Remodeling your home
Just a few years ago, during the time of never ending increases in home values, many decided it was better to move up in house, rather than improve the one they own. Gosh, just keep flipping till you get exactly what you want-no money down, interest only, with low teaser rates…….
Alas, those days are long gone.
This article in the Wall Street Journal discusses an uptick in home remodeling that has occurred this year. About a 5% increase over last year. You may say 5 % doesn’t sound like much-but it is the first increase since 2006-so I am sure Home Depot and Lowe’s are ecstatic!!!!
Why the increase in remodeling?
- People are upside down, or have low equity. They are going to be in their home for awhile, might as well fix it up!
- Some have to move anyway(new job/transfer) , and are making upgrades in hopes of selling more quickly.
- Many have just put off needed repairs/upgrades, and now feel their finances are more secure, since they have survived the “Great Recession!”
What is different about remodeling, NOW vs THEN?
- Home offices from bedrooms are popular-many laid off from their former jobs, are doing more work from home-both online, and contract work. Putting in a desk, improving electrical, internet capability, and cabinets/files can be an inexpensive way to work more efficiently from home.
- Kitchens are always a prime remodel area-but apparently the huge mega-kitchens of the past have been replaced by many simply upgrading islands, appliances, and making the kitchen and den into one big room. No more walk in refrigerators, and fancy wine vaults…..
- Energy efficiency-whether insulation in the walls or attic, or new energy efficient heating, cooling, hot-water heaters, many are focusing on green upgrades, to save on utility bills. Plus the tax breaks make this more attractive-check out this post for more info.
- Remodeling Costs are down. Another major factor-contractors are desperate for work-so bids are much more competitive than in the past-as much as 20-30% less for a comparable project 2-3 years ago.
Remodeling info:
Here is a site, Let’s Renovate, that can help you with your project. It has many great tools to manage your remodeling project.
Kitchens.com is also a great place to get kitchen ideas-I love the chef’s kitchen page!!!!
This Old House has a good section on home renovation/remodeling-check it out!
Remodeling Precautions:
- Budget/Budget/Budget-don’t let your simple changes turn into credit card debt, cause it got out of hand-plan on spending 20% more than your estimate!
- Get several bids on your project!
- Don’t do-it-yourself-unless you are truly qualified.
- Make sure your contractor is bonded and has liability insurance.
What are your thoughts about remodeling?
You planning any remodeling/upgrades to your home? You have the urge to knock out a few walls, and get dirty???
Do you have “pent-up demand” as it is sometimes described- to spend money on your Home-Sweet-Home??? Let us know your dreams, plans, or what you have been drooling over to add to your home!!!
Tags: remodeling your home, upgrade the kitchen, what is the best area to remodel, why remodel
I think re-modelling can be an awesome hobby if you are careful on what you buy and be creative about getting stuff (picking up materials from nearby demolitions is a good idea).
When head down in a project too you are less likely to go out to the bar or restaurant on the weekend as you want to just get the next bit finished, then the next bit…. It’s an obsession that can pay off.
It can be a great hobby, if you know what you are doing-for me it would be a disaster!!!
[...] strategy or a brilliant marketing? (source: The Digerati Life) Click here to read the full article Remodeling Your Home: Is Now a Good Time? Remodeling and moving up was all the rage a few years ago — at least until the housing bubble [...]
[...] Dean presents Remodeling Your Home: Is Now A Good Time? posted at The Millionaire [...]
I like your blog. I do home improvement for myself and many others for a living . This information it great for learning and reading about remodeling. I found your site on Google.com. Keep up the excellent postings!
I think plugging energy inefficient areas is always a place to start in any financial climate…. Home offices and kitchens are important areas too….
You are exactly right. I have a few doors to the outside that need weatherizing. Thanks for stopping by!
Thanks for the great post. Good advice! I always thinking fixing up your home is a love hate thing. It can be extremely rewarding, but it can be a second job too. This was a great post though.
I stumbled upon this blog like I did yours. Thought it’s humor on home fixing might be enjoyable: http://burisonthecouch.wordpress.com/2009/12/31/our-house/
Thanks for the post! I’d love to see more like it.