Financial crisis, economic slow
down, downturn in the housing market, high fuel costs has an impact on
home improvements that can benefit the homeowner.
Consumer confidence is
close to the
lowest it’s been since the late 80’s. Home prices are dropping,
foreclosures are rising, and fuel costs are high. While the news
depressing, the impact can benefit homeowners planning home
The housing slump is affecting home remodeling contractors and the home
improvement stores that supply the construction materials.
Many home improvement
merchants are starting campaigns to mark down prices. “This is
the homeowner with more bargaining power and less expensive home
projects.” Said Debra, owner of Westmoreland Contractor Referral
Greensburg. Pa. The housing slump is introducing new competition into
remodeling arena. Smaller homebuilders are actually diversifying
businesses to survive the downturn. Construction companies are looking
every aspect of their business and making adjustments. The result for
homeowner is lower material costs and reduced overhead cost, which
an overall reduction in the cost of home repairs and remodeling.
feeling the impact
of the economic slow down which provides a unique benefit to the
Contractors can now purchase materials at lower prices and are able to
these savings along to the homeowner. The slow down gives the homeowner
added benefit of contractor availability. A few months ago, a phone
not have been returned as quickly as it will now. Contractors are
to find new business and keep their employees working. They’re
looking for more business that they normally would pass on. “Homeowners
have more remodelers to choose from.” Debra said. “However, caution
taken to ensure that the contractor is insured and is qualified to do
project.” Debra is the owner of Westmoreland Contractor Referral
which is a company that provides a free service to the homeowner by
prescreened qualified contractor based on the project
Homeowners that feel
their equity situation should consider a home improvement project
benefits of home improvements can include not only savings on the cost
can add value to the home and depending on the type of project can help
a home more energy efficient.
holding off on purchasing a new home and are finding that home
additions, and renovations are a more economical decision.
buying a new home.” Debra said. “They are adding on and
in severe downturns, people need to update and maintain their homes.
home improvements were not affordable a few months ago, now they are
homeowners can cash in on the deals. Bottom line, if you have
putting off the home remodeling project and have the cash, now is the
start that project.