Foreclosure is becoming a dirty word that is being uttered ever so much more frequently throughout New York. From Albany to Long Island, foreclosures are on the rise. In fact, so many people are being foreclosed upon that it is almost becoming normal. All of this is occurring despite our best attempts to alleviate the problem. We have Federal programs for homeowners that are not working, and we have banks granting leniencies on loans and terms that are having a minute effect overall on the amount of people still going through foreclosure. Clearly, the government and banking industry solutions are not working quickly enough.

 

The vast majority of foreclosures are occurring relative to the devaluation of homes. In short, there are thousands of Americans who are holding mortgage notes that have balances far greater than the actual value of the home. Many have simply thrown up their hands and given the keys back to the bank. However, there are a number of steps that could be taken in order to mitigate these foreclosures. In fact, there are 3 specific avenues a homeowner should explore to combat the devaluation of their home.

 

Landscaping is a great way to improve the value of your home. Immediately, many people think that this would cost a substantial amount of money. However, there is a great deal of landscaping projects that you can accomplish with your bare hands, a shovel, and a wheelbarrow. You can build walkways and paths around your home and grounds by using stones found naturally on your property. Consider diverting a nearby stream to run along a pathway close to your house. Contemplate transplanting trees from wooded areas to line your grounds, lawn, form a screen, or even a fence. Brainstorm ideas for projects that will beautify your property but cost very little.

 

Indoor projects can increase home value as well, and often require the simplest of tools: hammers, screwdrivers, a saw, a level, sandpaper, and a little paint. Knock down walls that create a cluttered or cramped atmosphere. Repair, replace, or repaint baseboards, door and window frames, or cabinet doors. Enlist the aid and skills of family members or friends that have construction or design experience. Pay them for a day’s work with refreshing beverages, a beautiful dinner or barbecue, and by offering to help them on projects they may have with their own home.

 

Consider forming a neighborhood coalition. Talk to the members of your immediate locality about the importance of maintaining and beautifying their properties in order for properties in the area in general to hold or increase their value. As a group, you may be able to create a pool of funds for needed neighborhood improvements, and/or form teams that spend a weekend improving one house or property, another property another weekend, and so on. Together, we are much more effective than separate. Remember- if the value of your neighbors’ homes go up, then it stands likely to reason that your will too.

 

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This entry was posted on Friday, February 6th, 2009 at 7:07 am and is filed under Financial Market, Long Island Foreclosure Firm, Nassau & Suffolk County, Nassau & Suffolk County Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.