The needs of people keep changing with the times, and so do style requirements and personal aspirations. The house that you love so dearly might seem lacking and unable to meet your needs and expectations after some years. When you start feeling this way, it is a sign that you want to make changes to the house. The change might become necessary due to your desire to have a bigger family room to make it more open as your kids have grown up, or you would like to add hardwood floor to the living room that you had always wanted but could not afford earlier. From wishing to have a refurbished kitchen to creating a stylized bathroom, there may be many other reasons why you would like to make changes to your home and have started toying with the idea of remodeling.
If you are in the mood for undertaking a home remodeling project, then this is perhaps the best time to launch it. The sooner you can do it, the better it will be for you because according to the industry experts like 24-7 Premier, this is the most favorable time to complete the project at the most reasonable cost for a variety of reasons. Admittedly, times had never been so convenient for remodeling homes in terms of costs that are likely to keep ticking upwards. To know about the reasons why you must not lose time in taking the plunge, continue reading this article.
The feel-good factor in economy
There is a cheerful mood observed among people, as there has been a good improvement in wages, and jobs are growing too. That has given reasons to feel good. The feel-good factor, resulting from the economic turnaround since the downturn of 2008, has made homeowners more confident about spending on home remodeling. The upswing in consumer confidence keeps persisting, and in December 2016, the Consumer Confidence Index reached the magical figure of 113.7, climbing from the eerie depth of 37.7 recorded in January 2009. There is optimism all around, and consumers are comfortable in investing in home remodeling that adds value to homes.
Availability constraints of construction workers and contractors
Contractors and workers are busy like never before, and there is a shortage of such resources. Naturally, if you are thinking about starting a remodeling project, you might have to wait for at least six weeks, as there is a shortage of skilled workforce required for the construction industry. Moreover, the deficit is likely to increase on a national level because the workers are aging, and it is hard to find new people to replace the workforce whose average age is 55 years. Home remodeling is much complex than undertaking new construction, and it requires specially trained workforce and contractors to do a satisfactory job that would make you happy. If you are planning for a home renovation of any kind, regardless of the size of the project, you must not delay as it could get postponed further for reasons already explained.
Material costs will go up
The price of building materials around the world is creeping upwards, and there is no reason why it will not affect the US market despite the low inflation rate. The construction materials that you need for remodeling might have to be sourced from other countries but available locally. If you need quality Italian tiles for bathroom upgrade, it will come from Italy, and similarly, quality granite for the kitchen slab has to be of Brazilian origin. If the inflation rates of these countries keep rising, it will push up the cost of materials even in the US. Moreover, the cost of insurance, labor costs and building costs would keep increasing as it has been happening historically. Starting the project as early as possible could save you from the burden of additional costs.
As far as funding is concerned, this year is turning out to be favorable as it gives better financing options. Since most people rely on a financial injection for the home renovation project, they can use the home equity to arrange funds. The good news is that home prices are increasing while the loan rates are already low. However, there are signs that interest rates for home equity loans are on the move upwards. Between November 2016 and December 2016, the interest rate increased from 4.82% to 4.97%, and the trend is likely to continue. Alongside the rising borrowing costs, home prices are also growing that gives you a clear edge in taking advantage of higher home equity to fund the project for remodeling. Having your home remodeled may also help in increasing its market value, which could come in handy in the future should you choose to sell it or for seniors eyeing to tap into their home’s equity through a reverse mortgage, can leverage this for retirement purposes. Between November 2015 and November 2016, home prices have increased by an average of 6.82%, and it is likely to maintain the trend as we approach the end of 2017.
It is time to act fast and be happy to get your home done in the way you want.