Weston Kitchens

Typically, a down real estate market is characterized by a lack of new home building and buying. Additionally, moving can become less appealing when you’re not getting top dollar for your home, and there is short term uncertainty where home values are headed. Home improvements are a good way to maintain the value of your home, even in a down market. Many home owners decide to remodel and make their existing house a more comfortable and relaxing environment, rather than move.

But, is a down real estate market the time to do so?

The good news, for those who wish to renovate their kitchen or bath, is that in a down real estate market, there is typically a glut of qualified workers and individuals who can perform high quality work. This glut creates a more competitive environment and all of the savings from the bottom up are passed to the consumer resulting in more attention and more value for the dollar. Building permits have declined from 2009 to 2010 and declined again in 2011. This creates pressure on contractors to secure the available work and keep their essential crews working.

The current down market has caused numerous trades persons to lower their pricing structure in an attempt to secure continued work and in many cases, material prices are also down. General contractors are very likely to pass the savings to their clients plus they will use a lower markup across the board for bids. This they hope will help secure enough work so they can try to make ends meet.  Homeowners should expect lower pricing and great service.

There is a time value to money, and accomplishing a project in a lower cost market ensures a better investment for the homeowner. A project that costs “X” today will inevitably cost “X+” a year from now due to normal inflation of the economy. So if one can take advantage of a lower market now, the savings in the future will be exponential.

Bottom line: If you have the available funds, now IS the time to remodel.

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