by Joe Cooper
Carpet Buyers Handbook Columnist
Home sales declined over 13% in October 2008, as compared to 2007. Whether
it's to gain leverage in the real estate market or just to make things a bit
more livable, homeowners are searching for affordable, easy ways to enhance
their homes. Here are three reasons why a struggling economy can mean better
value for home improvement projects and how you can take advantage of it.
• Start Small
Many of the most popular remodeling searches online have centered on affordable,
low-scale projects, according to the internet research firm, Hitwise. One
thing you should remember as a homeowner is that not only are retail prices
lower, but contractors have been affected too. Hiring a professional to complete
a small project in your home could be more affordable than ever.
• Pay Cash
By gearing your project towards smaller improvements, you can minimize your
costs and make paying by cash a viable option. Industry analysts like MarketWatch
are reporting that more consumers are opting to be more economical about
their projects, targeting lower-cost home improvements and paying cash instead
of trying to get financing in the unstable economy.
• Seize Sales
As major retailers struggle, offering customers more value can be common reaction.
Major retailers who have been hit hard in recent months, like Lowe's and
Home Depot, are offering increased value to customers through sales and discounts.
With many home remodeling projects, the major costs come from materials,
appliances, and other equipment, not labor. A good contractor can help you
take advantage of these savings if the timing is right.
Even the smallest improvement project can be exceptionally rewarding, not
to mention that many of these projects can actually save you more money in
the long-run than they cost to begin with. Whatever your motivations, now is
a great time to spruce things up around your home.
Sources
MarketWatch, Economic Downtown Sparks New Home Improvement Trend
The
New York Times, A Record Decline in October’s Retail Sales
PR
Web, While the Property Market is Down, DIY and Home Improvement is
on the Increase
Joe
Cooper writes home services and design articles and manages
corporate communications. He holds a bachelor’s in American literature
from UCLA.
