In the wake of an economic scare and with the nation’s home industry standing on shaky legs, we understand that remodeling your home might be the last thing on your mind. However, for those individuals who have been considering a home remodeling project, now could be the perfect time to get started. The very economic downturn that wreaked havoc on many industries throughout the nation is the same downturn that created some great bargains for people interested in remodeling their homes.
1. Materials are cheap.
When the economy tanked, demand for construction jobs (and therefore construction materials) dropped considerably, which, in turn, resulted in significantly lower costs. Between 2007 and 2008, for example, insulation prices fell 3.6 percent, prices for framing lumber fell 15.6 percent, and wallboard prices fell 22 percent. Not only have materials become cheaper, but, since demand has dropped, most materials – even those for specialty projects – are readily available. This means that your wait time is reduced considerably, and, in many cases, you can get your project underway immediately.
2. Contractors are compromising.
In the heyday of home remodeling construction projects, contractors were the ones who held the power and had the upper hand. Consumers were essentially at the mercy of whichever contractors they chose to hire, both in terms of cost and in terms of time frames. Lucky for you, this is no longer the case. Not only have contractors been forced to become more competitive with their pricing, which results in savings for consumers, but they’re also starting to complete projects within a tighter time frame. This is partly due to the necessity to remain competitive in the construction industry, and it’s partly due to the fact that contractors simply aren’t as busy as they used to be. While these facts may seem gloomy for contractors, they result in some serious benefits for consumers.
3. Remodeling takes money, but it also makes money.
It’s true that remodeling is a big investment, but it’s also true that that investment is, for some people, just as easy to fund as it would have been before the recession hit. Yes, banks are being more frugal with their lending, but that doesn’t apply to every individual. In fact, those individuals who have decent credit are probably just as likely to get approved for a home equity loan now as they were during a healthier economy. Not only that, but interest rates for home equity loans have fallen significantly, meaning your loan will cost you much less in the long run. So, although home remodeling projects cost money, that money is far from impossible to obtain. And the updates you make to your home now not only benefit you in terms of greater enjoyment in your home, but they also increase the value of your home, which is one of your greatest assets.
Although a home remodeling project may not be at the top of your to-do list, if it’s something you’ve been delaying due to the slumping economy, you should really reconsider. The recession has helped consumers by lowering interest rates on home equity loans, and contractors are feeling pressure to become more competitive. Although this isn’t necessarily a comfortable position for them, it benefits you by providing cheap materials, discounted labor, and a time effective completion for your project.
Contact Don Hartman today to see how he and his construction team can help you begin your Bethesda, Maryland remodeling project.