Tackling a remodeling project is a big deal for most homeowners. Aside from costs there’s the disruption to normal activities. Remodeling a bathroom or kitchen can be a humbling experience.
That doesn’t mean you shouldn’t take on these projects. There are, however, several things to keep in mind as you decide whether or not to take the plunge.
A remodeling project typically fills one of three criteria: to make the home more attractive to potential buyers; to add space; or to update an older home and incorporate more modern design. We’ve written before about the projects that pay off most and pay off least, and taking a look at those lists might help you decide whether doing the project is worth the expense and disruption.
Over at realtor.com, Lisa Gordon offers four considerations that may help convince you to undertake a remodeling project. Here is a condensation of her four reasons to tackle that remodeling project in 2017.
Consumer confidence is improving
When consumers believe that the economy is improving it’s a good time to invest in a remodeling project, whether to improve a home’s resale value or to add that extra space you’ve always longed for.
Contractor and construction worker availability is decreasing
As consumer confidence improves, so does the demand for contractors. The housing market crash of 2007 discouraged new workers in the construction industry and there is currently a shortage of U.S. construction workers.
Financing is still affordable
Unless you have saved up enough to pay cash for a remodeling project, interest rates on home equity loans or home equity lines of credit are still very affordable. And there is little question that those rates will rise as the economy continues to expand.
Material costs will increase
Prices for materials, labor, and insurance will rise as surely as the sun. The longer you wait, the more it will cost for everything involved in a remodeling project.