Is Whole House Remodeling a Good Idea in Today’s Economy?
Since the economy has been faltering over the last several years, this is certainly a question we get asked a lot here at our Tucson remodeling company. But, oddly enough, it’s a question we have been asked even when the economy has been booming.
In a robust economy, there is upward pressure on material prices and wages as demand increases for skilled workers and supplies. Sometimes it seems like everyone is paying too much for what they are receiving.
Whether now is a good time to do a whole house remodel is ultimately up to you as you analyze your specific circumstances. But here are a few things to consider:
- It’s generally always a good idea to buy low and sell high, so a slow real estate and construction market make it easier to find reasonable prices for high quality remodeling work, especially for a whole house remodel in the Tucson area. Larger projects are always more attractive to a quality-minded remodeler, as they can justify having a full-time superintendant on your job.
- Waiting for the market to come back before you remodel may mean that you miss out on a number of years of enjoying your home to the fullest with your extended family and friends. The cost for this can’t be measured in dollars, but it can be measured in memories.
- Rates are extremely low for well-qualified buyers. If you are financially solid, lenders are desperate to lend to you, as the tighter lending standards have dramatically reduced the number of their borrowers (aka customers).
- Lenders are interested in lending for remodeling projects that add square footage to your home, as it is easier to justify the loan via a higher appraisal of the larger structure on your property. So, if you were trying to decide between a quick “freshening up” and a whole house remodel, contrary to what you might think, it might be easier to do the latter.
So, while we don’t want to be contrary “just because”, it can make a lot of sense to look at what most people are doing, and do the opposite if it gets you closer to your goals. If enjoying your home with family and friends is important to you, now may be as good a time as any to move forward.
Does this make sense to you, or am I missing something?