If you've been paying attention to media coverage of the current housing downturn and overall economic recession, you may be questioning the value of remodeling your home right now. Will the cost of your dream remodeling project go down in the future?
You also might expect a professional remodeling company to argue just the opposite, that now is the best time, financially and otherwise, to improve your home. Of course, a remodeler's business depends on people making that investment, but there are some logical and compelling reasons to ignore the naysayers and consider remodeling now.
For example, you may have planned to sell your current home and find one that better suits your household and lifestyle needs ... until the recession drove housing values down and caused you to put those plans on hold.
It's likely the situation persists and your house doesn't satisfy your family's current needs. A well thought through remodeling project may be able to address those issues. No one can predict the bottom of the housing market, but improving your home can go a long way toward boosting its value in a recovering market and making it a more comfortable and better fit for your family in the meantime.
In addition, interest rates for financing home improvements are at historic lows. As the country's recent economic improvement and growth continue, it's fair to say that rates are likely to rise.
The investment prospect for remodeling now is even greater because improvements can update and upgrade systems, products, and finishes to contemporary standards of efficiency and comfort. When it comes time to sell, those homes will logically be more valuable than older ones that have not been remodeled.
While improving your home now buys you some time for an economic recovery, it also affords you the opportunity to get more of what you want in the design and finish of your home. You'll create something that is more valuable to your personal enjoyment and lifestyle needs. In any economy, that logic makes sense.
Something else to consider: Professional remodelers who have survived the current recession have honed their construction practices and costs. Their streamlined operations have lowered overhead expenses and raised their business acumen. This translates into a great value for your remodeling investment.
In addition, global demand from emerging markets (like China) is likely to continue. This will drive up the cost of raw materials, and as the cost of building materials goes up, so does the cost of any home improvement project.
Finally, many of our key construction trade partners have cut their costs and margins in an effort to stay afloat during this economic storm. As business picks up, so will their fees.
Making the decision to improve your home now benefits those who can look past the headlines and scare tactics and understand that, in these times, the best time to remodel may be about to slip away.