Posted by George Salter on Fri, Oct 09, 2009 @ 09:58 AM
We all know the national economy is still struggling, and the Rhode Island economy and unemployment rate are among the worst in the country. So why would you want to spend money on remodeling your home now? Here are three good reasons:
- Money is cheap - After years of irresponsible lending to high-risk borrowers, banks have tightened up their standards. But if you have a good credit rating, 20% equity in your home, and proof of income, lenders are eager to extent fat lines of credit.
- Materials prices have fallen - With the reduction in demand over the past year, construction materials are readily available and many have come down in price.
- Many of the bad apples are gone - When the home improvement business was going gangbusters, anyone with a pickup truck and a clipboard could call himself a general contractor. No experience or skill? No problem! Now many of the marginal guys have gone under. Of course, you still need to check references, but you are less like to have a bad experience.
So, if you have been thinking of remodeling, renovating or adding to your home and have been waiting for the right time, we say "go for it". Set a budget you can afford, interview three contractors who have good reputations and references, and select the one who you feel most confortable with. Then enjoy the results. And when the market picks up - and it will - your home will have appreciated in value.