends), and poof! A fun pole barn raising plus instant equity!
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