Is It Finally Time For Home Improvement?

Harvard University’s Joint Center for Housing Studies has very good   news for  homeowners . Their widely-tracked Leading Indicator of Remodeling Activity (LIRA) is presenting signs of life: 2+ years of year-over-year declines are not only softening , but ready to be positive in 2010. This is important & timely information that the housing bust , as well as the resulting credit crunch , seem to start getting better .

What is causing this recuperation? Stabilization in the broader housing market is the key . With sales up and inventory down, homeowners are seeing prices and demand creep up. As credit concerns soothe , owners are finding it easier to access money for renovations, remodeling, and add-ons . For owners who want to sell, the need to further heighten esteem with renovations or a remodel is obvious . And for homeowners staying put who simply want to make their home more livable and likeable, or invest for a sale down the road, now may be the best opportunity to make those improvements.

Homeowners still face many challenges. Recovery is spotty in places, and getting credit is still more difficult than in years past . Finding the money to be able to make home renovations & remodels can require quite a bit of hard work and diligence. Homeowners with many plans in the queue – a kitchen remodel , a bathroom renovation , changing the basement into a fourth bedroom – may have to be satisfied with choosing just one project for now. If present trends in the housing and building markets stay on, there may soon be opportunity for stronger action.

Making every dollar count is more important now than ever :

Call around for deals: Idle contractors are now more happy than ever to offer discounts for work. But don’t always take the lowest bidder … that could be a sign of a contractor who is desperate and willing to cut any and all corner

Do-it-yourself: With not a lot of money , only use a home remodeling company for things you are not able to handle  on your own . Call in help for cabinets, floors, and roofing, but do the painting and landscaping yourself. Just be sure you’re not compromising quality by over-estimating your abilities.

New regulations: New Federal safety guidelines have recently become effective regarding lead paint. Compliance means higher prices for many renovations. Ask contractors what effect these new regulations will have on pricing.