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Guest Post: Remodeling in a Recession: Why You Shouldn’t Wait
With the economy still in a decided downturn and foreclosures reaching all-time highs, now might seem like the worst time in recent history to think about remodeling your home. It certainly won’t be easy to get a loan or a line of equity on your house with the real estate market slow to rebound and banks pulling the purse-strings tighter and tighter. However, if you can find a way to scrape together a little cash, or if you’ve been saving, now is a great time for the frugal shopper to do some home upgrades.
For starters, a little can go a long way in this economy. Retail spending is, simply put, not what it was. Vendors that were thriving a few years ago are now being forced to slash prices and even close their doors. The point is, they want your business! And you can use it to your advantage. Shop around to find the products you want and you will be amazed at the discounts you discover (shopping online may be even more fruitful). Then go to several stores and find out if they are willing to price match or give you a better deal to stop you from going to the competition. You can often get an outrageous bargain just by asking for it. Also, if you’re on a tight budget, consider a merchant that sells reclaimed items (like flooring, cabinets, hardware, etc.). Although it may not be the newest product on the market, and it might have a little wear and tear, you can often find merchandise that has a higher value (in terms of construction, quality, materials, etc.) than you could get for the same price if you bought something new.
And that’s just the parts. You can also save on labor. Of course, there is always the do it yourself method, which is great for handy people. For the rest of us, a contractor is necessary to get the job done. And while contract work has a bad reputation for getting very pricey, very quick, we are currently in a buyer’s market. Building of new structures has slowed significantly and as a result, the market is flooded with contractors looking for work. If you seek several bids (make sure to get recommendations) you stand to save a lot of money on labor. That said, don’t be afraid to do some of the work yourself. Almost anyone can learn to install a backsplash, replace a lighting fixture, or swap out a faucet, so get yourself a home improvement guide to save even more.
Why wait to build your dream home? Even if you plan to upgrade as a way to get more value out of your house, you don’t have to wait until you’re ready to sell. Remodel now, while you can get the best price, and you stand to appreciate an even better return on your investment in a few years when the housing market rebounds. Plus, you’ll get to enjoy a custom-made interior in the mean time.
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