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HelpAs the old saying goes, every cloud has a silver lining. There’s no question that our nation’s housing market is currently in shambles. But here’s the upside: you can score some major remodeling and house repair deals right now. In this sluggish economy, contractors are actually returning phone calls, accepting significantly smaller projects and cutting their prices.
Of course, these incredible deals won’t last indefinitely. Now’s the time to hire a contractor to remodel your master bathroom, re-face your kitchen cabinets or repair that leaky pipe you’ve been eyeing in the basement.
Significant savings
If you can afford it, this may be the best time ever to take on that major renovation project you’ve been dreaming about. Homeowners across the country are scoring unbelievable deals on everything from kitchen renovations to deck installation. In some parts of the country, a kitchen remodel that would have cost $35,000 a couple of years ago now carries a price tag of just $25,000-a whopping $10,000 less.
But why are contractors offering such phenomenal deals? First of all, while many homeowners are still making small repairs and working on minor house projects, very few are embarking on large renovation projects. Consequently, the remodeling business has suffered from major cutbacks. Combine that with more contractor competition and lower prices on materials, and you get some serious price drops. As a matter of fact, many remodeling projects cost 15 to 20 percent less than they did just two years ago.
Consumers are also enjoying lower financing costs, making it much more cost-effective for them to fund major house projects. Those homeowners who still have jobs and a steady income are finding they can finally afford house renovations that would’ve broken the bank a couple of years ago.
Top-notch customer service
Another benefit to the housing market meltdown? Contractors are suddenly much more courteous. They are more likely to return your calls right away, and they’re eager to dive into your house project as soon as possible.
Homeowners are finding it much easier to book a contractor for their house projects. While it may have taken six to eight months to land a top-rated contractor a few years ago, these professionals can fit you into their schedule much more quickly right now. Because many contractors are struggling to stay afloat, they are much more willing to negotiate project terms and prices. They’re also more likely to drive farther and take on smaller jobs they would’ve turned their nose up at a couple of years ago.
Plus, because they’re not juggling so many jobs at once, contractors can wrap up your house project more quickly. While it may have taken a contractor two months to remodel a bathroom a couple of years ago, homeowners are standing by astonished as contractors wrap up remodeling jobs in just a couple of weeks.
Act now! These offers won’t last
As with anything that seems too good to be true, today’s contractor deals won’t last forever. The moment the economy starts to improve, the remodeling market will begin to recover as well. Some experts say that could be as soon as mid-2010.
However, some remodeling professionals may be forced out of business altogether. If many businesses do not survive this economic downturn, there won’t be as much competition in the contractor marketplace. That could bring an end to the major remodeling bargains.
Some industry professionals predict that even when the market does recover, we won’t see the same amount of reckless spending that we saw in years past. A few years ago, many homeowners thought nothing of spending hundreds of thousands of dollars on a major house renovation. As a result, most contractors would turn down any job worth less than $100,000.
Experts say when the remodeling market does turn around, business will grow slowly, probably about 10 to 12 percent a year. Of course, whether or not the industry can recover depends on if the economy itself improves and if real estate values increase. Homeowners are not as willing to pour money into home improvements if their house value is depreciating.
In the meantime, those homeowners on steady financial footing can enjoy massive bargains on remodeling and repair projects-and they’re almost guaranteed to receive service with a smile.
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