Whether it’s one room or your entire home, investing in a remodeling project is a big deal. With that being said, it’s reasonable that you want to make the most of your investment! Before starting your remodeling project, it’s not only imperative to choose a qualified remodeler, but it’s also important to understand the current state of the remodeling economy. With that in mind, we wanted to share our thoughts on the topic.
Three Factors Are Positively Impacting the Remodeling Industry
- Low Mortgage Interest Rates
- Strong Housing Market
- Strong Economy
With the combination of these factors, most homeowners are in a good place to invest in their home by making improvements or remodeling. What’s more, remodeled homes in most price ranges tend to sell much faster than older homes without any updates. Buyers are more than ever are willing to pay more for a move-in ready home rather than a fixer-upper.
Why have Remodeling Costs Increased?
It costs more to remodel a home now than it did a few years ago for a few reasons. First, material costs have risen. Second, labor expenses are higher due to an overall labor shortage. Despite higher material and labor costs, Cinergy Homes and Remodeling has managed to maintain a steady rate by keeping our overhead low. This helps us better serve our clients because we can assist a wide range of budgets without sacrificing quality.
On the Fence About Remodeling Your Home?
When it comes to remodeling, our goal at Cinergy Homes and Remodeling is to improve your existing design. Whether you need help creating your forever home or have much needed updates to make before putting your home on the market, every remodeling project is unique.
Remember, it’s imperative to work with the right remodeling contractor. Always do your homework before hiring, make sure they’re licensed, and ask for client references! You get what you pay for, so the cheapest contractor does not mean you’re getting the best contractor.
2020 Forecast for Home Remodeling
New home builds have been lagging behind since the recession, or for about 10 years. In fact, 50% of U.S. homes are now over 40 years old which means home remodeling won’t be slowing down anytime soon. Good news, 2020 is going to be another strong year in the remodeling economy! Aside from resale value, homeowners are looking to improve the functionality and aesthetic of their homes to better fit their lifestyles and needs.
Curious about where to begin the remodeling process? Give us a call today and we’d be happy to answer any questions!