Why Now is the Right Time to Make Home ImprovementsFebruary 1, 2014
The economy has improved and we are now out of recession and moving into recovery – job security is returning and the markets are picking up which makes this an ideal time to look at getting your home improvement plans started now. As the recovery takes hold, prices are only going to start rising and that includes both the labor costs and the pricing associated with the materials. Buying at the bottom of any market is a great idea if you want to maximize the benefits from recessionary pricing and optimize the gains on any investment.The housing market has obviously suffered enormously during the last year but, as the economy picks up then so will activity in the real estate market leading to rising prices once more which will lift the value of our homes. By engaging in home improvements which will improve the marketability and enjoyment of your house, you will also place your property in a position where it will enjoy even more benefits from the general rise of property values.
In addition, there are numerous tax breaks currently being offered as part of the government’s stimulus package to get the economy moving forward again. These tax incentives are substantial and will be cut as soon as the government is able to do so without hurting any growth. Expect the tax breaks to have disappeared by this time next year and probably in much less time than that!
In short, getting your home improvement projects done now will cost you less money to complete in the current market while you will experience a higher growth rate in the value of your home as we move firmly into economic recovery.
The real issue facing home owners is not whether they should get their home improvement projects finished now, but how much will they lose if they wait until the recovery starts. As demand for labor picks up, the rates for good craftsmen will rise dramatically and many new entrants to the market will appear but with far less experience and ability, so homeowners will be paying more money for a poorer quality of work.
Projects which are likely to return more house value than they cost include window replacements, adding an extension, decking, low maintenance siding and recreational improvements such as swimming pools and sunrooms.
Homeowners should ensure that the home improvement projects they look to embark on will be carried out and finished professionally and on budget. Engaging the services of a professional contractor like roofing company by Mechanicsburg is vital for larger projects such as roofing, siding or window replacement and adding an extension to an existing home.. By carefully researching which home improvement projects are most likely to add value to your home, you will be able to position your property investment to return the maximum price should you come to sell and trade up in the short-term.
Right now there is a window of opportunity for homeowners to capitalize on the impact of the recession and maximize the returns available from economic recovery, but the time to act is very short – once the tax breaks disappear and we have another quarter of economic growth, prices will dramatically rise and reduce or wipe out the gains available now.