Perhaps it was the great recession and economic uncertainty of the past few years that was the major reason why you halted your plans to add on or renovate your home. However if you’re current financial situation is solid and you hope to stay in your house for at least next few years, I encourage you to get started with your home improvement project and here’s why:
- Construction costs are competitive. Contractor’s pricing is more reasonable now since there still is not an abundant amount of work out there for many local home improvement contractors. Also, building material costs have not yet spiked.
- Because of the current local marketplace, some of the best contractors are available and interested in working with you on your project even if it’s a relatively smaller job for them. There’s more of a chance now to work with the most qualified top pros in your area and you’ll get the job done in a timely manner.
- Financing is inexpensive. Current home equity and mortgage rates are at incredibly low rates so financing your home improvement project will cost you a lot less.
- Home energy improvements will save you money in the long run by reducing your heating and cooling costs. Simple yet big impact improvements like adding insulation in your attic will result in monthly operating cost savings. You may also be eligible for tax credits for some energy improvements.
- Costs will not stay as reasonable as they are now. As the economy gets stronger, costs of labor and building materials will increase and they will be passed on to homeowners, like you, in overall project cost increases.
Simply put, consider going forward with your home addition, improvement or renovation project now or in the very near future since you will be getting the work done at an optimum time and you’ll be adding value to your home when costs are still reasonable.
Ira Henowitz Architect