Mar
19

A Good Time To Remodel?

March 19, 2009

We all know that the economy is somewhere south of Antarctica.   But  if you were thinking about doing some remodeling, this is probably a good time.   Previous reports indicate that three times more homeowners than two years ago say that the economy is affecting their remodeling plans greatly and 82% say that the cost of a remodel is a major concern.

In most parts of the country, home prices are falling which discourages discretionary home improvement spending and also reduces the amount of equity homeowners have in their homes.  Earlier in the decade, the ability to borrow against your equity created by rising home prices fueled a lot of remodeling activity.  However, now that prices have gone the other direction, homeowners cannot finance major remodeling projects.

So what’s the point of all of this?  Homeowners who do choose to remodel their homes will find that this is a good time to get the work done.  Since new home construction is at historically low levels, more materials and labor are available now than they were several years ago which results in shorter project schedules and often, lower project costs.  By planning now to get into a contractor’s pipeline of spring projects, a homeowner might have a negotiating edge.

In a market of declining home values, home improvements are a good way to protect the value of your home so when the time does come to sell it, you can position it as a good value.

To find a remodeler who suits your needs, click here.

Categories: Economy, Remodeling

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