Well the housing market has finally started to recover after the devastating effects of the bottom falling out in 2007. That crash sent our housing values plummeting all over the country and certainly here in Bridgewater was no exception. What once may have appraised at a peak of $240,000 fell sharply to just half of that amount to $125,000 but has since made a marked improvement. That same home is holding an average value of again near the $180,000 mark and even that seems to keep rising upwards.
So once again where there was simply no money to lend against homes, particularly by the big commercial banks, we see lending steadily increasing. This being the case there is a new sense of confidence by local banks to once again approve home equity loans in Bridgewater and the surrounding markets. A recovery in this solid residential market was expected but is nonetheless welcomed. As a result we see people contracting local construction companies to finally re-do that sagging garage that’s been in need of repair. But it’s not just some deferred maintenance that people are borrowing for. Many have seen their immediate loved ones lose their homes and as a result have moved in with Bridgewater relatives. This being rather commonplace many a blended family homeowner needs the home equity loan in Bridgewater to expand their square footage, or remodel the unfinished basement. Each and every day you hear of young couples saving money by moving in at their parent’s homes to save for their own homes. For these type of 50something parents a home equity loan on their Bridgewater home just makes sense.
Though young couples starting out aren’t the only ones who are moving back home. With the rising cost and lack of adequate housing for ailing health seniors, many adult children are opting to add on a mother in law suite for one of their surviving parents. For these seniors that have become recently widowed or have lost some of their independence and have curbed mobility, adding on an apartment type area for their aged parents allows them to affordably care for them without having to accept less than adequate care in a facility owned by the State, or way over in Brockton.
With the interest rates being as low as they are and the many types of home equity loans in Bridgewater available it is just making more sense for homeowners to take advantage of one of the only types of low percentage interest that is still tax deductible.
