If you’ve been planning a major home renovation or home improvement then you should strongly consider starting your home project sooner rather than later. There’s never been a better time to start a home improvement project and here are some of the reasons why:
The housing market is in a slump: If you’re a homeowner in the United States then you’ve almost certainly watched the bad news pour in over the past year as your home value and the value of all the homes in your area dipped as the results of banks issuing foolish sub prime mortgages slowly take their toll. The real estate market went from being a seller’s market to a buyer’s market almost overnight and now people who were seeing double digit jumps in their home value are slowly watching much of that value erode away. This means several things, but one of the biggest advantages for you if you do still have some equity in your home is that many home improvement contractors and renovation companies are no longer nearly as busy as they once were. This means they will be willing to cut their prices in order to get a job and it means that as a homeowner you can solicit several different quotes from contractors for home improvements and have them each try to give you the lowest bid.
September is almost here: The fall season is typically one of the slowest times for large home improvement projects to be planned. Many contractors and home improvement companies end up laying off workers and slashing prices on jobs just to survive until the winter. What happens during the winter months? Christmas bonuses and tax return money starts being distributed and people begin planning home improvement jobs for the spring and summer. Now is the perfect time to shop around for some of those larger home improvement projects like installing an in ground pool, replacing roofing or siding or even adding an addition to your home.
The big home improvement stores are suffering: Both Lowe’s and The Home Depot have been sagging under slowing sales as home equity and tax refunds from the spring dry up. Both stores are now aggressively slashing prices, offering sales and even special incentives on lines of credit. Now is probably the perfect time to take advantage of their generosity and consider starting that home improvement project with their help.
A combination of market forces are coming together to help make this a great time for planning out those large home improvement projects that may require a loan or some sort of special financing. The slowing housing market, the season of the year and the misfortunes of those big box hardware stores all make it a definite buyer’s market for anyone who is thinking about improving or adding onto their home in the upcoming year.