BAD NEWS IS GOOD NEWS!
The construction industry is being hit hard by the continuing slowdown in the economy. Strangely enough, that is good news for you if you’re considering home improvement.
First answer two questions.
Were you lucky enough NOT to buy your current home in an overpriced market? If so, high home equity levels are on your side.
Could you enjoy living in your present neighborhood for the next few years? Whatever your home needs, it can be updated for pennies on the dollar as compared to moving.
If you answered “Yes!” to these questions you have just discovered two great reasons that now is your best time to remodel.
Here are six more:
- Let’s Talk Cheap Money
For many years banks enthusiastically supported the risky dreams of big-boom borrowers but that pond has dried up. Standards are tight. They are no longer ready to go with the flow. Lenders need to offset bad loans with good ones. Interest rates have been moving down (also good news) but you must have three things before they will show you the money:
- – A good credit rating
- – At least 20 percent equity in your home
- – Proof of income.
Once again, if you can answer “Yes!” to these questions then now is your best time to remodel.
- Contractors Are Available
When everyone was keeping up with the Joneses, contractors could afford to choose only big-budget projects. Now quality tradesmen find that they must dedicate some of their schedule to smaller projects. This is good news for you.
- Time Is On Your Side
In booming building markets, you wait in line. Projects can be delayed for months … or a year or more – as builders are overbooked. Today`s market means you can get your work done fast. We all know that time is money. Once again now is your best time.
- Building Material Prices are Dropping
Declining demand means declining prices for construction materials. Another boost is that with inventory availability, your job is not held up by back-orders. As soon as you have booked your time or a contractor’s you can move forward quickly. Turnaround is half what it has been in recent years. Watch building suppliers and you can take advantage of great specials.
- Today`s Real Estate Market is Looking for Resale Value
More than ever value for the housing dollar is important to buyers. Is your home functional, economical to maintain and, above all, livable? Once these questions are answered three major concerns face homeowners today
- – Building for the neighborhood
- – Mortgage rates
- – Employment
In many cases upgrading existing space is a better option than building new. The cost of building from the ground up can grow exponentially, with all the variables, cost inputs and changing financial circumstances. Having the framework, electricity and plumbing already in place means that the most expensive aspects of your project are already at hand. An attic conversion, basement remodel or mid-range bath or kitchen makeover can give the best return on your investment. Don’t overbuild. Think maintenance and functionality first.
- Remodel to Improve Maintenance. It Makes You Money.
Houses age no matter what the market is doing. Roofs need replaced, plumbing repaired and worn out appliances fixed or upgraded. Remodeling now for energy efficiency, water and resource conservation with the use of sustainable or recycle products means money in your pocket and a healthier environment. Consistent home maintenance raises the value of your home, but even better it makes your home a comfortable place to live.
So, if you are a homeowner who has decided to stay where you are, consider remodeling. You will be improving your home investment and you will enjoy living there even more.
Remodel now. It`s your best time to go for it!