With home values continuing a steady albeit slow uptick and the economy holding steady, homeowners are becoming more comfortable with adding value to their home through home remodeling. Whether it is a small upgrade or a large addition we are seeing more and more clients entering the world of remodeling and at least exploring options that they would not have considered in the past. While this is a great sign for the construction industry, builders are busier than they have been in years and the industry as a whole is stretching to meet demand. Any homeowner seriously considering a remodel now should start looking at finding an appropriate contractor early and beginning the planning process with them.
Two important factors to consider are how the cost of a remodel will affect the value of the home and what your current debt is on your property. We have seen firsthand that banks are more willing to lend based on projected value after a project has been completed for the first time since the great recession. This bodes well for people who have been awaiting some financial help to realize the home of their dreams, as well as recent homebuyers looking to buy and upgrade. Either way, beginning the process of finding a lender should be started early as we have seen banks take several months to approve loans and release funds to begin construction.
So is now the time to remodel? I say yes! Begin to plan early, talk to a lender if needed, and find a contractor that fits you and the project you have in mind.
Chris Kreipe, CKD, CBD
Co-Owner, Square Deal Remodeling