Thursday, January 29, 2009

A Good Time to Start a Home Renovation

I imagine that some of you will say it's crazy to start a home renovation project in this economy. However, there are many reasons to consider doing one now, and here are a few:

1. Contractors are no longer busy. The days are gone when contractors could afford to disappear from your project because they were working on others. It is in their best interest to do a good job and keep the homeowner happy. Now, more than ever.

2. The bad contractors are closing shop. I know so many contractors who are going out of business. This is very sad, but it is also serving to retain the good ones who have treated their clients well and maintained a good reputation. It is more likely that someone who has stayed in business is a "good" contractor. In my mind, that means there is a greater likelihood of a successful renovation project.

3. You will get a fair price. See #1 above.

4. The homeowner might have more time to devote to the project. My work is not as busy, and most people I know have more time for other things. It is better if the homeowners can pay attention (not micro-manage!) their project.

5. Mortgage rates are low. I am looking into refinancing. It might be a good time to refinance and take some money out to do a renovation.

6. There are sales on everything. You can probably negotiate for better pricing for materials since everything is on sale these days and everyone is hurting.

7. Think green. The options for green building just keep increasing. Educate yourself and choose construction methods and materials that will help the environment and reduce costs down the road.

8. Do your bit for the economy. If you can afford it, why not try to give people work?

9. Increase the value of your real estate. This is always a good reason to renovate, as long as you do not greatly exceed comparable values on your street. Speak to a real estate broker about how to add value to your home.

6. There is no time like the present. I know people who have put off renovations for so long that they lost out on the opportunity to enjoy them. If you can afford it, why not do it know? Kids grow up pretty quickly and then leave home, so give your family the benefit of that family room now.


At 2:49 PM, Blogger Christopher G. Hill said...

A great post Andrea. I appreciate the insight. I think that home renovations may be an actual growth area in the future.

At 8:37 PM, Anonymous Anonymous said...

Not all contractors who are staying in business are ethical or operating under standard legal business practices. We went through a site, to find The Roof Company who has run off with $3600 of our money and we are suing in conciliation court. Through this process, we've learned that won't post our bad rating because they only post ratings for consumers where the work has been completed. So not only do we still need a new roof, we're out $3600 until the court proceedings are finalized, and we can't protect other customers from this horrible contractor.

At 8:58 AM, Anonymous Anonymous said...

The only problem with doing renovations now is that if in fact only the good or better builders are left they really aren't giving better rates because they are still getting work. We had a builder here last year and a new builder here recently finishing up. The second builder was better, but he was also pricier. As to the point of "everything being on sale" be careful about assuming that that holds true for construction. Again, the bulk of your bill is the labor and that is not going down with the good builders and some materials like housing shingles for siding and roofing and copper are actually increasing in cost. It may be a better time to have a handyman come and do work if you negotiate, but be careful in any case to know your costs up front.

At 2:25 AM, Blogger J said...

Sooner or later you should do something to improve your home not just for the value but the efficiency that the home produces.
On finding a good and trusworthy contractor to do work on your project, I would recommend who you know who is a contractor for home improvement or window replacement Dallas..
Referrals by someone...

At 4:09 AM, Anonymous Anonymous said...

Investing in your home for energy efficient is a smart way to cut down on your energy savings for the long term and when the housing market picks up. Your home will be worth more.
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At 9:18 AM, Anonymous Home Improvement & Renovations Contractors said...

Hi !!
Beautiful house is a dream of everyone and everyone wants it to get quality work as well in less price.When we need work done around your home and we are not able to do it yourself you will most likely need to find a local professional contractor. First step of this is ensure detailed description of what we are looking for. This will give the contractor a clear understanding of what the project entails,so that they can give same results which we are expecting.


At 11:50 AM, Blogger Gavin Rogers said...

kitchen remodeling can be expensive. I don't think this article takes this into consideration.

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At 1:45 PM, Anonymous Debra said...

Home improvements do increase value, which makes home remodeling a great investment.

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At 2:17 AM, Anonymous Kevin Beamer said...

With home renovations, you are adding value to your home which is a good investment over time. Homeowners just have to find a good home contractor to do the job. It is also important that the home contractor leads the renovation project in congruence with the renovation plans of the homeowner. This is to prevent the homeowner from interfering with the contractor which may result to a bad job.

At 3:52 AM, Anonymous home Renovation said...

Home improvements or renovation is the best way to make your home comfortable. It is also a way of improving the value of your house for future bidding. A good contractor that will handle the renovation is the most important factor here. They are the one who will be responsible for the construction materials and the people that will do the improvements. Better pricing of the materials should be considered here because sometimes there are contractors that offer expensive construction materials.

At 2:30 PM, Blogger Gingle said...

I believe i found a good contractor, but i still have a doubt to start or not to start.. our home renovation is so simple just the important things that we need not want, Money to put out is already on the 150k and we have not talked about kitchen on that price :( ... 150k is for second level 3 bedrooms and a full bath for masters. I feel like just moving and buying a new home, but we love our location :), what to do!?

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