Kitchen Remodeling on Budget: Ideas Between $1,000 and $10,000

KitchenUpgrade

Kitchen Remodeling on Budget: Ideas Between $1,000 and $10,000

Kitchen Upgrades For Any Budget

Feb 9, 2015

Guest Blog Post by HomeAdvisor

When you’re trying to budget for a kitchen remodel, you can spend different amounts of money with different results. A limited budget — one of $1,000 or so — will require a lot of work on your part; and you’ll want to focus on small improvements rather than major renovations. A bigger budget — up to $10,000 or so — will allow for some work to be left to the pros; but it’s still unlikely that everything in the kitchen can be renovated.

Did you know that most homeowners in the U.S. reportedly spent between $18,000 and $27,000 in total project costs to remodel their kitchen? If that sounds too steep, here is a comparison of a $1,000 kitchen remodel versus a $10,000 kitchen remodel:

 $1,000 Remodel

Photo courtesy of Katlia Construction

One thousand dollars won’t go far in renovating your kitchen. That’s because professionals who work in cabinet refinishing, flooring replacement and painting–to name a few–will quote at least $400 to $700, which will eat up the majority of your budget. Here are some things to keep in mind:

  1. Focus on the important areas: Keep elements that are in good condition — your cabinets, flooring, or countertops, for example — and focus on aspects that are in serious need of repair or updating. Maybe you need to update lime green cabinets reminiscent of the 50s; maybe you need to replace a few chipped tiles in your floor.  You can make small changes with a big impact without spending a fortune.
  2. DIY, DIY, DIY! You’ll need to do as much of the remodel work around your kitchen as possible to stretch your budget. Watch home improvement shows and online tutorials, read books; do whatever it takes to get the know-how. But never approach doing electrical, plumbing or structural work in the kitchen yourself. These tasks are dangerous and should always be left to professionals. Try your hand at painting, laying tiles, sanding or putting in a backsplash — it’s a great way to learn; and it saves you money while revitalizing your kitchen.
  3. Don’t do everything at the same time: Since you’re on a limited budget and doing a lot of the work yourself, you can break the project into phases over weeks or weekends. This gives you time to rest and see how things are progressing. If you do everything at the same time, you might spend more than you’d like or create a daunting mess in your kitchen. Phasing your project will make it more manageable.

Some common projects to tackle in a $1,000 kitchen remodel include:

  • Painting the walls and ceilings
  • Adding a decorative backsplash
  • Refinishing or painting your kitchen cabinets
  • Replacing your floor with ceramic tile
  • Installing LED lighting

Remember: Practice safety when doing your kitchen remodel to avoid paying medical bills on top of any remodeling work.

  $10,000 Remodel

Photo courtesy of Arrowhead Remodeling & Design, Inc.

With a bigger kitchen remodel budget, you have some room to hire professionals to help with the renovations. This doesn’t mean you can completely gut your kitchen and start from scratch — that’s more of a $45,000 project — but you can make a few major changes.

Here are some recommendations for a $10,000 kitchen remodel:

  1. Do some DIY: Since labor will be a major factor in the cost of hiring a professional, try doing some of the work yourself. Maybe it’s tiling a backsplash or painting some of the cabinets or walls — the same things you’d do in a $1,000 kitchen remodel. Some of the money in your budget will go towards materials, but you’ll spend far less than you would to hire a professional.
  2. Don’t move the major appliances: Keep your dishwasher, sink and oven/hood where they are — even if you’re doing major renovations. Moving them will involve not only labor, but also the cost of installing plumbing and electrical wires in the new locations. This time and money would be better spent on other projects around the kitchen.
  3. Are your cabinets worth replacing? Unless your cabinets are moldy (if made from wood), so worn down they’re about to fall off the wall, or otherwise past the point of repair, consider updating instead of replacing them. You can stain, paint, refinish or reface them for a fraction of the replacement cost and they’ll look almost brand new.
  4. Make smart appliance investments: If you decide to replace any of your appliances, first consider whether you really need stainless steel. It can be scratched, stained and easily marked by fingerprints. Also consider investing in energy-efficient appliances for what they’ll pay back on your utility bill over time.

Some projects homeowners can do for a $10,000 kitchen remodel include:

  • Painting walls
  • Painting, refinishing or refacing the cabinets
  • Hiring flooring contractors to install new flooring
  • Hiring a countertop professional to replace your counters
  • Replacing one or more of your appliances
  • Installing LED lighting

Whether you hire a professional for one or more of your projects, remember that you can help with part of the project to help cut down on costs. It’s educational and it helps to get the project done faster — so you can be back in your kitchen, cooking and enjoying time with your family.

Kitchen Remodeling on Budget: Ideas Between $1,000 and $10,000

KitchenUpgrade

Kitchen Remodeling on Budget: Ideas Between $1,000 and $10,000

Kitchen Upgrades For Any Budget

   February 6, 2015 

Guest Blog Post by HomeAdvisor

When you’re trying to budget for a kitchen remodel, you can spend different amounts of money with different results. A limited budget — one of $1,000 or so — will require a lot of work on your part; and you’ll want to focus on small improvements rather than major renovations. A bigger budget — up to $10,000 or so — will allow for some work to be left to the pros; but it’s still unlikely that everything in the kitchen can be renovated.

Did you know that most homeowners in the U.S. reportedly spent between $18,000 and $27,000 in total project costs to remodel their kitchen? If that sounds too steep, here is a comparison of a $1,000 kitchen remodel versus a $10,000 kitchen remodel:

 $1,000 Remodel

Photo courtesy of Katlia Construction

One thousand dollars won’t go far in renovating your kitchen. That’s because professionals who work in cabinet refinishing, flooring replacement and painting–to name a few–will quote at least $400 to $700, which will eat up the majority of your budget. Here are some things to keep in mind:

  1. Focus on the important areas: Keep elements that are in good condition — your cabinets, flooring, or countertops, for example — and focus on aspects that are in serious need of repair or updating. Maybe you need to update lime green cabinets reminiscent of the 50s; maybe you need to replace a few chipped tiles in your floor.  You can make small changes with a big impact without spending a fortune.
  2. DIY, DIY, DIY! You’ll need to do as much of the remodel work around your kitchen as possible to stretch your budget. Watch home improvement shows and online tutorials, read books; do whatever it takes to get the know-how. But never approach doing electrical, plumbing or structural work in the kitchen yourself. These tasks are dangerous and should always be left to professionals. Try your hand at painting, laying tiles, sanding or putting in a backsplash — it’s a great way to learn; and it saves you money while revitalizing your kitchen.
  3. Don’t do everything at the same time: Since you’re on a limited budget and doing a lot of the work yourself, you can break the project into phases over weeks or weekends. This gives you time to rest and see how things are progressing. If you do everything at the same time, you might spend more than you’d like or create a daunting mess in your kitchen. Phasing your project will make it more manageable.

Some common projects to tackle in a $1,000 kitchen remodel include:

  • Painting the walls and ceilings
  • Adding a decorative backsplash
  • Refinishing or painting your kitchen cabinets
  • Replacing your floor with ceramic tile
  • Installing LED lighting

Remember: Practice safety when doing your kitchen remodel to avoid paying medical bills on top of any remodeling work.

  $10,000 Remodel

Photo courtesy of Arrowhead Remodeling & Design, Inc.

With a bigger kitchen remodel budget, you have some room to hire professionals to help with the renovations. This doesn’t mean you can completely gut your kitchen and start from scratch — that’s more of a $45,000 project — but you can make a few major changes.

Here are some recommendations for a $10,000 kitchen remodel:

  1. Do some DIY: Since labor will be a major factor in the cost of hiring a professional, try doing some of the work yourself. Maybe it’s tiling a backsplash or painting some of the cabinets or walls — the same things you’d do in a $1,000 kitchen remodel. Some of the money in your budget will go towards materials, but you’ll spend far less than you would to hire a professional.
  2. Don’t move the major appliances: Keep your dishwasher, sink and oven/hood where they are — even if you’re doing major renovations. Moving them will involve not only labor, but also the cost of installing plumbing and electrical wires in the new locations. This time and money would be better spent on other projects around the kitchen.
  3. Are your cabinets worth replacing? Unless your cabinets are moldy (if made from wood), so worn down they’re about to fall off the wall, or otherwise past the point of repair, consider updating instead of replacing them. You can stain, paint, refinish or reface them for a fraction of the replacement cost and they’ll look almost brand new.
  4. Make smart appliance investments: If you decide to replace any of your appliances, first consider whether you really need stainless steel. It can be scratched, stained and easily marked by fingerprints. Also consider investing in energy-efficient appliances for what they’ll pay back on your utility bill over time.

Some projects homeowners can do for a $10,000 kitchen remodel include:

  • Painting walls
  • Painting, refinishing or refacing the cabinets
  • Hiring flooring contractors to install new flooring
  • Hiring a countertop professional to replace your counters
  • Replacing one or more of your appliances
  • Installing LED lighting

Whether you hire a professional for one or more of your projects, remember that you can help with part of the project to help cut down on costs. It’s educational and it helps to get the project done faster — so you can be back in your kitchen, cooking and enjoying time with your family.

Your Home’s February Honey Do List

Honey-Do List2

Your Home’s February Honey Do List

Win your honey’s heart by tackling these around the house to dos.

Feb 5, 2015

Valentine’s Day is around the corner. If you’re looking for a way to demonstrate your love for your significant other, you’ll be sure to win their heart by tackling one of these around the house to dos.

1. A little goes a long way – Looking for simple ways to win big points? Check out the Coldwell Banker Home Tip of the Day video series for tutorials that range from how to clean glass shower doors to how to dust your baseboards. Ticking off just one of these small tasks is guaranteed to impress your honey.

2. Serve up breakfast in bed – Everyone knows the way to the heart is through the stomach. Your loved one will surely appreciate that you not only cooked a delicious meal, but delivered it to them in their bedroom. For great tips on unique breakfast ideas, check out this sweet guide to Breakfast in Bed.

3. Clean Range Hood Filter and Fan – After plenty of cooking over the holidays, and a bacon-heavy Valentine’s Day Breakfast in Bed (see above) it’s about time to consider cleaning your stove’s hood filter & fan. Follow this DIY tutorial for easy instructions.

4. Start on Tax Prep – While taxes are about as unsexy as topics get, it’s important to start gathering the paperwork necessary for filing your taxes now. Visit the International Revenue Service to access important tax forms and tools.

5. Give your Master Bedroom a Makeover – This is the room where the magic happens. Of course, we’re talking about sleep! In preparation for National Sleep Awareness Week, which takes place March 2-8, give your master bedroom a refresh. Use soothing tones to promote relaxation and add opaque drapes to keep bright light out. Something as little as adding a new sheet set to the rotation can make the room feel brand new again.

6. Prepare your home for Sale – If you’re considering selling your home this spring, it’s best to start preparations early. Hiring the right real estate agent is an integral part of the home selling process. Check out the 4 questions you should be asking before hiring a real estate agent. See last month’s Honey Do List for the first step in the selling process.

A Father’s Guide to Valentine’s Day at Home…with Kids

stormtrooper-valentine

A Father’s Guide to Valentine’s Day at Home…with Kids

Cupid’s arrow just stuck you with the kids, but you may still have options to make the most of Valentine’s Day.

February 4, 2015

Ah Valentine’s Day. A day dedicated to love, chocolate and suckering you into buying expensive stuff because you’re expected to. While jewelers and florists rejoice at Cupid’s special day, those of us who are parents of young children have a bit of a dilemma: who’s going to babysit?

If your regular babysitter is a young female with a suitor, you’re in a bit of trouble. You may think of turning to your parents, but then of course they may want to go out for the evening. And just to make things even worse, this year Valentine’s Day is on a Saturday. Ugh. Your chances of finding a sitter have just gotten worse than the Sixers shot at making the NBA playoffs.

Nothing screams romance like an evening with children, but you have some options.

Option 1: Take the kids out to dinner with you.

I did this last year. Couldn’t get a sitter and my wife said she wanted to go out so we packed the kids in the minivan to experience some candlelight dining. Of course as soon as you walk into a restaurant on Valentine’s Day with all the starry-eyed lovers, you’re going to get some looks and even a few snide remarks. The key is to just own it. This is your reality. Sure, we’re the only table ordering off the kid’s menu, but a dinner out is a dinner out. Charge up those iPhones and iPads so each child has some personal entertainment that may keep them from being overly rambunctious. You could even open that wallet and spring for a new $0.99 app to give the kids a new game to enjoy. Then you could hopefully enjoy a meal, and some sanity, with your Valentine.

Option 2: Dinner and a Movie for the Wee Ones.

Ok, so you’re not ready to venture out with little ones and you’re stuck at home. While dinner and a movie may sound like a date night, it’s actually a decent option for your kids on Valentine’s Day. Order pizza and whatever Disney cartoon or Marvel epic they haven’t seen yet. Move that coffee table in front of the TV and put down a blanket for the kids to eat dinner in front of the TV. While they’re experiencing the wonder of animation, you can then move to the dining room or kitchen to have a separate dinner with just you and your Valentine. Now I will warn you, this is a race against time. There’s zero chance the kids will not come and bother you at some point, but these are the cards you’ve been dealt.

Option 3: It’s bedtime and a late dinner.

The two words every kid hates to hear just might be your one chance at a quiet dinner with your Valentine. That’s right, it’s bedtime. Oh the sun is still out? Too bad, time for bed. Send the kids to their beds a bit earlier than usual and plan on bringing home a special dinner. Let the kids listen to music in their room, read for a little bit or whatever you need to do to get the kiddos out of your hair. If bedtime is a struggle on an ordinary night, you might be out of options, but for those who can rally and push through this might be your best (and last) resort.

To all those parents out there trying to find babysitters and make the most out of a fictitious holiday, I feel your pain. Good luck out there.

7 Winter Home Tips to Last You 6 More Weeks of Winter

groundhog-day

7 Winter Home Tips to Last You 6 More Weeks of Winter

Punxsutawney Phil has just extended winter. Here’s how to make sure your home is ready for it.

February 3, 2015

Yesterday was Groundhog Day, and for the second year in a row, Punxsutawney Phil saw his shadow. This, if you are superstitious, means that we have six more weeks of winter, and that spring will not be coming early. Boooooo!

If last year was any indication, then we could be in for a rough month-and-a-half. After all, early 2014 was brutally cold for most of the country. But there are a few things you can do in your home to make life a little easier this winter. Here are some tips to help you survive the cold.

  1. Get smart about organizing and storing bulky winter clothing.
  2. In case of a Winter Vortex, make sure you have the essentials.
  3. Put in a little extra work if you’re trying to sell your home.
  4. For good karma, consider the environment as you deal with the elements.
  5. Be safe, and when in doubt, hire a home repair contractor.
  6. Invest in insulation to keep bills low and wallets happy.
  7. Get your mind in the gutter – to prevent ice dams.

We certainly hope that Punxsutawney Phil was wrong. But in case he wasn’t, these tips will help you endure the winter – beyond a shadow of a doubt.

Things to Keep in Mind Around Your Home as You Clean Up from the Winter Storm

12141459123_d9fe1a69be_o

Things to Keep in Mind Around Your Home as You Clean Up from the Winter Storm

Eco-friendly ideas for cleaning up mother nature’s winter wrath

Jan 27, 2015

As I’ve been watching the coverage of the most recent winter storm, I’ve been wondering about the environmental impact these storms have regarding the materials used for clean-up. The biggest factor is the salt and its impact to the eco-system. Since there is nothing we can do about how our local governments treat the roadways, except voice our concerns about clean-up methods, there is action we can take when it comes to how we deal with the snow around our homes.

Going Green During Your Winter Clean-up Around the House

Of course the best green advice is a back-breaker: shovel. And then shovel more, and you know the rest of the story. But an alternative might be to locate and hire an eco-friendly snow removal company like Eco Snow Removal to help you in the process.

If you want to get high-tech in your snow removal method, you might want to consider having a professional install a Sno*Melter on your roof, driveway or sidewalks. How jealous is this going to make your neighbors?

But if you don’t have the budget for a Sno*Melter anytime soon, then the most common de-icer method ends up being salt. There are all types of products on the market, so make sure to choose wisely because some products can wreak havoc on the environment (and your pets). The least toxic solution is calcium chloride or calcium magnesium acetate (CMA). Be sure to check the labels of the products you are bringing home to ensure you’re not introducing harmful agents around your home. Here is a great reference chart to help you in your next purchase.

Have another green snow or ice removal solution? Share with everyone so we all can get in on the snow day fun.

Photo credit via Flicker user Justin Wolfe

Cure Those Winter Blues At Home With These Bright Ideas

Cure Those Winter Blues At Home With These Bright Ideas

The winter blues tend to hit shortly after the holidays, but these fun ideas will help bring the sunshine into your home – and happiness into your life!

Today

The holidays have come and gone. The warmer weather just feels so. Far. Away. If you’re like me and sadly don’t have a tropical getaway in your immediate future, you may be feeling a case of the winter blues. Fortunately, this is not a serious condition and can be cured with the following fun ideas in your home:

1. Have a BBQ
Yes, barbecues are usually reserved for the spring and summer months, but who’s stopping you from having one in January? Grab some hamburgers, hot dogs, and chicken and fire up that grill! Make sure to check out our tips for grilling in the chilly weather!

Grilling-tips-in-Philly


2. Brighten up your space
The winter months can feel like they drag on since the sun sets early and the days are much shorter. While the sun may not be shining outside, you can bring some of those warm, sunny hues into your home by incorporating them into your decor. Throw a bright throw over your favorite chair, blow up your favorite family beach photo on canvas and hang it in your living room, or even switch out a plain white lampshade for a bold color. You’ll be surprised how much these small changes can really affect your mood!

f0ea43fe1f6d513102e33d488ad9492d


3. Infuse your home with a summer scent
Scent is one of the most powerful triggers which can immediately bring us back to a specific place or time. Coconut, tangerine, and florals immediately remind me of a warm summer’s day. Light a candle in your favorite summer scent to be transported to your happy (summer) place!

pBBW1-20495014v275


4. Buy some fresh flowers
Your backyard garden may look a little “blah” this time of year, but you can always bring the garden indoors by purchasing a fresh bouquet of flowers in your favorite hue. If taken care of properly, your fresh flowers may even last a week or more!

1jdwgspbmvnt4yyhqd4wqxtpg0i

What you need to know about the December Housing Numbers

What you need to know about the December Housing Numbers

As you settle into 2015, take a look back to see how real estate rounded out the year in 2014. Today the National Association of Realtors (NAR) released its December existing-home sales report, revealing positive trends for 2015. Total existing-home sales totaled 5.04 million in December 2014, above last year’s December number by 3.5 percent. […]

Jan 26, 2015

As you settle into 2015, take a look back to see how real estate rounded out the year in 2014. Today the National Association of Realtors (NAR) released its December existing-home sales report, revealing positive trends for 2015. Total existing-home sales totaled 5.04 million in December 2014, above last year’s December number by 3.5 percent.

In 2014 total sales reached 4.93 million, a 3.1 percent decline from 2013 (5.09 million), but the median existing-home price for December was $209,500 which marked the 334th consecutive month of year-over-year price gains!

December’s percent share of first-time buyers was 29 percent, up from a year ago (27 percent). For the second straight year, first-time buyers represented an average of 29 percent. Additionally, December’s report revealed that thirty-one percent of homes were on the market for less than a month!

2014 was a good year. And here’s to hoping that 2015 is even better. As you sip your hot chocolate, dream of warm weather and start planning your dream house, take a look at these listings in the median sales prices across the country.

Northeast median sales price: $246,600

Midwest median sales price: $159,100

South median sales price: 184,100

West median sales price: $299,600

8 Energy Saving Tips to Cut Your Gas Bill

8 Energy Saving Tips to Cut Your Gas Bill

Energy Saving Tips

As temperatures fall, you’ll seek a heat system in your home to keep you cozy and warm.

Yet no one wants toasty temperatures indoors if it means your utility costs will rise to unreasonable levels.

Consider these eight energy saving tips below, so you aren’t sweating when your winter gas bills come, and as the weather warms, evaluate your winterizing measures to see which ones make sense to maintain through the spring and summer months.

1. Program Your Thermostat

Set your thermostat as low as is comfortable in the winter. For each degree you raise your thermostat setting, your fuel bill climbs 3%.

Consider slipping into a sweater before you crank up the temperature. Don’t forget to program the thermostat to a lower temperature during the hours you are away from home, either.

If your thermostat allows you to program different temperature zones, turn the heat down or off in rooms that aren’t being used.

2. Maintain Filters and Heating System Equipment

Regularly clean or replace the filters for your furnace and central heating system. Likewise, make sure to clean warm-air registers, baseboard heaters and radiators—ensuring that they are clean and not blocked by debris or trapped air.

If you’re not sure how to bleed trapped air from a hot-water heat radiator or flush the water heater, call a professional. They also can perform a routine check of your central heating/cooling duct system for leaks.

A simple task like cleaning equipment and making sure it’s not leaking or obstructed by furniture, carpet or drapes can improve your system’s energy efficiency by 10% while extending the life of your equipment.

3. Install Radiator Reflectors

If you use radiators to heat your home, placing heat-resistant radiator reflectors between exterior walls and the radiators will help prevent you from heating walls unnecessarily and can reduce heat loss.

4. Add Insulation

Wrapping insulation around pipes and your water heater can help minimize heat loss as water runs from the water heater to your faucets.

By adding insulation, you won’t have to wait as long for hot water, you will conserve water, and you can save up to 10% of your total energy costs.

Just be sure to leave the air intake vent uncovered on the water heater.

5. Seal Openings

It’s foolish to spend money heating your home if the warm air can escape. Caulk and weather-strip around exterior seams, cracks and openings. Pay extra attention around windows and at points where various exterior materials like wood, brick and vinyl siding meet.

On the inside, caulking and weather-stripping around windows and door frames will cut down on drafts. A draft guard along the bottom of an exterior door also can help prevent heat from escaping.

If you’re not using your chimney, close the damper. Additionally, air sealing and properly insulating the attics, walls, floors over crawl spaces and accessible basement rim joists can save up to 10% of total energy costs.

6. Replace Windows

Consider replacing old windows with high-efficiency Energy Star double-pane windows with protective coatings that reflect heat back into your home during winter. This can reduce your heating and cooling costs by up to 15%.

If such a retrofit is not in your budget, cover your windows with clear plastic film. At a typical cost of $4 to $6 per window, the film creates an insulating air pocket between the plastic and the window, reducing heat loss through windows by between 25% and 50%.

7. Use Fans Wisely

It may sound simple, but using fans judiciously can save energy, too. In just one hour, kitchen, bath and other ventilating fans can pull out a houseful of warm air. So turn ventilation fans off as soon as they have done the job.

Aim keep the humidity level between 30% and 60%. In rooms where you have a ceiling fan, reverse the direction so that they move in a clockwise direction and push hot air near the ceiling toward the floor.

8. Adjust Drapes

When it’s cold outside, keep drapes and shades on your south-facing windows open during the day to allow sunlight to enter your home, and then you can close them at night to reduce the chill you may feel from cold windows.

This article is updated from a previous version on realtor.com®.

What Is An Upside-Down Mortgage?

What Is an Upside-Down Mortgage?

Finance

|

By: 

kschulze/iStock/Thinkstock

When you buy a home, you hope the value will appreciate over time so you’ll be able to build equity. Of course, it doesn’t always work out that way.

Home values in neighborhoods can rise sharply for relatively simple reasons such as a major improvement in public transportation. Home values can also plummet.

These fluctuations can have serious financial repercussions—if you purchase before a drop, you could find yourself upside down on your mortgage.

Definition

An upside-down mortgage is simply a mortgage in which the owner owes more than the house is worth. If you can afford the monthly mortgage payments and don’t want to move, being upside down may not have an immediate effect. However, it will take longer to build equity in your home, which will affect your ability to refinance or sell your home and make a profit.

Fluctuation in home values

Volatility in neighborhood home values is the biggest cause of upside-down mortgage situations. Sometimes this instability benefits home buyers. When the housing market is strong, buyers can get a home at a relatively low price and sell it a few years later and make thousands of dollars in profit. The opposite is also true. A buyer who purchases a house at peak value stands to lose money when its value falls.

Nontraditional mortgages

Nontraditional mortgages—also called exotic or high-risk mortgages—can lead a homeowner into an upside-down mortgage situation or make it worse. Some mortgages allow interest-only payments for the first few years, which keeps payments low but doesn’t make a dent in the principal or build equity. Monthly payments on negative amortization mortgages don’t even cover the full interest costs. Instead, the interest payment is deferred and added to the principal. On these mortgages, a home buyer ends up owing more than the original loan. Homeowners in the first few years of these mortgages have little equity in their home.

Selling your home

Selling when you have an upside-down mortgage can be tricky. Buying or selling a home involves additional expenses such as closing costs, lawyer fees, and real estate agent fees. Some mortgages have prepayment penalties that actually charge the mortgage holder for paying off the mortgage before it comes to term. These fees and penalties add to the cost of selling a house, and increase the amount of money that you’ll owe when leaving your home.

If selling on your own isn’t an option and you’re falling behind on payments, some lenders will accept a short sale and forgive the difference between the amount of the sale and the total mortgage loan. However, this will damage your credit and may hurt your chances of qualifying for another home in the future.

The simplest solution for homeowners with upside-down mortgages is to continue making mortgage payments, if possible, and wait for home prices to rise again before selling their homes.

Updated from an earlier version by Dini Harris