Reasons to Remodel in Todays Economy: Discussion and Links to Remodeling Market Trends from Washington, DC Area Contractor
Just like there are reasons to remodel during the winter, there are reasons to remodel when the economy is in recession. And the reasons are similar:
1) Few others are remodeling, so it’s a buyer’s market.
2) The economy is generally cyclical. If you remodel while it’s booming (like everyone else will), you may find yourself in an economic lull a few years down the line when your project is finished and you want to sell. If you remodel while it’s in a slump, on the other hand, there’s a solid hope that you’ll be ready to sell – with your freshly remodeled kitchen or bathroom – right when the economy starts to pick up again.
Over the past ten years, the nation has seen a significant slump in both the economy in general and the real estate market in particular. In many neighborhoods in the Washington, DC area, prices plummeted drastically between 2004 and 2010, toppling from the artificially inflated bubble they were perched upon. However, with today’s low interest rates, mounting evidence that the economy is starting on a tentative upswing (and the nice weather getting nicer), it might be the right moment to catch the start of a fresh wave. We’re still far enough down that the boom-economy competition for remodeling services hasn’t started up yet – and we’re still far enough down that there’s a lot of upward potential.
While making a move like buying or selling at a time full of economic questions is scary, smart remodeling is a relatively safe alternative. Investment returns on various remodeling projects in Washington DC have been reliably documented: in fact, you can view specific data on each type of remodeling project and the percentage of costs recouped upon selling. Whether you choose to stay in your home for a while and watch the market as it changes, or whether you want to sell as soon as humanly possible, remodeling projects like adding closets, finishing basements, or making kitchens or bathrooms more spacious, add such universal value that remodeling is a safe, and clever move.
Take a look at your home and the areas where it could use a little TLC. Investing the money in sprucing your home up now could be an excellent choice, improving both your quality of life and your investment value.