| It's true that right now may not be the best time to | | | | Not only can your contractor charge less for |
| sell your home. With real estate values dropping, | | | | materials (because they are paying less) but they are |
| many homeowners who want to sell won't be able | | | | also willing to charge less for labor in order to secure |
| to sell their home for what they thought they may | | | | more work. |
| have been able to a few years ago. | | | | Even DIYers can save money on renovations right |
| However, if you aren't trying to sell your home right | | | | now just by saving on materials. For example, |
| now, and have been putting off a remodeling job this | | | | according to the National Association of Home |
| might just be the best time to tackle the project. | | | | Builders (NAHB), framing lumber prices are the lowest |
| Why you ask? | | | | they have been in 4 years. |
| Just as the cost of homes is dropping, the cost of | | | | The trick, of course, if you do have a home sale |
| remodeling is dropping- including building materials and | | | | anywhere in your future, is to assess the current |
| contractor's fees. And while it may be difficult to | | | | value of your home and the value that your remodel |
| think about spending money on your home when the | | | | will add to your home. When you sell, you will only |
| values are falling- taking advantage of lower | | | | recoup some of the value in your resale so you want |
| remodeling costs could be a great investment if you | | | | to make sure you are not investing too much more |
| are not planning on selling your home anytime soon. | | | | than what you may get in return. For a good idea of |
| As disclosed in a study by HousingEconomics.com, | | | | national remodeling costs and recouped costs, visit |
| the number of building permits in the United States | | | | Remodeling magazine's cost vs. recoup report. Note: |
| has decreased in 2008 by 41% from 2007. This | | | | If you do hire a contractor, make sure they have |
| means less people are building, which can be good for | | | | insurance to cover them in case they are injured on |
| a consumer trying to get competitive pricing from a | | | | your property, otherwise, check your homeowners |
| contractor. | | | | insurance policy to see if you have enough. |