Almost everyone I know has seen their home values drop over the past two years, many in the double digit range. But there is a silver lining to this economic downturn for some lucky homeowners. This is a perfect time to renovate your home. (If you are in serious risk of losing the immediate income from home, or if you do not have equity in your home, read on.)
but If you have been wanting to renovate for a moment, intend to remain in your home for the next 10 years, or more, or if you want to become a more competitive seller in this buyer’s market, now may be a great opportunity to start a remodeling project.
Here is why:
1. The best builders, contractors and trades have a higher schedule availability, now, that gives you access to professionals who otherwise would not be able to get. As the New York Times put it, during the boom years, “the Good contractors are so hard to reach the most famous doctor.” Their knowledge and skill is unchanged. Just that many have more down time on it now.
2. Given the laws of supply and demand, the drop-off in work, has driven down the prices of certain goods and services. This gives you the upper hand in the negotiations. Consider, however, that the best that we will even cost more in the job than the less qualified. But they very well can save you money — and aggravation-in the long term, so you will not have to hire someone to correct amateur errors or an attorney to get them to heal.
3. Many of the weaker players are eliminated from the economy before you even get to know them. The remaining professionals are the best project manager with more credentials. This will reduce your chances to run for the type of con-artist who is drawn to a “boom” and moves during a bust.
4. New rules make it easier for older homeowners to finance their projects through reverse mortgages. Contact someone in your area to see how this can give you a new kitchen, bath, addition, etc
5. It is excellent, the new products on the market that will help you save money on water and energy. To build them into your remodeling project, they could help pay for themselves, and make your home more attractive to future buyers. According to a recently published study by McGraw Hill, as cited by the Wall Street Journal, “A third of home buyers say they are willing to pay a premium of $ 20,000 or more for a house green.” (To help the environment, is a plus also.)
6. On a similar note, the local legislation in some areas, and new federal incentives to offset costs for water and energy-saving products that you can incorporate into your remodel.
7. If someone in your home has respiratory problems such as asthma, changing to a more indoor-air-quality-oriented products can improve your comfort and your well-being. There are good products on the market now to help you – and them – in this regard.
8. If an aging relative moves in with you, or if you are looking to stay in their home in their old age, to update your home with aging-in-place features in order to increase security, and increase your life expectancy and resale value. (Less than 10% of American homes are built with aging in place features, while millions of Americans preparing to retire-do the math!)
9. Unlike the house flippers we have seen renovation in recent years to keep up with the jones, those of you who have been in your home for a while, really, know their strengths and weaknesses. You also know what really suits for your lifestyle. This will provide a more successful outcome in your project, the ones that are most appropriate for the way in which the house can be better for its inhabitants and guests.
10. If you spend more time at home these days, so many people to improve your home will provide some anti-recession joy. And who couldn’t use that I like to sol these days?
Jamie Goldberg, AKBD, CAPS is an NKBA-certified, ind.ependent kitchen and bathroom designer in Tampa, Fl. She is also a Certified Aging in Place Specialist and at the national level, published design journalist. Jamie’s articles have been published in Kitchen & Bath Ideas, Fine Homebuilding, Signature Kitchens & Baths, Home, Home, Woman’s Day Kitchen & Bath, BobVila.com and many other websites, newspapers and magazines. In addition to designing and writing, Jamie speaks frequently to professional and community groups in the construction, remodeling and aging in place topics.